The Benefits of Insurance Agent and Surety Bond Producer Relationships
When it comes to surety bonds, insurance agents can encounter several hurdles. These can range from problems obtaining bonds, slow service or uncompetitive rates. In order to remedy this, insurance agents have two options. They can outsource their bonding business to another insurance company, with a sub-specialty in surety bonds, or develop a relationship with a surety bond producer. Although some insurance agencies may have a surety bond department, they may only be sold as a sub-specialty. When working with another insurance company, the insurance business may be lost to the outside insurance company. But this is a risk that is undertaken in order to fulfill the surety bond needs of the client. The benefits of working with a surety bond producer are numerous. Some are that insurance agents will be able to offer competitive surety bonds to their clients. They will also have access to underwriters, bond approval and issuance. Additional benefits include that the insurance agents are able to provide their clients with a link to a superior bonding experience. This is because they are able to use their relationships with a bonding professionals who has a vast knowledge of the surety markets, relationships in the industry, seasoned experience and access to Internet and electronic bonding tools. Even...
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