Playing Well With Others – My Relationship With Insurance Agents

Bankers are sometimes concerned with how their insurance agent will feel about my involvement in an insurance review.

– Will our agent be offended that we brought you in?

– Will you damage our relationship with our insurance agent?

Well over 80% of the community banks I work with have a close relationship with their insurance agent. I am always respectful of that. My systems are designed for effectiveness while preserving (and often improving) my client’s relationship with their insurance agent.

I understand that community banks and the local insurance agent often have close, personal relationships.

– The president of the bank and the president of the insurance agency serve on community boards together.

– The banker and the agent are often personal friends.

– I have banks where the insurance agency is owned by the bank.

– I have banks where the insurance agent is a stockholder or a board member.

– The insurance agent for one of my clients is the wife of the bank president.

I consider my relationship with the agent to be that of a teammate.  We are both on the same team, working to make sure the bank has the right insurance program.

That said, sometimes there are issues with teammates. When I find that there are problems, I never act unilaterally. I always work with the bank to build a plan of action to remediate the issue.

I started my consulting practice in 2000 with the guiding principle of, “Always act in the client’s best interest.” That rule applies here too.