Creating a marriage between a life producer and a property casualty agency can be a great fit. It can also be a disaster. In fact, the majority of these loosely formed relationships do not survive. And, contrary to what many people believe, it has nothing to do with the makeup of the agency or the quality of the life agent.
It simply comes down to proper business planning. So many of these relationships are put together without giving enough thought to creating a formal business plan. Defining goals, time parameters, and developing specific action plans is essential for success.
When a property casualty agency hires a new P/C producer, they, quire often, expect the producer to bring a book of business with him/her. On the other hand, the life producer should be hired to provide a level of expertise and provide additional risk mitigation products to the clients of the agency.
It requires a completely different mentality when negotiating with the life agent, as compared to the property casualty agent. When the agency principal and the life agent do not understand these distinct differences, the marriage will end in divorce.