Wholesale Brokers Provide Immense Value for Your Clients
Wholesale insurance brokers play an increasingly important role in the insurance industry and market. The wholesale insurance market size 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 a wholesale brokerage firm brings and the benefits to look for when choosing one that’s right for you and your clients.
What a Wholesale Insurance Broker Does
Typically, retail insurance brokers will find and obtain insurance coverage on behalf of their clients. However, there are times when retail brokers are unable to get coverage from a standard insurer. In these cases, the top wholesale insurance brokers can step in.
A wholesale insurance broker acts as a go-between for insurers and the retail brokers. Unlike retail insurance agents or brokers, wholesale insurance brokers 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 are able to perform a number of tasks on behalf of retail agents and brokers. Using their expertise and influence within certain insurance markets, the top wholesale insurance brokers can:
- Offer insights into risk appetites and current trends in carrier markets
- Compare multiple providers and find the best one to place specific risks
- Leverage relationships with carriers to secure favorable terms
- Deliver quotes with fast turnaround times
Benefits to Look for with a Wholesale Broker
Agents and brokers often choose to work with a wholesale insurance broker because of the many benefits they can offer. Knowing which benefits a top wholesale insurance broker can bring is useful when choosing the right one for you and your clients.
This benefit is highlighted time and time again when it comes to working with a wholesale broker. According to a nationwide survey conducted by Insurance Journal, nearly 70% of agents and brokers look for expertise when choosing a wholesale insurance broker.
The dynamic nature of the wholesale insurance market makes expertise a high-value benefit. An expert who has worked through both soft and hard wholesale insurance markets knows the current appetites in the market, can navigate emerging challenges, and account for specific risks. For example, the cyber insurance market is volatile due to evolving cyber exposures, which inevitably lead to constant changes in coverage and risk management tactics by insurance companies. A wholesale insurance broker can offer the expertise needed to navigate this space and specialty insurance.
Fast Response Times
In the aforementioned Insurance Journal survey, 77% of agents and brokers said they look for fast response rates when partnering with a wholesale insurance broker.
There’s a reason for this. When brokers and insurance agents go directly to their wholesale insurance markets for quotes, they often find themselves waiting days or even weeks for them to come in, thereby 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.
This is incredibly important to agents and brokers, since the time it takes to get a quote reflects directly on them (due to the insurance broker not having contact with the insured). If a wholesale broker keeps a retail agent or broker waiting, that means the client seeking coverage also has to wait. This can reflect poorly on the retail agent or broker, potentially damaging their reputation. Top wholesale insurance brokers who can quickly turn around quotes are an immense asset.
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 retail brokers have expertise in certain insurance markets and can use their influence to provide access that was otherwise unavailable.
Wholesale brokers can do this because they have spent years building strong relationships with carriers and insurers. When you work with a strong wholesale broker, you get the benefits that come with those relationships without needing to build them yourself. Nearly 48% of agents and brokers rate this as a top benefit of working with a wholesale insurance broker.
The ProWriters Wholesale Advantage
The ProWriters approach to wholesale insurance and brokerage brings significant benefits to our partner agents and brokers within the wholesale insurance market. We combine our exceptional risk management services with our industry-leading underwriting products and services 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 offer an additional competitive edge by empowering agents and brokers to minimize their insurance costs and better educate their clients. We pair this with our underwriting services to offer even more value. ProWriters has underwriting authority for several highly-rated insurers, and we back our underwriting with 20+ years of experience, so you know when you work with us, you’re working with the top wholesale insurance brokers available.
Working with a wholesale insurance broker is the smart choice for retail brokers and insurance agents looking to gain access to expertise and new insurance markets. ProWriters brings immense value to this space and is highly-rated in the industry. Speak with a ProWriters expert today to learn how we can start helping you better serve your clients.