Insurance Consultant's Newsletter
Scott Simmonds, CPCU, ARM
September, 2005

Helping Insurance Experts Build Great Consulting Practices
www.icmentor.com

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You're getting this email because you asked for information about insurance consulting, asked to be added or bought one of my reports. Feel free to forward this newsletter to colleagues you think would be interested. Comments, questions and suggestions are always welcome. Email: scott@icofmaine.com.

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Get Paid Up Front - When I started my practice I was concerned with the idea that people shouldn’t pay me up front. I had a notion that there would be a reluctance of paying a consultant before the work started.

About a year into my practice I started putting the phrase, “Due at project commencement.” into my proposals. Few prospects balk. I get my money upfront in most cases now. It helps my cash flow and I don’t have to bug people for money.

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Account or Policy Review – An insurance buyer is unsure if the coverage purchased is the right insurance for his exposures. You may be asked to review a singe policy or all the insurance a buyer has. The process also involves an exposure review.

Claims Assistance – An insured asks for your help in a disagreement with the insurance company or agent over coverage.

Bid Process / Broker Selection – Picking an agent and /or insurance company.

Broker Remediation – An insurance buyer is having a problem working with his agent. You are brought in to make everyone play well together.

Coverage Search – An insurance buyer asks for help finding insurance. Similar to broker selection.

Insurance Management – Assist in all insurance issues that are presented for an insurance buyer over a period of time – usually one year. Issues include renewals, coverage changes, exposure changes, claims, and managing the insurer’s activities for the insured.

Some consultants get involved in expert witness assignments. I have not. I have steered away from errors and omission cases and other courtroom coverage disputes. I don’t want to be perceived in any way to be a threat to insurance agents. Some consultants do this type of work quite well. Perhaps the right case just has not come around.

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Insurance Blog – I've joined the world of bloggers. Hints, tips, and general thoughts about the world of insurance. Take a look - http://insurancebuzzer.blogspot.com/. Frankly, I've been asked by several reporters and freelance writers to set up a blog so they can get an idea of some of the issues facing business insurance buyers. (for you techies, the RSS feed is http://insurancebuzzer.blogspot.com/atom.xml)

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Recent Press Comments –

See some of my comments in a recent article published in Forbes on health insurance issues - http://www.forbes.com/smallbusiness/2005/08/22/insurance-smallbusiness-healthcare-cx_bn_0822healthcare.html.

Home insurance and flood insurance issues in the Christian Science Monitor - http://www.csmonitor.com/2005/0908/p12s02-lihc.html

With Katrina in the news, I've been contacted by Dow Jones, Christian Science Monitor, Forbes, Entrepreneur, Investors Business Daily, and more than a few regional and local publications. More on those articles later.

For more on my comments in print see http://icofmaine.com/media.html.

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Insurance Consultant's Handbook - Last chance for preferred pricing! Many people who didn't want to make the investment in my mentor program have asked for a less expensive alternative. Here it is! Go to http://www.icmentor.com/handbook.htm for more information, special pre-publication pricing, and my bonus offer.

A reminder to mentor program participants (past and present)... You will receive a free copy of the handbook as a part of your program.

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Insurance Consultant Mentor Program - My mentor program is designed to help you build your business faster, with less hassle, and fewer false starts. The object is for you to make your business the best it can be - faster and more profitably.

Go to http://www.icmentor.com/mentor.htm for information and a few comments from past and current consultants I've helped.

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Scott Simmonds, CPCU, ARM
Insurance Consultants of Maine, Inc.
20 Sofia Road
Saco, ME 04072-9017
Phone 207 284-0085
Fax 801 991-4027
scott@icofmaine.com
http://www.endwimpyinsurance.com

Insurance Consultant Services Website: http://www.icmentor.com

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© 2005 Insurance Consultants of Maine, Inc. All Rights Reserved. We encourage sharing this newsletter in whole or in part if copyright and attribution (including my web address) are always included.

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Your Privacy - I will never sell or distribute your email address to any other person or organization.

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