Let's be honest the state of the market right now is SCARY! and that is putting it lightly. We are seeing carriers consistently being declined for rate increases they desperately need to stay financially sound. We are seeing carriers pull entire products off the market or place moratoriums on multiple zip codes, and I think we have all heard about certain carriers pulling out completely from the entire state.
The state of the insurance market has EVERYONE, both insureds and insurance agents alike scrambling to make sure every exposure of theirs or their clients stays properly insured. Next time you feel the uneasiness of a renewal that is taking longer to come in this year than it has in previous years, or are frustrated by that 18% increase, Just keep in mind your Private Client Advisor is feeling the same worry and upset that you are.
Many people assume their Private Client Advisor works for the carriers, but it is quite the opposite. We work for our clients, finding the best solutions with the markets we have available to us. We do much more behind the scenes that the client simply doesn't see. We advocate on your behalf, pleading with the carriers that you have a full account with them, are a good risk and to please just consider grandfathering your account in even though your home has now inevitably ended up on the "No Go Zip Code Zone". We go to battle for you with the billing department who doesn't want to honor the post mark date of your check and now are saying they won't reinstate your policy. We spend hours on the phone trying to get through to the managers manager of your claims adjuster because their projected pay out wasn't near what the total repair amount was.
We truly do our best to be there to advocate, advise and most of all keep you best insured for the best value. So before you get upset that your Advisor took awhile longer to respond, that they painfully had to advise of the increase on your upcoming renewal, or had to let you know that your carrier of 8+ years has decided to non-renew their entire book of business in your area. Keep some of these points in mind....
The state of the market is truly a battle field:
With carriers dropping out of entire zip codes, states, the insurance industry as a whole, we are finding it harder and harder to find coverage and when we do it's at an unfavorable price. The average remarket of an account used to take 4-5 days. It's now taking closer to 14-21 days. Additionally, the amount of remarkets we are having to do due to non-renewals has tripled this year, and that's not counting clients who ask to shop due to not liking the rate.
The Department of Insurance is ... well... the Department of Insurance:
The insurance industry is heavily regulated, and we are having to spend more and more time trying to stay informed about changing laws and compliance requirements. This can involve studying new regulations, attending training sessions, and ensuring that our clients are adequately covered while meeting carrier appetites and legal requirements.
Everyone needs insurance- More People = More Insurance needs :
Insurance is a vital aspect of personal and business risk management. With growing populations, new businesses, and changing regulations, there is an increased demand for insurance products and services. We are working harder than ever before to handle the rising number of inquiries, policies, and claims.
The saying goes "Change is a good thing" but this is A LOT of change!:
Insurance companies are constantly developing new insurance products to cater to evolving customer needs. We are sitting in daily meetings and investing additional time and efforts to staying updated with the latest offerings and understanding their intricacies so we can effectively communicate these options to our clients.
Relationships with Underwriters/ Carriers is of upmost importance(but also takes mindfulness and time) :
Many people don't realize that our relationship with the underwriters and carriers can be the very reason why you are able to keep your business there or not. If a carrier finds that a certain agency continues to place business that has a high loss ratios or high turn overs, they can simply choose to pull their appointment. If an underwriter finds that a certain agency isn't gathering all of the information accurately and every time they inspect the risk comes back not in their appetite, they will lower the amount of business said agency is able to write with them. The relationship we have on your behalf with the carriers and underwriters takes time and care. Before they used to fight to have a relationship with agencies, now we have to advocate why the should want to work with us (and you).
Technology advances, and we must adapt! :
Technological advancements have transformed the insurance landscape. The carriers are constantly changing the way they do things as technology grows, we have to adapt to new software systems and online platforms. Did we mention that we work with well over 20 carriers? That's 20 carriers that are constantly changing and we are having to re-learn on a weekly basis.
We LOVE talking with you, & that's our favorite way to spend our time, but it does take time!:
Building and maintaining strong relationships with clients is of upmost importance to us. We always want to make sure we invest time in understanding clients' unique needs, provide personalized advice, and offer ongoing support. This involves regular communication, policy reviews, and assisting with claims. While every conversation we have is important to us, we are having a lot of them and they are becoming more frequent and elongated as we have to work through the complications of the current market and work to ease our clients rightfully anxious minds.
You get a rate increased, I get a rate increase, Everyone gets a rate increase! (In my best Oprah Winfrey voice):
We have all seen it. Everything is going up, including our own insurance. My personal insurance increase $200/ month this year, with no changes! I'm upset with you! Economic fluctuations, changes in interest rates, and market conditions have significantly impacted insurance policies and premiums. We are working harder than ever during times of economic uncertainty to assess risks accurately, adjust coverage, and provide financial advice to clients, all while trying our best to show empathy because we truly do feel it too.
YOU ARE NOT ALONE.
It's important for our clients to know we are working our tails off, or (I guess fingers off) to do the best we can for our clients. Many of us are working overtime to make sure we get all of those applications out so we have a solution to your non-renewal. Most of us are spending way more time deep diving into your account than you would think based off the surface interactions you have with us. There's a multitude of us are working day in and day out to obtain more appointments to be able to offer our clients more options. And lastly, All of us are simply just trying our absolute best for you.
So next time you wonder if your Private Client Advisor is doing right by you, Just know after we are done crying during our morning coffee, we will be logged in ready to fight the insurance battles of the world for you! Give your Private Client Advisor some grace and keep your kindness. I promise they are doing all they can for you!
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