Today is the first day of spring, a season of renewal. It’s spring training, spring cleaning and spring break.
Those “springy” words – training, break, cleaning, renewal – hint at an opportunity for insurance brokers to vaccinate themselves against E&O claims by taking a break before June renewals to clean out some former clients’ files and do some self-training.
Some wonderful E&O prevention and educational resources are available out there. We at Wilson Elser provide many that are certified for continuing education credits, and the Insurance Educational Association has many more online. (Full disclosure: as Chairman of the Board of the IEA, I’m biased.) But, if you’re a broker, you have a much more personalized resource immediately available to you, without leaving your office or turning on your computer.
Chances are you have some files still hanging around the office from former customers. Maybe they moved out of the area, found themselves with a new brother-in-law who coaxed their business away or were dissatisfied by some perceived slight. The reason they became “former” customers is not as important as the lessons that are hiding in their files, just waiting for you to learn them before shipping those files off to storage or the electronic document retention system.
The beautiful thing about a closed file is that it’s a full-cycle view of a business relationship. In it you can see real-life examples of how you and your staff did your best work, or missed some opportunities, or followed (or not) your stated procedures, or all the above plus more.