What Is A Book Of Business? - Definition From Insuranceopedia

Dictionary › The Insurance Business Book Of Business Updated: 17 October 2024

What Does Book Of Business Mean?

In the context of insurance, a book of business is a database or “book” that lists all the insurance policies an insurance company has issued. As a client relationship management tool, it helps insurers keep track of their policyholders, manage coverage obligations, and make informed business decisions.

Insuranceopedia Explains Book Of Business

Books of business also help insurance companies identify which areas generate the most sales. This information allows the company to organize its top products and clients, helping determine target markets for future marketing efforts and guiding decisions on which types of policies to offer.

Books of business are especially useful when insurance companies need to review customer data, follow up on customer service, and optimize sales strategies.

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Managing General Agent (MGA) Inland Marine Policy Multiple Indemnity Policy Reserve Position Schedule Bond Net Line Qualified Pension Plan Refund Annuity Refund Life Income Option Rental Value Insurance

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