What Agents Wants #4: Help The Agent Improve Their Loss Ratio.
Some agents receive a “profitability bonus” based on their loss ratio. That bonus can be six figures! Others do not receive a profitability bonus, but their loss ratio is interconnected to their commission structure and even their ability to continue to sell their insurance. If you are unclear about loss ratio, ask the principal agent for an understanding. If you already know or think you know, ask them anyway because what you and I know isn’t the point. The point is allowing them to “educate” you on THEIR loss ratio. When you allow them to educate you, they are investing in you and now you can help them discover a new truth about your company.
That truth is you can go a long way toward helping the agent improve their loss ratio because of your ability to mitigate the damage. You can show the agent from your jobs how you saved the carpet or floor covering, baseboards, drywall, cabinets, granite or marble countertops, etc. This is why there are emergency response vendor programs, because these programs lower the overall loss costs. When you connect the loss ratio and profitability bonus with the strength you have in mitigation, you can have a conversational topic that will have a positive impact on more agent referrals.
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