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FLOOD INSURANCE

INTELLAGENTS ™ INSIGHTS FOR INDEPENDENT AGENTS

• BERKSHIRE HATHAWAY GUARD INS. • CELINA INSURANCE GROUP • COLUMBIA INSURANCE GROUP • EVOLVE MGA • FCCI •

their underwriting standards due to increased claims cost, poor loss ratios and deteriorating investment income. For your clients, this means underwriters are going to ask more questions than in years past and will be more selective in the risks they are willing to recommend.

In this setting, it’s doubly important to ensure you’re able to provide targeted risk management advice that can improve your clients’ risk profiles. Whether you provide this guidance in-house or connect your clients to this information, it’s important to demonstrate that your clients take a proactive approach to risk management. Remember, best-in-class risks get best-in-class pricing which, in this case, may mean less dramatic premium increases.

4) Start Renewals Early; Focus on Quality Submissions

“Start your renewals early” is the advice that insurance brokers hear every year. This is especially true this year. The earlier you start working with clients on their renewal, the more time you will have to address issues with their submissions.

Whether it's addressing risk management issues or determining how to structure insurance coverage, time is a valuable asset – especially since many carriers are seeing an uptick in submission volume for certain lines of coverage. Many underwriters will outright dismiss incomplete or sloppy submissions. Your clients are going to expect a lot out of you. Businesses today are looking to their insurance agents to help them control their risk, structure their insurance policies and provide timely guidance. In light of these demands, agencies are increasingly embracing InsurTech solutions to find efficiencies in their workflows. Doing so helps agents focus on their core responsibilities while still delivering best-in-class insurance and risk management advice.

What’s more, given recent shifts toward digitization in the industry, technology is sure to play an even larger role in your everyday operations in the coming years. Now is the time to examine available InsurTech solutions that allow your agency to enhance its value proposition and be a partner that your clients can rely on.

Now more than ever, your clients are leaning on you for expertise, guidance and support. Stay informed, communicate with them early and often, and be there as their business consultant during this challenging time, and you’ll secure your position as their essential long-term partner in the years to come.

About the Author

Brendan Zyvoloski is a senior market analyst specializing in P&C products at Zywave. u

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