In our three part series on the Wholesale Broker value proposition, we’ve looked at their ability to handle difficult-to-place risk in Part 1; and the experience, efficiencies in underwriting and claims handling, accuracy, and cost benefits they bring in Part 2. Today, an up-close look at relationship, in Part 3, our final post in this series.
As an intermediary, wholesalers focus on relationships – with the retail brokers, and with carriers. The retail broker looks to a wholesaler to bring knowledge, innovation, credibility, experience, and service to the table for the benefit of their clients. The wholesale brokers specialized knowledge about market needs and product/service niche coverages is immersive; they “live” it daily, solving complex problems, addressing unique risks, identifying market trends, and communicating.
Communication, combined with tenacity, is at the heart of the wholesale broker value proposition because at the end of the day, being a wholesale broker is all about relationships – the relationship between the wholesale broker and the carrier, and the wholesale broker and the retail broker. The wholesale broker balances the risk appetite of the carrier with the needs of the retail broker, and works hard to identify, address and solve the myriad complexities – and coverage nuances – to the benefit of all involved.
When retail agents or brokers turn to a wholesale insurance broker, it’s typically because of the need for assistance with a difficult-to-place risk or to obtain special insurance in an unfamiliar market. Wholesale brokers have the expertise in certain insurance markets and use their influence to provide access that may otherwise be unavailable. The wholesale broker can achieve this because they have spent years building strong, effective relationships with carriers and insurers; in short, they can “get it done.” The retail insurance broker then receives the benefit of this specialized knowledge, immersion, expertise and relationship without having to do the “heavy lifting” to enjoy the results!
The Wholesale Broker Value Proposition:
- Insight into carrier risk appetite and current market trends
- Creativity and innovation
- Leveraging relationships to benefit all involved
- Going above and beyond in service expectation
Novita Insurance Solutions brings all of this to its clients, and more. How can we assist you?