Jared Seyl Farmers Insurance Expert on Why Companies Use a Managing Agent
Jared Seyl farmers insurance expert is a man who has been there and done it in almost all roles within an insurance agency. Jared has held the role of the District Manager, he has worked with and for an insurance agency here in Greenwood, CO for many years he has long been considered one of the best advisors in the region and finally he reached the role of Director within his firm. It is fair to say then that this is the man to speak to when you want to know anything about farmer insurance or any other functions of the insurance world. This is why we are very happy to have Jared here and he has spent some time with us talking about managing agents, and why they are so important.
A managing agent is officially defined as the following;
“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”
In brief terms they are essentially a sub-contractor who works on behalf of the insurance company.
One of the key reasons as to why these agents are so often used by insurance companies is down to their expertise and their knowledge. A perfect example of this would be within the farmers insurance sector. As you can imagine there is not a huge amount of an insurance company’s time which is dedicated to this aspect of cover, so it makes far more sense for the businesses to hire an industry expert who understands the protocols and the requirements which both the client and the insurer needs to have in place ahead of signing any contracts.
It is not just the expertise which a managing agent can provide for the insurer and the client, it is also the fact that they are able to speed up the process because of it. Through their expertise and given the fact that they are able to focus on a single job rather than many aspects of running an insurance company, a managing agent is able to ensure that the contracts and responsibilities are handled with both accuracy and great speed.
Running an insurance company is not only about signing up new customers and making sure that all requirements are met, they are also dealing with claims, renewals and the management of running a company. What this means is that if they are able to depend on managing agents to carry out the task of reviewing new clients and making sure that all legal and contractual requirements are met, they can then focus more time and energy to the business, safe in the knowledge that the managing agent will deliver their role to a high standard.