Agents Weather 'Perfect Storm'
To The Editor:
After reading “A View From The Press Box,” by Sam Friedman (see “Agents Caught In Hard Market Crossfire,” July 8, page 25), I can honestly say that there are many moments that I feel the same. As a retail independent agent for the past 30 years, I can't think of more difficult times. The “perfect storm” in insurance was born on Sept. 11!
In addition to those areas of frustration mentioned in Mr. Friedman's column, another one would be the tardiness of receiving renewal quotes. Here it is July 9, 1:02 p.m., and I am still waiting for the renewal property premiums (or at least an indication!) for a July 10 renewal! This isn't an isolated case.
I also can't help but feel that we agents are also partly to blame for the manner that this hard market is being perceived, thanks to incomplete applications, pricing considerations, being too “sales” focused and not enough “agent” focused.
The long, soft market should have had us prepared for a major, sudden turning, and although we may not see an end in sight, I believe that the next turnaround will be just as dramatic. Then we will be taking the heat as the messenger that “charged too much” last year.
Will this “perfect storm” make us better? I don't know. But I do know that my current clients and hopefully future clients will continue to need me as I work for them, delivering the messages–good or bad–in a timely, professional manner, and helping my clients proactively respond.
P.S. Oh! How I sometimes crave the “regulated days” when pricing was consistent. If I could see the “invisible hand” of Adam Smith, I would slam it! Perhaps I would be hitting one of my own.
Tom Provost, CPCU
Vice President
Fisher-Brown Inc.
Pensacola, Fla.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, August 5, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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