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Monthly Archives: October 2020

What brokers want from their carriers during the pandemic

As COVID-19 changes the world, brokers need carriers that will change along with it. For brokers, successful carriers during and beyond the global pandemic will be the ones excelling at the three ‘As’ — accessibility, agility and authority (underwriting).

And while this has always been the case, the crisis situation brought about by the global pandemic has shone a bright light on which carriers are excelling at these underwriting fundamentals, says Garth Pepper, President of Liberty Mutual Canada.

Accessibility

During the onset of the pandemic, the key message that was being prioritized to CEOs of the country’s major insurer carriers was: “We need you to be open for business.” The intention was that they sought confirmation that his markets would be accessible while the country’s economic meltdown buffeted Canada’s commercial clients.

Agility

As clients were going through a significant economic shock, they are leaning on their brokers for support. The second message was “You are going to have to figure out how you reflect these reduced exposures, because clients are asking us for it and need it.”

These businesses were calling brokerages throughout the country for relief. They wanted to know what their markets’ game plan was to help commercial clients.

Underwriting Authority

When servicing a client that has unique insurance needs, nothing is more frustrating to a commercial broker than getting an automated message saying the risk can’t be written, citing strict adherence to unyielding underwriting rules or obscure internal guidelines, policies and procedures. Or perhaps a locally-based underwriter can offer a flexible solution, only to have a corporate head office in another country scuttle the deal. For a broker who wants a chance to work through the issue with someone, it’s the worst-case scenario: Underwriters with no authority to be creative problem-solvers.

Brokers and clients are going to have an increased need for companies to provide solutions on a multiple product line basis, and in multiple jurisdictions. That will be more important as well.”

Ultimately, says Shields, echoing Pepper, the pandemic is an opportunity to differentiate between commercial carriers. “I’m hoping that clients and brokers will be able to step back and see who was able to come to the table and respond,” she says.

If you require support, contact your broker or agent. For the full story, review the following source: https://www.canadianunderwriter.ca/insurance/what-brokers-want-from-their-carriers-during-the-pandemic-1004194147/