Today’s insurance customers want coverage that extends beyond the traditional to meet their individual needs. Who can make this happen? Underwriters. They’re the ones responsible for putting together coverage solutions customers really want.
But what kind of underwriter can get this done consistently? Look for one that makes flexibility a priority, easily adapting to customer needs and delivering greater service than you’ll find with a less-flexible partner.
If you can track down an underwriter like this, here are three benefits you’re sure to enjoy:
#1 – Growing revenue
Any underwriting partner should know your ultimate goal is to boost the bottom line. But the right one can help you achieve that early and often, by utilizing industry knowledge to develop the kind of custom coverage solutions that attract new customers and retain old ones, increasing company revenue.
For example, by using long-term customer trends to predict which kinds of policies will benefit both your business and your customers, underwriters can ensure that you remain profitable while keeping customers content.
#2 – Meeting customer needs
A flexible underwriter is an innovative underwriter. Instead of sticking to traditional, cookie-cutter coverage solutions that make it difficult to please individual customers, the right underwriter is willing to address unique customer needs. And when offered personalized solutions rather than plug-and-play products, customers are more likely to feel their needs are a top priority.
In a recent survey of more than 2,000 agency personnel, 95% of professionals working in personal and commercial lines said “underwriting flexibility” was among the most important attributes of an underwriting partner. This flexibility could manifest as anything from reduced fees to personalized terms — but any level of additional flexibility makes a huge difference for both MGAs and customers alike.
#3 – Providing stronger resources
Rather than working with an underwriter accustomed to cursory interactions, look for one that will engage you as an attentive partner that’s willing to provide access to their network of industry insiders and partnership benefits. Allowing interaction with vetted, proven industry insiders shows dedication, and providing access to tools like legal expertise, interactive training platforms and programs, and an extensive catalog of marketing resources can help promote and build your brand and strengthen partner relationships over time.
Looking for the right underwriter? Customization is key. From personalized customer solutions to a more robust business network and valuable resources, a flexible underwriter can boost revenue and give you an immediate competitive edge. While that type of underwriting capacity might be hard to find, it’s well worth the search.
Joe Alberti is Vice President of Specialty Products & Programs for Fortegra Financial Corporation (a Tiptree Inc. company). Fortegra® and its subsidiaries comprise a single-source insurance services provider that offers a range of consumer protection options including warranty solutions, credit insurance, and specialty underwriting inclusive of admitted market partnerships.