With the many insurance plans and carriers in the market, finding the right insurance policy can be difficult and stressful. From the coverages to the prices – there are a lot of things that you need to assess and consider. Your lack of knowledge when it comes to insurance can also make the process more difficult.
That is why you need the help of an experienced broker to help you find the insurance coverage that you need. Here are the benefits of working with the right insurance broker:
1. They know what you need
Insurance brokers are experts in their field. They’ve invested a lot of time, effort, and money in learning and mastering everything that they know about insurance. Aside from their professional knowledge, they also have experience on how to handle different types of situations. They know the insurance coverages that will provide you the correct coverage, and what not to buy. If you don’t know what insurance plan to get or what coverage to include in your policy, you have an expert insurance specialist to take care of that for you.
2. They can give you the best advice
Aside from answering and informing you of the different insurance coverages available, they will also advise you on what coverages to get depending on your specific business and the type of coverage you want. Depending on your situation, they can offer you professional advice on what to do. If you are having a hard time picking the right insurance carriers, they can also give you an unbiased advice on which is the best to meet your needs.
3. They can get you the best deals to help you save more
If you think working with an insurance broker is an additional cost. Think again. An insurance broker can create an insurance plan that will suit your budget. Since they are familiar with the market, they can help you compare prices. They can also help you create coverages that will be perfect for your budget. Your insurance broker will ensure you are satisfied with your coverage and work to keep your business by providing you the best policy at the lowest cost.
4. They will help you save time
Searching for the right insurance plans can be time-consuming. Imagine the time you’ll be wasting talking to different insurance carriers, asking for quotes, searching the internet for reviews, filling out forms, and the list goes on. If you have an insurance broker, you can sit down with him/her and he/she will sort out everything for you.
5. They can offer long-term service
One of the good things of having an insurance broker is that their work does not end after you sign your insurance policy. If you have questions or problems, you can talk to them and they can provide assistance.
These are just some of the many benefits of having an insurance broker assisting you in finding the right insurance policy.
If you want to talk to an experienced insurance specialist that you can trust, we are here to help. Call us or fill out a form today! We have a team of highly skilled and experienced insurance experts that are very accommodating and will walk you through the whole process.
While we’re at it, retail insurance agents now face a choice: work with a generalist who oversees the application process or collaborate with a wholesaler who has expert knowledge and specialized industry experience. In cases where expertise is needed, the agent should consider the wholesaler not just as a supplier, but as a key business ally.
Key Points for Evaluating a Wholesale Insurance Specialist:
- Attention to Detail: Do they understand the client’s business well and ensure the insurance application is accurate and suitable? Are they keeping up with changes in insurance company ratings and laws?
- Effective Communication: Do they actively engage with agents and insurers? Can they help with proposals and explain insurance terms clearly? Are they quick to provide extra information when needed?
- Prompt Service: In a field where deadlines are crucial, can the wholesaler consistently meet them, even when facing challenges?
- Advisory Role: Do they go beyond mere transactions, offering guidance and solutions to problems that may arise?
- Specialized Knowledge: Can the wholesaler offer advice on different financial options within the client’s budget? Do they evaluate insurers’ responses thoroughly?
- Loss Prevention and Claim Support: In a world where legal issues are increasing; can the wholesaler help prevent losses and assess insurers’ ability to handle claims effectively?
- Recognized Expertise: Are they knowledgeable not just in the E&S markets but also in standard markets for more complex risks?
- Enhancing Agency Efficiency: With a shortage of skilled professionals in the industry, can the wholesaler handle routine accounts to help the agency focus on other tasks? Can they provide other types of office support?
Working with the right wholesaler can help an agent succeed in getting and keeping clients and expand their business into new areas.
Just like in behavioral psychology where “reframing” means looking at things differently to change your mindset, agents might benefit from seeing wholesalers as specialists and valuable partners, rather than just application handlers. This new viewpoint could be beneficial. Agents can use these evaluation points to consider a client’s specific needs and their agency’s capabilities.
Norma Villafranca, CCIP, WCIP
