Identify 5 areas where technology can assist the brokerage.
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1. Ability to define client relationships
2. Reduce the brokers admin duties
3. Improve client services
4. Increase profitability
5. Faster turn around on insurance quotes and speeds up the issuance of
policy docs
Identify any 6 key elements that a brokerage should consider when negotiating a
profit sharing agreement.
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, 1. The lines of business included and excluded
2. How the profit is to be calculated
3. When the profit sharing will be paid to the brokerage
4. What credit, if any, is given to growth over profitability
5. What percentage of net underwriting profit is paid
6. How much business if the brokerage required to write in a particular line
of business in a specific period of time.
Identify 4 areas a brokerage might consider when trying to establish the number of
insurance companies to represent.
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1. Types of clients
2. Needs of clients
3. Total volume of business handled
4. Services and rates provided by other insurance companies
Identify 6 key factors to consider when selecting and building a relationship with an
insurance company.
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1. Marketing philosophy and practices
2. Claims services
3. Policy holder services
4. Financial stability
5. Underwriting procedures
6. How many insurance companies (?? Check book)
, Identify 3 services that may be provided by the insurance company that can reduce
the brokerage's overall risk management expense.
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1. Engineering services
2. Inspection services
3. Other technical services
Identify and briefly explain the 3 components of compensation.
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1. Commissions
2. Profit sharing agreement
3. Rewards
Identify 2 disadvantages to the brokerage when only a few insurance companies are
represented.
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1. Relationships may deteriorate
2. Insurance companies may withdraw from a province, or become
insolvent, or be purchased.
Identity 3 guidelines generally present regarding binding authority.
Give this one a try later!
1. Ability to define client relationships
2. Reduce the brokers admin duties
3. Improve client services
4. Increase profitability
5. Faster turn around on insurance quotes and speeds up the issuance of
policy docs
Identify any 6 key elements that a brokerage should consider when negotiating a
profit sharing agreement.
Give this one a try later!
, 1. The lines of business included and excluded
2. How the profit is to be calculated
3. When the profit sharing will be paid to the brokerage
4. What credit, if any, is given to growth over profitability
5. What percentage of net underwriting profit is paid
6. How much business if the brokerage required to write in a particular line
of business in a specific period of time.
Identify 4 areas a brokerage might consider when trying to establish the number of
insurance companies to represent.
Give this one a try later!
1. Types of clients
2. Needs of clients
3. Total volume of business handled
4. Services and rates provided by other insurance companies
Identify 6 key factors to consider when selecting and building a relationship with an
insurance company.
Give this one a try later!
1. Marketing philosophy and practices
2. Claims services
3. Policy holder services
4. Financial stability
5. Underwriting procedures
6. How many insurance companies (?? Check book)
, Identify 3 services that may be provided by the insurance company that can reduce
the brokerage's overall risk management expense.
Give this one a try later!
1. Engineering services
2. Inspection services
3. Other technical services
Identify and briefly explain the 3 components of compensation.
Give this one a try later!
1. Commissions
2. Profit sharing agreement
3. Rewards
Identify 2 disadvantages to the brokerage when only a few insurance companies are
represented.
Give this one a try later!
1. Relationships may deteriorate
2. Insurance companies may withdraw from a province, or become
insolvent, or be purchased.
Identity 3 guidelines generally present regarding binding authority.
