Introduction
My last article entitled “Navigating the Hard Market: The Power of Communication and Relationships” focused on doubling down on the existing relationships agencies have with both their clients and carriers. For your clients, enhancing communication during this market can help build client loyalty, while providing exceptional service and being responsive to client needs ultimately shows your dedication to client success. By educating clients on how to reduce their exposure to risk, agents can assist clients in securing more favorable insurance terms. For your carriers, the stronger the relationships you have with underwriters, the better an agency’s standing in the market improves, even when underwriting requests are handled by a team approach versus a singular point person. Renewal underwriting, which evaluates existing books of business to identify opportunities for cross-selling, upselling, or re-underwriting, can help an agency improve profitability and client retention.
In this article, I wanted to circle back to the advice I’ve also read suggesting agents add to their product diversification and maybe consider offering insurance products more in demand or less affected by these hard market conditions.
OIA’s Company Partners
We are in an age where carriers are responding to emerging markets and answering the call to market gaps seemingly overnight. OIA’s 75+ current Company Partners, and some of the most recent ones to join the program have indicated a strong desire to help our members succeed in the different markets in which they compete. Below are a few:
- Aegis General Insurance Agency: Insurance solutions for manufactured homes with a specialization in underserved markets.
- American Collectors Insurance: Collector Vehicles, Classic Cars/Trucks, Rods & Customs, Exotic, Imported, Antique & Classic Motorcycles, & Collectibles Insurance.
- Argosy Risk Specialists: Environmental programs.
- Berkley: 60+ different verticals serving a variety of market needs source.
- Bold Penguin: Largest prospect marketplace for small commercial insurance agents to find new leads and grow their business.
- Cinch Home Services: Home warranty protection and appliance repair (additional revenue stream outside of P&C and an added value to offer your customer base).
- Conifer Insurance Company: Cannabis, Food & Beverage, Liquor Liability.
- Lancer Insurance Company: Insurance solutions to businesses and commercial transportation companies (anything wheels!).
- North American Insurance Company (NAICO): Oil & Gas, Construction, Manufacturing, Service Contractors.
- Orion180: Home Insurance, Home & Electronics Protection, Collectibles Insurance.
- Rainbow: Restaurants (including new ventures, ghost kitchens, etc).
- Rokstone Agriculture: Animal Mortality, Livestock Auction Market, Livestock Care, Custody, and Control, Livestock Confinement, Feedlot, and Pasture, Livestock Motor Truck Cargo.
- Sola Insurance: Tornado Crisis Coverage, Hail.
- Utica First Insurance Co: Auto Service & Repair, Artisan Contractors, Food Service, Office Risks.
Conclusion
We will continue to see market responses in the many realms of InsurTech, such as Usage-Based Insurance (UBI), On-Demand Insurance that can be activated or deactivated by customers as needed, Parametric Insurance, Cyber, and predictive analytics. There is great potential to harness the power of answering the call to your client’s needs with some of these innovative solutions.
Other InsurTech Resources:
About the Author:
Dustin is Company Partners Manager here at OIA & considers himself an industry “lifer” with 20 years of industry experience. Upon graduating in 2003 from Ohio University with a finance degree, Dustin started off in sales at his best friend’s Dad’s captive agency. He has underwritten & managed territories for Buckeye Insurance Group (Piqua, OH) & has worked with carriers to recruit agents into the industry. This is Dustin’s 2nd stint @ OIA, the 1st stint being the pre-Big “I” merger at PIA on the E&O team. In between stints, he helped State Auto’s Product team implement their digital Commercial Auto product in their 33 operating states. He brings a passion for our industry & has achieved the API (Associate in Personal Insurance) designation from the American Institute For Chartered Property Casualty Underwriters (The Institutes).
