expert and general insurance superstar has been helping us to get to grips with the insurance market and understanding what roles a management agent has to play within each of the sectors of insurance. For over two decades now Jared has been working for farmers as a District Manager of a famers insurance agency and he works under the director here in Greenwood Village, CO. Jared has been a long term friend of this site and will often offer his expertise when we have any insurance related queries. Once again Jared Syel has helped us out and he answered all of our questions on managing agents.
In a Nutshell
The legal definition of a managing agent is as follows;
“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 more basic terms, these men and women work in-between the insurance company and the client, they ensure that contracts are signed and collected, they ensure that both parties hold up there deals and they ensure that all requirements are met.
Managing agents can work in any type of insurance sectors but these are the main branches of insurance that they operate in.
Managing agents are very often sub-contracted by an insurance company to perform similar roles to those which the company themselves may do. This is a simple outsourcing procedure and given the sheer volume of work which many property insurance companies have to do on a daily basis, it is a far quicker and more effective approach to outsource this to a managing agent.
Jared Seyl is the best place person to tell us about farmers insurance and the reason as to why managing agents will operate in this field is because of their depth of knowledge. Most insurance companies won’t have an expert within the area of insurance like farmers insurance, purely down to the fact that they won’t deal in it all of the time. In order to fill this skill gap and make sure that all checks are carried out and contracts signed to the highest standard, they will hire a managing agent to dot the I’s and cross the T’s.
Business insurance is far more complex than most insurances and there are very often are detailed clauses and requirements which must be checked and ratified. Again an insurance company here will depend on a managing agent to carry out this work for them thanks to the wealth of expertise and knowledge which managing agents within the business world possess.
As you can see these agents are sub-contractors and very often advisors to the insurance companies and they free up time and energy which the company can then put into providing the best service for their clients.