The last 12 months have been trying to say the least. After years of a very competitive and soft market, followed by a worldwide pandemic and economic unrest, times are changing. However, with the new normal still not fully defined, many agents are struggling to get in front of potential new clients. With renewals on auto pilot, now is the perfect time to get creative with new programs to build your book.
One way to stand out in this market is to create a program for insureds with similar risks. Associations are a great example. Our MGU, Western Carolina Underwriters, says there are benefits to underwriting this type of business program. Large numbers of similar risks can be priced more competitively, and the savings passed onto the association members. From a carrier’s perspective, it gives us the ability to provide excellent claims service because the claims are similar in nature, thereby, decreasing ‘return to work’ times. These similar claims also help from a loss control perspective because it is easier to develop best practices for safe operations that can be shared with all the members of the program.
Association programs offer the agent a great way to create a large book of business without having to call on every insured. The benefits to the association are competitive insurance products for the members and the ability to create a profit share program that can be paid back to the association, creating a win for all involved!
For more information on our association program, click HERE to schedule time with our Market Development Director.