Agents and brokers carry an important responsibility to their clients. Even if your clients are leaders in their industry or incredibly business-savvy, an unanticipated claim or lawsuit can result in severe financial damages and door-closing costs. Ensuring that your clients have the right coverage to fit their specific needs both protects them from unforeseen claims, while also avoiding unnecessary premium costs to help their bottom line.
The risks your clients could face are endless: cyber attacks, professional liability disputes, wrongful termination claims, and more. But, how are brokers supposed to be experts in so many different fields in order to find their clients the right insurance policies? This is where underwriting management services come in.
What Are Underwriting Services?
It’s important that brokers and agents are familiar with what an underwriting management agency does and how a partnership can benefit them in order to accurately assess risk and provide their clients with the right coverage, in a cost-effective manner.
Insurance Business Magazine defines an underwriting agency as “a specialized type of insurance agent or broker that has been granted underwriting authority by an insurer… and can administer programs and negotiate contracts for an insurer.”
For example, cyber risks are incredibly complicated, and due to the ever-changing nature of these claims, the cyber insurance industry is also rapidly changing. It doesn’t make sense for brokers to dedicate an extensive amount of time and research to understand the market and products available for this complex and niche insurance coverage. Rather, brokers can outsource to a managing general agent, or MGA, who can provide the expertise needed that the broker may not have.
An MGA has been granted underwriting authority and can negotiate these insurance contracts on behalf of an insurer.
What Are The Benefits of Underwriting Management Services?
Creating a relationship with an MGA can result in a long-term partnership to help bring the right insurance products to your clients in an efficient and cost-effective manner to ensure they have the coverage they need without overpaying.
The right MGA should provide:
- Expertise on the coverage needed to ensure your clients are protected.
- Influence in the marketplace to allow for competitive pricing so your clients are not spending unnecessarily.
- Access to long-standing relationships to find the best insurance products for a specific/niche risk.
The responsibilities of an underwriter are to provide quick service and product expertise to brokers while maintaining an excellent customer service experience and the flexibility and options to fit their clients’ specific needs.
ProWriters: How Our Methods of Underwriting Differ
ProWriters offers more than 20 years of expertise in both professional and management liability coverage. We consistently re-evaluate and optimize our processes, insurance applications, and update our technology to make the process of buying and selling insurance as efficient and streamlined as possible. Our job is to save time for agents and brokers.
Our rating process has eliminated all unnecessary questions or the need for duplicate data entry. We offer underwriting services on behalf of multiple, highly-rated insurance carriers, meaning brokers can obtain multiple quotes and options for their clients in one step.
- Cyber Liability Insurance
- Errors and Omissions (E&O) Insurance
- Directors and Officers (D&O) Insurance
In addition, ProWriters offers downloadable marketing and educational materials for brokers to help them better educate themselves and their clients.
For more information on how to best serve your clients, download our FREE whitepaper, The Six-Step Guide to Becoming Your Clients’ Cyber Expert to better identify your clients’ exposures and help them both prevent and mitigate the damages of a cyber attack.
To speak with a ProWriters expert contact us today or call us at (484) 321-2335.