How did you get into insurance?
I come from an insurance family. My husband and sister are underwriters, and my mother works as a producer at Althans alongside me. My mom has been an invaluable mentor in my career, helping me blaze my own path. In a male-dominated workplace, she helped lay the foundation for other women to join the industry. She is a top producer for the firm.
After graduating from college, I joined an insurer as an underwriting assistant. I gained great experience from working on the carrier-side, and I wanted to broaden my perspective on the industry. After three years in underwriting, I joined my mother at Althans, where we specialize in providing commercial insurance solutions to franchise systems.
I love working with the franchise owners; I have the utmost respect for their entrepreneurial spirit. I enjoy being able to contribute to their success and longevity.
What can insurers do to help your team succeed?
There are two things insurers could do to support my team’s success: 1. Continue to staff responsive and well-trained underwriters. 2. Provide consistent pricing at renewal. Althans looks to build long-term relationships with our underwriters and recognize the give-and-take necessary to have a good partnership. I go out of my way to connect with my insurer partners by investing time in building the relationship and setting the foundation for a successful partnership.
Insurers are very eager for new business, and they will price aggressively to earn it. Yet during renewals, we have seen significant rate changes for clients that have never experienced a claim—sometimes upwards of 40%. The insurer often does not provide the objective insights needed to help communicate why a specific client is experiencing a significant rate increase. The more information we can provide, the better, otherwise our only option is to re-market the client’s risk, which requires needless work and added stress on all sides.
Why is it important to build relationships with underwriters as an insurance advisor?
I’ve been in the industry for over seven years now and understand that much of insurance is gray—not black and white. I’ve found that underwriters provide a personalized touch to help my team, and I understand what coverages make the most sense for specific franchises.
In commercial lines, the coverage offerings vary by insurer, and the needs of my client also evolve. Having a solid relationship with underwriters offers insight into the changes that their company may be going through and helps me ensure that I’m providing the best options to my clients. Improving the technology capabilities of the quote/bind/issue process is helpful, but this should not diminish having a close relationship with underwriters.
What would you advise to new agents in the industry?
A new agent should immediately seek out mentorship within the agency. A mentor can provide insights into company operations and can be a resource when trying to gain one’s footing.
New agents should align themselves with their account team and underwriters. Building relationships early will improve your business by ensuring new business can be placed quickly and with seamless renewals. Respect and gratitude can go a long way.
Add new comment