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Producer and Account Manager
Cotta
Posts: 3,667 Forumite
Good Evening All,
Could someone advise what the difference is between the above two entities in the world of Brokering/Insurance?
My understanding is a Producer produces leads of possible insurance while an Account Manager put this leads on cover and manages the account throughout the term of the policy.
Thank you.
Could someone advise what the difference is between the above two entities in the world of Brokering/Insurance?
My understanding is a Producer produces leads of possible insurance while an Account Manager put this leads on cover and manages the account throughout the term of the policy.
Thank you.
0
Comments
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Care to expand on why you are asking strange questions?
This is a money saving forum.0 -
My understanding is a Producer produces leads of possible insurance
They are known as introducers.
I havent heard the term producer before. Looking it up, it appears to be an American thing. Not UK.
Account manager in UK terms tends to be an agent of the insurer that looks after accounts. Accounts being IFAs and brokers etc. What it may refer to in America though could be different.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
They are known as introducers.
I havent heard the term producer before. Looking it up, it appears to be an American thing. Not UK.
Account manager in UK terms tends to be an agent of the insurer that looks after accounts. Accounts being IFAs and brokers etc. What it may refer to in America though could be different.
Thanks, so a Producer is known in the UK as a Introducer?
How come some Brokers have Account Managers is an Account Manager looks after IFAs and Brokers?0 -
How come some Brokers have Account Managers is an Account Manager looks after IFAs and Brokers?
Providers will often allocate account managers IFAs and brokers to keep them updated with changes and effectively find ways to encourage them to recommend their products over others. Key accounts may get better looked after than minor accounts.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
A producer would be a broker or other intermediary - joys of working with an american insurer
Not sure account manager is a specific enough term and not one I can recall using with a singular meaning with my US based clients.
If you look at multinational policies from a european perspective then the producer is the office/ country that agrees the terms, owns the relationship etc however may ask other offices in other countries to issue local policies on their own paper in which case they are the issuer0
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