Insurance Journal Forums

I have just obtained my P&C license. I own a small investment and financial planning firm. There are two agencies that want to form a working relationship for greater cross-selling. I would like to have basic knowledge of the P&C area and would like suggestions on materials/books, etc. The program I sat through for the license basically teaches to the test. I would liek something more comprehensive and good overview.

Any suggestions???

Not sure there are any books that are going to give you the info you need to make informative decisions on your situation. It's going to come down to business sense. There are many things that need to be considered when entering into an arrangement with a broker for the purpose of writing business "together". If done correctly and professionally, there is definite opportunity. Some of the questions to consider:
-Who is going to actually sell the accounts?
-Who is going to do the servicing and quoting?
-Who owns the business? (is it a split between both parties)
-What is the commission split (new and renewal)?
-Will there be a contract in place to ensure the above?

Alot will come down to the people doping business together as is usually the case in business. Most often, synergistic type of business between insurance brokers and financial planners do not work over a long period of time. They certainly can work, but both parties have to be on the same page in terms of expectations, and both should be procatively looking to help the other.

Just food for thought.
Best of luck.

There are several great industry courses that may be beneficial to you. One that comes to mind is the LUTC Multiline course. It will share with you not only a few good things to know about the P/C business, but more importantly, you'll learn skills in cross-selling, how to review a client's policies and how to find life, health and investment needs (and dollars)... something that is right up your alley!

Check with you state's NAIFA exec if you don't know the local moderator. Even if there is no class in your aream the textbook would be very useful. You might be able to borrow one from a former student / agent. Good luck, and Happy Holidays!

Wayne Lunday, LUTCF, CLU, ChFC

The Accredited Advisor in Insurance (AAI) course, offered by the American Institute of CPCU, in Malvern, PA. There are 3 courses, and materials for each are around $150. You can also take an exam to achieve the AAI designation, if you like. The materials cover all aspects of P & C in quite a bit of detail, but are easy for a newbie to grasp.

Stephen Bryant, CPCU, CIC, AAI, LUTCF

I appreciate these replies. I will primarily work more on a referral basis but still need a good basic knowledge. Also even though my time is limited I would like to develop a niche of clients where I would be the primary agent. I am thinking churches as I have many contacts in that field and am involved with ministry myself. Again my primary business is investments and financial planning (Registered Investment Advisor) and am looking at two and possibly three interested agencies that want to create some type of alliance so we can mutually offer our clients services. I will align with only one agency however.

For the p&c agency that does not have financial services, they are thinking, and rightfully so, about great value-added services for current and new clientele and also have a stream of income from that.

Does anyone else have this arrangement?