A Guide to Writing E&S Business - Summary
Chapter 7: Summary
In the preceding chapters, we have reviewed and discussed methods and procedures for the creation of a profitable and productive marketing arrangement between Wholesalers and Retailers. During the process of compiling data for this educational program, it became obvious to the members of the research committee participating in this joint project that the greatest obstacle to the utilization of the Wholesale Market opportunities was the lack of communication.
What began as two separate entities has moved closer together as the distribution system for the Property and Casualty Insurance Market. As insurance marketing distribution systems evolve to the interdependent state, the opportunities for those Wholesalers and Retailers who combine their abilities are enormous.
Increased market accessibility and capacity provide a superior competitive position to Retailers, enabling them to increase their potential for the development of new premium producing accounts. Wholesalers who are diligent in their efforts to maintain an effective, continuous working agreement with Retailers will also realize a new source of premium income.
It is the goal of this educational program to improve the Wholesalers’ and Retailers’ understanding of each other’s duties and responsibilities. Awareness of the reality that these responsibilities are shared will contribute significantly to an equitable and ongoing agreement. The Wholesaler and Retailer that choose their partnership carefully, establish long-term relationships with one another, follow state laws, and do business in the best interest of the client will realize a profitable and productive arrangement.
