Insurance brokers and agents, like 99.9 percent of all businesses, are being greatly impacted by the pandemic. Selling LRO – Lessors Risk Only – policies needed by commercial and residential property owners will become an increasingly competitive marketplace, as longer shelter-in-place and the lingering economic uncertainty it generates continues to manifest.
Novita’s “LRO Academy”
Over the next several posts in our blog post series “LRO Academy,” we’ll examine how to position brokers and agents new to Lessor’s Risk accounts to be more effective and increase prospect sales and current client engagement. For insurance pros who may already have written hundreds of such policies, we’ll provide strategic insight, as a value-added, specialty wholesale broker dedicated to LRO, to increase product knowledge and expand outreach.
From prospect identification to underwriting considerations and coverage questions, we’ll look at how to gain and maintain a mindset for success across the market segment. Done properly, LRO can help your insurance brokerage or agency’s bottom line not only stabilize, but grow.
Every property has its own unique risk profile and solutions, and risk considerations and poor risk negatively impacts an agency’s loss ratios. Novita works closely with its retail brokerage partners to manage those risks, and to leverage for overall agency growth and success, even in difficult times.