For Jared Seyl farmers insurance is what he has dedicated his life to and for someone who grew up surrounded by agriculture here in Greenwood, CO, it was the perfect career choice. Throughout the years he has become an expert on insurance as an industry and he has achieved the position of Director in his firm, heading up the team of advisors and seeking to improve his agency on the whole. Jared is also a District Manager for his firm and this is why he can be considered as something of a guru on this subject. Managing agents are a key position for insurance companies and to find out more we spoke to Jared, and here is why he says that so many insurance companies use these professionals.
What is a Managing Agent?
To give you a brief description of what managing agent is, here is the official definition;
“An individual or business entity appointed by an insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts”
We can see from this definition that they are basically a sub-contractor who supports the insurance company.
Know How
One of the main reasons why an insurance company may outsource some of their contract work to a managing agent is because they have the know-how which will ensure that the job is completed to a high standard. Take farmers insurance as an example, most large scale insurance companies won’t have in-house experts for all types of insurance which they offer and they will focus on the most common forms. Farmers insurance won’t dominate the insurance company like auto insurance will, so they will outsource any checks and contract signings to an agent who is a specialist in the field.
Speed
Owing to this expertise the job can be performed far quicker when using a management agent. Couple with their expertise the managing agent will be hired for a single job and so they will not be focusing on other aspects of the business, meaning that they can give all of their time and attention to the particular job in hand. Insurance companies know that in hiring a management agent that the job will be handled in a swift manner.
The Gift of Time
Insurance companies, much like any other business, will outsource tasks like this in order to free up time within the company. When they hire a managing agent they are safe in the knowledge that this job will be taken care of, which then allows them to focus on more important or more pressing issues within the company. Time is a rare commodity in business and so anything that can be done to gain time makes perfect sense, including the hiring of a management agent.
To ready more on topics like this, check out the business category.
