As a commercial insurance producer, you are tasked with a substantial quest when a new potential client or expanding current client has a need for a specialty insurance product. The where, who, and how of specialty insurance coverage can be a daunting task, but don’t let that intimidate you. Our goal is to provide a roadmap to help guide you on your journey to find, quote, and bind specialty insurance coverage!
Where Can You Find the Right Specialty Product?
While there are many options to consider, you need to understand which option is best for both you and for your client. If you choose to work directly with a specialty MGA, they likely will not offer multiple options, but they probably will bring expertise in their specific field. If you work with an aggregator or portfolio company that offers access to multiple MGAs and specialty program administrators with niche products, you will likely have the opportunity to experience both expertise and options. In some cases, there is a specialty program within a given industry that you need access to and you have to work through a specialty program administrator. Unfortunately, you may find that your options within a specific niche are quite limited.
Who Can Help You Quote and Bind Specialty Coverage?
If you choose to work with a specialty MGA directly, you will likely work with an internal underwriter within that company to both quote and bind the new coverage, if you move forward with the quote, of course. On the other hand, working with a portfolio company, and depending upon their holdings, you may work with a sales representative, a production underwriter, or an internal underwriter to both quote and bind the specialty coverage you need. A portfolio company may even employ a one contact point system which might allow you to work with one internal person who can quote with multiple specialty programs. Be sure you are given a direct answer regarding binding authority before you get too far into the submission process.
How Can You Make Your Second Specialty Product Placement Easier?
If you focus on a niche product line and specific client when it comes to your commercial insurance practice, you may find value in building a relationship directly with a specialty MGA that caters to that specific industry. If, however, you are more of a general commercial lines producer, you will likely find value in obtaining a production contract with a portfolio company that offers access to both wholesalers and MGAs, like DOXA Insurance Holdings. After you have the production agreement in place, you can submit your next quote without having to go out and find another specialty carrier that caters to different industries your client may be involved in.
If having one entry point that gives you access to specialty program administrators and MGAs sounds good to you, reach out to us today to get started!