Insurance Producers and Customer Relationships

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Flashcards covering key concepts of the roles and functions of insurance producers and customer service representatives in the insurance industry.

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10 Terms

1
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What is the most important function a producer can perform?

Sales is the most important function.

2
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Name three activities a producer performs.

Sales, risk management review, policy issuance, premium collection, customer service, claims handling.

3
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How do producers help customers address risk management concerns?

Producers interview customers or analyze their property and activities.

4
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What is a ‘loss run’?

A review of previous losses that includes lists of losses and their total cost.

5
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How do customer service representatives (CSRs) add value?

By responding to inquiries, handling claims, answering billing questions, processing policy endorsements, reviewing quotes, and explaining coverage.

6
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Why is building customer loyalty important in insurance?

It increases profitability which is linked to customer retention.

7
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What are the steps in the risk consultation process?

  1. Establish standards of acceptable performance. 2. Compare actual results with these standards. 3. Correct substandard performance or revise standards. 4. Evaluate substantially exceeded standards.
8
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What does the term ‘cost of risk’ refer to?

The total cost of managing risk, including retained losses, insurance premiums, and risk management resources.

9
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Why is responding to billing inquiries important for producers?

It helps maintain strong customer relationships and provides personalized service.

10
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What role do producers play in the claims process?

Producers provide valuable initial advice on handling a claim before transferring customers to the insurer’s Claims Department.