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III Network

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by

Jerame Bowman

on 3 February 2014

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Transcript of III Network

Integration into Your Agency
Determining Desired Carriers
Network Successes
Contractual Items
What is the Network?
Focus on Nationwide - but clients will turn down NW quote or renewal – broker for price & keep client in agency
Agent Advantage
Network Program 2013

Hosts - Kevin Lepionka & Amy Penn
Call-In 866-842-6843, code 111979
Benefits/Advantages?
When/How can I start?
Why have a Network Program?
Available Carriers? Expectations?
Commissions? Ownership of book?
What if I don't re-qualify?
Next steps-quiz questions
AGENDA
- “Network” of selective/specific carriers – top rated, preferred, well-known companies
- Benefit of both IA & exclusive agent
- Selective agents only – must qualify
- Write with carrier when Nationwide price is unacceptable to client
- Direct access to carriers – website, training, underwriter, sales reps
- Minimal sales commitments with carriers
Who is Eligible? 2013 Criteria
- Nationwide determines – III manages
- Choice Plus = > $4 million DWP
- Choice = $2.5 to $4 million DWP; Grow @ 1.5 times state growth (or grow > $1 if state growth is negative)
- Network new auto DWP to Nationwide new auto DWP must be less than 25%
- Broker for price – GREAT!!!
- Write when eligible for NW – WOW!!!
- Keep client - increase agency close ratio
- Use for prospective new clients or for unhappy existing Nationwide policyholders
- Earn $ income to agency
- Move to Nationwide later when price better
- Help after IA acquisitions
Network Strategic Role
- Keep more clients within agency (but with a non-Nationwide carrier)
- Complete account with policy from non-Nationwide carrier
- Improve retention for Nationwide PIF
- Increase agency commission income
- Build prospective client list for Nationwide
Network Program History
- 2002 - $5 million DWP
- 2012 - $265 MILLION!!!
Network Program History
- More agents realizing benefits of offering Network carriers when Nationwide price, coverage, or other product features do not fit client’s needs or desires
- Why let a client leave your agency due to uncompetitive rates – quote or renewal?
Network Myths - NOT True
- Myth – competes with Nationwide
- Myth – only for Choice “Plus”
- Myth – used only for ineligible NW risks or non-standard risks
- Myth – bad risks can be written
- Myth – carriers automatic/guaranteed
– NOT TRUE!
– NO!
- NOT TRUE!
– NOT TRUE!
– NO!
- Myth – no sales expectations
– NOT TRUE!
Network Facts - TRUE Info
Fact - use for better price, coverage, pay plan, unhappy w/ Nationwide, agent-of-record
- TRUE!
Fact - for when client declines NW
– YES!
Fact - carrier determines who to appoint
– YES!
Fact – carriers want quality business
– TRUE!
Fact - carrier can cancel agent appointment due to poor underwriting or low sales activity
– YES!
How to Best Use the Network?
Agency Philosophy Change!!!
Before Network – broker ONLY when ineligible with Nationwide
With Network – broker when eligible for Nationwide; broker when client declines NW quote/renewal due to price
Change your agency strategy, process, & selling routines to pivot to Network
Change - Think more like independent agent
Develop your own agency strategies & processes to fully use Network
May initially struggle working with new carriers – need to learn about them
Improve agency close ratio – more clients, more income
Sample Agency Workflow
Quote client with Nationwide
Client declines quote for price
Refer to your Network “team”
Quote 1 or several Network carriers
Keys to Success:
- Commit to carrier training
- Learn carrier product – website, underwriting rules, selling features, coverages, pay plans, etc.
- Consistent usage by agency
- You cannot advertise any carrier except Nationwide – no brochures, signage, ads, plaques, name or logo usage, etc.
- You must comply with carrier rules
- III owns your Network business - III pays Extended Earnings
- Carrier info is confidential – not share with Nationwide
- Consistent quoting – 10+/mo.
- Minimal sales – 1+ apps/mo. – use or lose
- Quality business – eligible for Nationwide
- NO monoline home for multi-line carriers
- Write within their target, appetite, rules
- Learn their product thoroughly
- Must meet carrier expectations
- Safeco, Travelers, MetLife, Hartford stories
WHO ARE THE NETWORK CARRIERS?
- Not automatic/guaranteed appointments
- “Network Carrier Availability Grid” (carrier list) posted on III website
- Multi-Line, Preferred Risk Auto/Home
“1” to start
then you earn others later
MetLife
Safeco
Travelers
Hartford
Encompass
Non-Standard/Standard Auto
many carriers available...
AIC
Alfa Vision
Bristol West
Dairyland
Infinity
Permanent General
Progressive
Commercial Property/Liability
- limited; not appointed - call III for quote
- Travelers
- Hartford
- Do your research - Review lost quotes/renewals
- Talk to other agents
- Determine who you’re losing business to
- All have closing % similar to Nationwide
- Initially only “1” multi-line, preferred risk carrier to start – learn product – meet expectations
- No limit # of non-standard/standard appts.
- Separate appointment process for each carrier
Carrier Appt. Process Summary
- Not automatic appointment – each carrier has separate process/forms
- Carriers have discretion as to who to appoint – not guaranteed! (agt. saturation, not grow there)
- Each carrier has separate paperwork
- Takes up to 4 weeks to appoint
- Most won’t do non-resident states initially
- Carriers may cancel appt. w/o sales
- List all staff members who will be quoting
Carriers Product/Website Training
AFTER appointed, carrier trains you by:
- Individual Phone Calls or Teleconferences
- WebEx, Webinar, or Centra sessions
- Personal visits by marketing rep
Keep carrier support info: names & phone numbers for reps/underwriters, sales info, underwriting rules, cheat sheets, job aids, helpdesk, etc.
Rules/guidelines posted on their website
- Remain agent for policies written
- Continue to earn commissions
- Can service existing business (adds, spins, etc.) indefinitely
- Cannot write any new clients
- May re-qualify the following year
- Varies by carrier, state, product – no one rate for all agents
- Paid in Insurance Intermediaries commission statement
- Eligible for extended earnings @ 75% paid renewals
- Results don’t count towards Nationwide goals
Keys to success:
- Develop agency processes/selling routines
- LEARN product, features, rules, website
- Consistent usage
- Think like IA – each carrier important
- Tale of 2 Agents
Success stories
Get new, retain existing, win-back prior clients!
BUZZ From Agents
Helps me keep good, long-term clients
Allows me to hire more staff or open another location – from Network income
Can market/advertise even when my NW rate is not competitive
Gives clients a choice
Can shop the rate for clients
Why lose a client to agent down the street?
How can I Learn More?
III Website @
iiibrokerage.com
Click “III Network” tab (bottom right)
Several topics:
- Carrier Availability Grid (available carriers)
- Network Carrier Appointments (appt. paperwork)
- Key Provisions (guidelines)
- FAQs (common questions)
- Downloads (from Applied)
Enrollment Process
1.) Will send quiz questions to you today – include these notes, docs, & links (sent from email address “III Network IIIACP”)
2.) Reply to
iiiacp@nationwide.com
– answer quiz correctly & express enrollment interest;
3.) III sends back email for next steps - you complete other documents (pre-appointment request form)
AFTER Successful Enrollment
- AFTER III receives required documents (pre-appointment request form), then…..
- III will call you to discuss available carriers & market need and send link about required paperwork for desired Network carriers
Comparative Rater - “EZLynx”
- Get multiple quotes with 1 input – highly efficient
- Greatly save times from inputting same data over & over again
- Agent must purchase access
- Don’t recommend initially since only 1 or 2 appointments to start
- Required once you have 3+ carriers
III – email you quiz questions
You (primary) – correctly answer quiz & email
iiiacp@nationwide.com
III – emails you for next steps
You – complete next steps (pre-appointment request form) …
You – complete appointment paperwork
Carrier – appoints & trains you
Our Recommendations
- Respond back to our enrollment emails
- Assign a staff member to complete papers
- Read FAQs & Key Provisions docs
- Get Progressive appointment 1st
- Carefully pick your “1” preferred carrier – do research – talk to other agents
- Make sure your staff has learned carrier product, target market, using consistently
Summary
- Can broker for price – HUGE!
- Use when client turns down Nationwide - eligible
- Move to Nationwide later when price is better
- Appointments not guaranteed
- Carriers expect sales activity & quality
- Nationwide decides qualifying criteria
Did I Answer Your Questions?
- What is the Network? Who is eligible?
- What are the benefits/advantages?
- When/How can I start? Learn more?
- Why have a Network program?
- Available Carriers? Their Expectations?
- Commissions? Ownership of Book?
- What if I do not re-qualify?
Q & A
Quiz Questions
- Will send to attendees
- Respond to iiiacp@nationwide.com
- Only primary agent replies via email
- Include “correct” quiz answers
- Express interest in enrolling in Network
- Only 1 response per agency – primary agent only - staff members not reply
Key Network Contacts @ III
Website:
iiibrokerage.com
Fax:
877-444-4094; attn: “Agency Services”
Phone:
800-444-1744
Agency Services:
ext 23997
Agency Services Email:
Ben Huenke:
ext 23917
Amy Penn:
ext 23934
Nicole Cremeans:
ext 23824
Kevin Lepionka:
ext 23858
Network Email:
iiiacp@nationwide.com
iiiagsvc@nationwide.com
Receipt of appointment paperwork
Network Team x23954
Ben

Nikki
Amy

Kevin
Allen Pritchard:
ext 23885
Full transcript