Updated October 16, 2023
As a professional agent, you work hard to absorb your client’s needs, history, operations, future plans, and so forth. It can be highly stressful to hand that over to a wholesale broker and feel excluded from the process of marketing the account.
No broker can single-handedly alleviate these feelings. However, it’s important to be honest yourself—what broker behaviors exacerbate these feelings?
If you answered no to any of these questions, your ambivalent feelings towards using a wholesale broker are understandable. The truth is, if agents and wholesalers don’t understand the client’s narrative and how to effectively communicate it, they do a disservice to both the insured and the carrier partner.
Understanding and communicating narrative is another example of how HPL business is not simply transactional.
The insured’s story often does not fit on an application. What are their future plans? Will they be expanding into additional services in the next 12 months? Are they looking to execute new contracts this year that will require flexibility from their carrier and/or broader coverage terms? What are the drivers of previous claims activity? What has been done to resolve these issues? Your client deserves to have their story understood at every stage of the underwriting process.
Do you feel like you are often having to figure out coverage on the fly? Many of our agents are HPL experts in a particular field or with admitted placements but do not have as much experience with the E&S market. What coverages are—or are not—available? Are this year’s marketing goals realistic? Wholesalers who focus on understanding an account’s narrative can help agents better market accounts and can help the agent communicate coverage details more specifically with their clients.
Nothing hurts marketing efforts more than an uneducated underwriter—one who doesn’t know what the client does, or what they’re looking for. Understanding the narrative and being able to communicate it grants confidence to underwriters. This ultimately helps our agents and their clients.
In the world of insurance, the ability to understand your client's unique needs and navigate the complexities of the market is paramount. Insurance agents play a crucial role in this process, excelling at gathering essential information and translating it into compelling stories. As you evaluate your current wholesaler, consider whether they share your dedication to enhancing these narratives.
Your client's story is at the heart of what you do. Ensure it's told with the care and expertise it deserves.