P and C Insurance Training for Captive Insurance Agents
A p and c insurance training shapes the captive agents mind and boosts their knowledge. There are many sales technique that you can use from this training as it helps in sharpening your skills. Also, such training can help you deal with complex customers and problems.
As per Insurance Information Institute (III), in 2019 the direct premium written (DPW) of property and casualty insurance (P&C) increased by 5.2 percent. It is comparatively faster than the economic growth rate of 4.1%. You should keep the above growth rate of P&C in mind while laying out strategies on how to sell insurance.
Also, it is a great time for an insurance professional to explore the progressing P&C insurance market through an insurance cluster. Read ahead to hear the verdict.
Property and Casualty Insurance Line: Personal or Commercial Line
Personal insurance provides coverage for individuals to handle personal losses due to injury, accidents, or damage to properties. According to Insurance Information Institute (III), in 2018 the Net Premium Written (NPW) for personal lines was $329.8 billion. This amounts to 53.5% of total Net Premium Written in property and casualty insurance industry. The growth rate of personal insurance NPW is only 3.0 percent. Lesser than commercial insurance lines. Personal insurance is the go-to line in P&C industry. However, the rise of commercial lines changes it.
Commercial insurance in the property and casualty insurance industry offers insurance policies for various business protection. It protects businesses against losses such as damage to property or injury to employees. Also, it labels core business insurance covers such as employers’ liability and public liability. In 2018, the Net Premium Written for commercial lines amounted to $287.1 billion which is 46.5 percent of total Net Premium Written. Also, in the first quarter of 2020, the growth in NPW for commercial lines increased by 12.1 percent. Lastly, incorporating commercial line of insurance in your portfolio will help you gain more customers if you network through an insurance aggregator.
Reasons for commercial Line better choice for agents
Commercial lines are important to the US economy. The US economy thrives on its commercial lines. According to US Small Business Administration (SBA) in May 2020, there were 31.7 million small businesses. These businesses employed an average of 60.6 million employees which is 47.1% of total US employees. Due to the rise of commercial lines, the US government mandates businesses to purchase commercial insurance like worker’s compensation insurance. This leads to rise of commercial insurance demands as soon as new businesses open. Listing yourself in an agent directory can also increase the chance of your customers to find you easily and vice versa.
Some of the well-known benefits to sell insurance on commercial line are as follows:
- High commission payout in commercial insurance
- Diversified growth of commercial insurance
- Thriving business environment in the commercial market
- Increasing commercial insurance rates
- Technological innovation in industry
If you have plans of expanding your services in Florida then do check out the scene of Property and Casualty Insurance in Florida.