So I recently had someone ask me if I had read any good articles about insurances agents thinking like risk managers. This really got me to thinking. After about a full hour of deep (Google) research I had come to the conclusion that it was up to me to put this together.
Risk managers are typically used on the commercial side. It's an investment that a firm uses to lessen risk. They do this through the transfer, mitigation and avoidance of risk. So the question being posed to me of a personal lines agent thinking like a risk manager isn't something that I had consciously thought about. Subconsciously this is something I do on a daily, and even hourly, basis.
The idea is that we should find the most cost effective, fully encompassing program that best meets the values and lifestyle of the client. The only way to do this is to have regular discussions with the client about how their assets and needs are changing.
But what does this really mean? Every agent needs to be able to carefully listen for underlying themes and be creative. It's going to look different for every client, as it should.
My best suggestions are
1) know the contracts of the companies you represent, inside and out.
2) never be fearful to ask a client if they're happy with what you've put together for them.
3) offer all possible options for a program.
4) do your research before spitting out a yes or no answer.
5) inform your client of the market, of the coverages they have and tell them what they're paying annually.
6) learn as much as you can through continuing education classes.
7) listen to your client. Don't provide them with the same program you give everyone, they don't want it and it's not good business.
8) provide suggestions for ways that clients can completely avoid or mitigate risks.
What are you're thoughts? How do you think like a risk manager? Maybe you're not even in the insurance field but there are certain things you do.
