Working with someone experienced in a niche , especially one difficult to learn and understand , reduces the E & O exposure , and reduces the investment needed to learn and grow within the niche . •
HOW HAVE YOUR CARRIERS PARTNERED WITH YOU TO HELP FACILITATE COMMERCIAL SPECIALTIES ?
Tim : We ’ ve had several carriers approach us on certain classes of business and other industry issues to help them develop their product and service . Sometimes this is related to how we can better shape certain policies and coverages to address an issue , or items they might be missing . It has also included helping to develop industry technology standards to better serve our customers .
We ’ ve also had carriers ask us to service a particular class of business they felt we could best handle for them . Having strong partnerships with our carriers is critical to our success and the same would be true for any other agency .
To do all these things to build the knowledge and relationships needed to succeed in the niche .
Additionally , I ’ d look at the potential customer or referral relationships the agency already has that could lead to development of a specific niche .
Another great option would be to partner with an agency or producer who specializes in a desired niche . For instance , our agency works with P & C agencies to provide our aviation insurance expertise to them and to place coverage on their behalf for their customers with aviation exposures . There are others who do this across many lines of business .
Working with someone experienced in a niche , especially one difficult to learn and understand , reduces the E & O exposure , and reduces the investment needed to learn and grow within the niche . •
This becomes even more important in seasons of high insurance company volatility as many in the industry are seeing now .
WHAT WOULD YOU RECOMMEND TO OTHER INDEPENDENT AGENCIES AS “ MUST TAKE ” STEPS FOR DEVELOPING COMMERCIAL LINES SPECIALTIES ?
Tim : The first step I ’ d recommend is look at who you already serve . Are there classes of business the agency seems to be doing well at ? If so , that would be the starting place .
Next , I ’ d look for who the unique relationships with potential insurance carriers are where there is an opportunity to provide new or unique solutions to a niche industry . That would be something else that could be pursued , but it would require pouring themselves into that industry . Learning everything you can about it . Attending the best meetings and events for people in that niche .
KAIA . COM / TECHNOLOGY-RESOURCES / CATALYIT
NOVEMBER / DECEMBER 2023
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