Cyber Insurance Blog

Wholesale Brokers Lead the Industry: Discover the Benefits

Wholesale Brokers Lead the Industry: Discover the Benefits

Wholesale Brokers Provide Immense Value for Your Clients

Wholesale insurance brokers are playing an increasingly important role. The wholesale insurance market has grown steadily over the past five years at nearly 2% annually, reaching $822 billion in revenue in 2018. That number is only expected to grow as wholesale brokers bring more and more value to the marketplace.

ProWriters is a full-service wholesale brokerage firm that offers exceptional risk management, underwriting services, and insurance products to meet the specific needs of agents and brokers. Learn about the advantages of working with a wholesale brokerage firm and how to choose one that’s right for you and your clients.

What a Wholesale Insurance Broker Does

What is an insurance broker? Typically, retail insurance brokers will find and obtain insurance coverage on behalf of their clients. However, there are times in which retail brokers are unable to get coverage from a standard insurer. In these cases, the top wholesale insurance brokers can step in.

A business woman motions to a document she’s holding while speaking with a male/female couple, all seated together at a table.A wholesale insurance broker acts as a go-between for insurers and the retail brokers. They do not have direct contact with the insureds. Instead, they specialize in specific lines of coverage and use their expertise to help retail brokers and agents obtain an optimal policy for their clients.

Wholesale insurance brokers can:

  • Offer insights into risk appetites and current trends in carrier markets
  • Compare multiple providers and find the best one (based on specific types of risk)
  • Leverage relationships with carriers to secure favorable terms
  • Deliver quotes with fast turnaround times

Three Benefits to Look for with a Wholesale Broker

The benefits of a top wholesale insurance broker can be useful in selecting the right one for you and your clients.

1. Expertise

According to a nationwide survey conducted by Insurance Journal, nearly 70% of agents and brokers seek expertise when choosing a wholesale insurance broker.

Look for an expert who has worked through both soft and hard wholesale insurance markets. These experts are aware of the current appetites in the market, can navigate emerging challenges, and will account for specific types of risks.

2. Fast Response Times

When it comes to response rates, 77% of agents and brokers consider fast response as a priority when partnering with a wholesale insurance broker.

It is not uncommon for brokers and insurance agents to wait days or even weeks for a quote, delaying their ability to perform a comparison and select the best policy for their clients. Ideally, a top wholesale insurance broker can lessen the waiting time and get the pertinent information faster.

3. Increased Market Access

When an agent or broker turns to a wholesale insurance broker, it’s usually because they need help with a difficult-to-place risk or specialty insurance in an unfamiliar market. Wholesale insurance brokers use their expertise, influence, and strong relationships with carriers and insurers to provide access to these markets that may otherwise be unavailable to retail brokers.

 

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The ProWriters Wholesale Advantage

The ProWriters approach to wholesale insurance and brokerage brings significant benefits to our partner agents and brokers. We combine our exceptional risk management services with our industry-leading underwriting products to provide superior value to the agents and brokers who partner with us. We specialize in key markets and coverage areas, including:

Our risk management and loss prevention services empower agents and brokers to minimize their insurance costs and better educate their clients. ProWriters has underwriting authority for several highly-rated insurers, and we back our underwriting with 20-plus years of experience.

To learn more about the benefits of working with a wholesale insurance broker, download our FREE eBook, The Cyber Advantage: Wholesale vs. Retail Brokerages. Or, speak with a ProWriters expert today to learn how we can start helping you better serve your clients.

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