Now what?...
Posted: Fri Jul 03, 2009 11:56 am
I'm a new P&C Agent in Texas, though not a young man. I have about a year in the industry starting with preparations for Hurricane Ike and ending with the carnage to our agency's client base after it's landfall and the curses of the economy.
I have actually had my license for only about nine months. Being hired as a 'man Friday' for an independent agency, I worked on their phone system, developed their website, configuring their workstations, their management software and their networks among other things. But the first six months of my tenure was mostly spent dealing with the carnage to the agency's client base.
Approximately 50% of the agency's book was vested in tier one and tier two (Texas coastal counties) personal auto, homeowner's, flood and windstorm coverages in the Houston-Galveston area. So a great many of our clients were wiped out with the hurricane. Some clients left the area. Many of the clients that remained were caught up in the typical, 'No that's wind damage - no that's flood damage, and we deny this claim' nonsense that follows major disasters. And there were also the clients that were bounced around when some carriers went under, pulled up stakes, sold their book in Texas or simply priced themselves out of the first and second tier counties with rate increases. I was tasked with mollifying devastated clients and mediating their denied or under-paid claims.
My initial sales training (except for licensing) was sparse to non-existent. This was not the agency's fault considering the circumstance. When I actually began writing business months after starting with the agency, it was personal lines and mainly auto. Our auto carriers were still pretty strong and jockeying for market share in a very disturbed local market. So we could cross-sell just about any time the phone rang. But we didn't have much left in admitted lines for homeowners and our clients were very resentful after their treatment at the hands of many insurance carriers and government agencies.
There is a back story that deserves mention. A previous agent left a legacy of poor paperwork and broken promises that, with Ike, led to both out-of-pocket expenses and E&O claims. The agency owner was bailing water and plugging holes as fast as he could. He moved me to the commercial side of the agency to help with the growing number of disaster contractors that needed coverages. I helped with some small and mid-sized commercial clients that needed changes in their coverages or policies. I also was required to help with locating errors in the previous agent's work. Most of this was very detailed and deadline-based work. Overall I received quite the education.
Long story short, (yeah, I know, too late...) the bottom fell out and here I am wondering what to do with my license. My previous employer is trying to help, but the market isn't there. I have a very good business plan for self-employment, but I can't even get E&O coverage without three years of experience. So as I said, what now? Any advice would be appreciated.
JOATMON
I have actually had my license for only about nine months. Being hired as a 'man Friday' for an independent agency, I worked on their phone system, developed their website, configuring their workstations, their management software and their networks among other things. But the first six months of my tenure was mostly spent dealing with the carnage to the agency's client base.
Approximately 50% of the agency's book was vested in tier one and tier two (Texas coastal counties) personal auto, homeowner's, flood and windstorm coverages in the Houston-Galveston area. So a great many of our clients were wiped out with the hurricane. Some clients left the area. Many of the clients that remained were caught up in the typical, 'No that's wind damage - no that's flood damage, and we deny this claim' nonsense that follows major disasters. And there were also the clients that were bounced around when some carriers went under, pulled up stakes, sold their book in Texas or simply priced themselves out of the first and second tier counties with rate increases. I was tasked with mollifying devastated clients and mediating their denied or under-paid claims.
My initial sales training (except for licensing) was sparse to non-existent. This was not the agency's fault considering the circumstance. When I actually began writing business months after starting with the agency, it was personal lines and mainly auto. Our auto carriers were still pretty strong and jockeying for market share in a very disturbed local market. So we could cross-sell just about any time the phone rang. But we didn't have much left in admitted lines for homeowners and our clients were very resentful after their treatment at the hands of many insurance carriers and government agencies.
There is a back story that deserves mention. A previous agent left a legacy of poor paperwork and broken promises that, with Ike, led to both out-of-pocket expenses and E&O claims. The agency owner was bailing water and plugging holes as fast as he could. He moved me to the commercial side of the agency to help with the growing number of disaster contractors that needed coverages. I helped with some small and mid-sized commercial clients that needed changes in their coverages or policies. I also was required to help with locating errors in the previous agent's work. Most of this was very detailed and deadline-based work. Overall I received quite the education.
Long story short, (yeah, I know, too late...) the bottom fell out and here I am wondering what to do with my license. My previous employer is trying to help, but the market isn't there. I have a very good business plan for self-employment, but I can't even get E&O coverage without three years of experience. So as I said, what now? Any advice would be appreciated.
JOATMON