One Good Market
Competing on a new piece of business can be exciting. When a retailer gives me a call and advises that the insured has approached multiple agents, and multiple insurance companies, I can often sense that the retail agent does not think the account is a good opportunity since several sources have already been approached.
Only one insurance company is necessary to write a new piece of business. A new insurance company that changes underwriting guidelines or a new aggressive insurance company that is the new “hot market” can change the marketing landscape on a piece of business that was unattainable last year.
If an agent knows to ask the insured to get a list of all the markets that have been approached on their behalf, it can make all the difference. An insurance company list gives the insured a sense of transparency – to know which insurance companies have been approached on their behalf. It can also serve as a valuable piece of intelligence for the agent so that their wholesaler can determine which insurance companies have not been approached. If thirty markets have been approached on a particular risk, but the most relevant insurance companies have not been accessed, the insured will not have a true picture of their options for the current renewal cycle.
A good wholesaler will always do their best to be helpful and have the attitude of making sure the insured and agent are treated properly no matter what the circumstances. Insurance company lists, while helpful, are not always necessary if the agent and wholesale broker are on the same team and work together to do the right thing for the insured. A wholesaler adds the most value for their insurance agent partners when they have a positive attitude, focused on helping their agents help their clients. These relationships are what make the insurance industry a fun and rewarding place to work in every day, and ultimately serve the insured’s best interests no matter what the outcome.
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