Securing a Successful Renewal
The environmental insurance marketplace is competitive and complex. More carriers are entering this space and coverage is more robust and affordable than ever before. And as many agents know, sometimes seemingly similar coverage forms vary greatly from company to company. The entire process can be especially difficult to navigate at renewal if the insured’s operations have changed over the past year, receipts have drastically changed, etc. We want to take an opportunity to discuss marketing renewals and considerations that need to be made during this crucial time.
Reasons to market an account:
- Client is seeking a premium reduction.
- Client is seeking better coverage.
- Client is dissatisfied with carrier’s service.
Items two and three above are possible reasons to seek out alternative coverage. Reason one, however, may not be. Often an incumbent carrier, with premium in the bank, will be willing to accommodate reduction needs more readily than a new carrier.
If you elect to market your account, please remember:
- Most wholesale brokers are ready and able to market your renewal to a new carrier(s) if that is what you and your client think is best. Providing as much information as possible to the wholesale broker about the existing account is extremely important.
- Often an account was marketed extensively when first written. If that was recently, then there were undoubtedly reasons why the client chose the carrier they are with. Those reasons may still be the same.
- Due to the specialized nature of environmental products and the relatively small number of carriers offering them, the downward pressure on pricing is not as sharp as it is in the general P&C sectors.
We will work with you to help satisfy your clients’ needs and expectations while preserving the integrity of their coverage. For more information about our renewal process and environmental insurance policies, feel free to contact us.
Type: Blog
Topic: Account Management
