&THRIVING CHALLENGING P&C LANDSCAPE

By Dustin Lemick and Conor Redmond

Educating - Consumers and businesses are not experts on insurance. As they see events in the market covered in the media, they want and need guidance and help. Agents and brokers can play an important role in explaining these changes, what to do, and what to expect.

Accelerating - Take advantage of all of the ways you can advance your business and operate more efficiently to reduce your costs and maintain your top notch producers. It can involve technology, new processes, and new ways of operating. Constantly adapt to better serve clients.

Communicating - Constant communication with clients builds and maintains trust and relationships. Check in to see how they are feeling, offer your insight, guidance and support, and make practical suggestions for how they can minimize their risks. Be a sounding board.

Taking Action - Clients want to know you can do something for them to cope with rising costs, and changes in coverage. Taking immediate action with specific steps that help client’s implement savings or coverage optimization is your key to success.

New Approaches

Bundling insurance has long been a tentpole path in P&C insurance. While bundling homeowners and auto insurance with one carrier may still be the best way for clients to save money, other factors besides cost, such as the effect of a claim on an HO policy, should be taken into consideration. Unbundling policies can often be a stronger way to save costs for your clients today and should be considered as part of your approach.

For example, moving your clients to specialized insurance for jewelry or other personal belongings can help them save money. Benefits can go beyond cost savings to include improved coverage, reduced or no deductibles, and no reporting of claims to third parties, among other advantages. It is no longer viable to assume that traditional approaches are the best choice. Constantly dig in to find what is best for your clients. Be ready to spend time with them to find the right solutions for their needs and budget.

Leverage Technology

Technology is a competitive advantage for agents and brokers today and is only more so when the market gets tough. Not only can you serve your clients at a far more rapid pace. Today’s consumers and businesses expect technology to be part of the process. They’ll often move on when innovation isn’t involved. There are also numerous other benefits as well. At my company, for example, we use technology to provide a finalized quote in seconds, with just six basic underwriting questions. Our online platform enables agents and brokers to manage or change policies in a matter of minutes. Technology solutions must be part of every agent and broker’s business. Overlooking innovation is no longer an option.

High tech can also help retain your employees and create a better work environment for them. Top talent today flock to modern and innovative organizations, and that includes in P&C insurance. Dedicate time to exploring everywhere in your business that can be improved with technology. Take advantage of trial software or low cost packages to test solutions before making choices. Software providers are more than happy to demo their products and show how they can help you.

In an always on, always connected world, clients have the means to collect and act on information directly. With insurance premiums dramatically increasing, more clients will be comparing coverages, rates and their agents. Match their needs as a modern trusted advisor.

Take Action Now

The time for agents and brokers to act on behalf of clients is now. The competition for attention and insurance dollars will only intensify and escalate in the future ahead. Those agents and brokers who embrace innovation with new solutions and leverage new technologies - in partnership with their clients - will be the winners.

Dustin Lemick is a third-generation retail jeweler and founder/CEO of BriteCo, a leading tech-driven provider of jewelry and watch insurance. He has over a decade of jewelry insurance experience combined with an extensive background in the retail jewelry industry.

Conor Redmond, FCAS, is a co-founder and Chief Actuary at BriteCo jewelry insurance. He is a fully credentialed actuary with more than 12 years of insurance experience.

To learn more about the BriteCo Agent Program contact Ben Glipsie, Agent Channel Manager at ben.glipsie@brite.co, or call (224)307-5790.