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Your Teacher Was Right: Taking Careful Notes Does Pay Off

  • Post category:E&O

From the time we’re in junior high – and maybe before that – we’re told about the critical importance of taking notes, and for very good reason: Accurate note-taking helps students prepare homework, study for exams and complete assignments, plus it’s one skill we learn that can be very useful in our post-school lives.

By the time we hit the workforce, we learn being able to take notes is important there too: From impromptu business meetings to industry events to phone conferences, being able to take accurate, thorough notes with lots of details is an important part of making sure you avoid errors, increase efficiency and aim for the right target each and every time. In the insurance industry, taking careful notes during and immediately following conversations with clients is crucial. In fact, writing down each and every detail of client conversations and then double-checking either by phone or, better, via email or letter is an important part of avoiding costly errors and omissions claims. Just one seemingly insignificant detail left out can wind up costing you or your agency a significant chunk of change.

Here’s a real-world example of just why it’s so important to take plenty of notes and to send a summary to the client as a follow-up and confirmation: A man had multi-vehicle car insurance with the same agency for many years. When his son obtained his driver’s license, the client phoned his agent and asked to have his son added to the policy for one of their cars. At the same time, he requested his wife be added to the policy on their second car, which would become her primary vehicle. Several months later, the son was involved in an auto accident, and when a claim was initiated, the client was stunned to learn his son had never been added to the policy. As it turns out, the agent had misread his notes and had never added the son to the policy. The client filed a claim against the agent and won. Now, it would be great if every one of us did everything right all the time. But unfortunately, that’s just not how it works.

No matter how hard we try to take the proper precautions, there’s a good chance that at some point in time, each of us will make a mistake; it just makes sense to be prepared. That means having E&O insurance for insurance agents—policies and coverages designed specifically for the risks insurance agents face. To learn more about American Agents Alliance and the E&O insurance we offer, visit our site.

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