Look for These Four Things in a Wholesale Insurance Broker

Need a Wholesale Insurance Broker? Here’s What You Need to Know

As interest in wholesale brokerage continues to increase, many retail brokers and agents are turning to wholesale insurance brokers to meet their needs. As intermediaries between retail brokers or agents and an insurer, their access and expertise play a vital role in the insurance market. ProWriters is a full-service wholesale brokerage firm with 20 years of experience in placing standard and hard-to-place risks. But no matter who you choose to work with, there are a few things to look for before choosing a wholesaler broker.

A nation-wide survey conducted by Insurance Journal identified the top-rated criteria for wholesale brokers. Across the board, an average of 75% of retailers listed these four criteria as the most important factors when choosing a wholesale insurance broker:

  1. Market Access
  2. Response Time
  3. Service
  4. Expertise

The top wholesale insurance brokers will excel in all of these categories. At ProWriters, we’ve broken down each of these criteria so you can make the best decision when choosing a wholesale partner.

Wholesale Brokers Need to Provide Market Access

79% of insurance agents and brokers surveyed identified market access as “very important” when choosing a wholesale brokerage firm.

Why it matters:
Ideally, wholesale insurance brokers will be able to provide retail agents and brokers with increased access to niche markets they don’t have the same level of access to. Wholesale brokers do this, in part, through the strong relationships they have built with insurance carriers. The top wholesale insurance brokers are able to leverage these relationships to the benefit of their retail clients, offering the market access nearly 80% of agents and brokers look for in a wholesale partner.

What ProWriters offers:
ProWriters Insurance is a top wholesale insurance broker that can place all forms of Professional Liability and Management Liability business for a wide range of risks. We can do this with admitted carriers as well Surplus Lines carriers on an Excess and Surplus basis. With expertise in Cyber, Errors and Omissions (E&O), and Directors and Officers (D&O), ProWriters is an excellent choice for retail brokers or agents who are seeking alternatives to traditional markets.

A Fast Response Time is Crucial

wholesale insurance broker77% of brokers and agents rate response time as a very important factor for choosing a wholesale insurance broker.

Why it matters:
Retail brokers and agents rely on the response time of their wholesale brokerage partners to do their job efficiently and effectively. Many listed it as the number one factor they consider, while most others listed it in their top four. If a client is kept waiting because a wholesaler is not responding to a quote submission, that reflects poorly on the agent or broker who submitted the quote on behalf of their client.

What ProWriters offers:
ProWriters is committed to cutting down on the wait time brokers and agents often experience when trying to obtain multiple quotes for comparison. We offer tools and services to streamline the process for our partners, including our innovative Cyber IQ Comparative Rate Portal. Our online portal allows users to instantly compare multiple quotes from multiple carriers with information that takes less than one minute to input. It’s just one of the ways ProWriters works to save brokers and agents time so they can better serve their clients.

Retail Brokers and Agents Expect Great Service

73% of brokers and agents list quality of service among their most important criteria for choosing a wholesale broker.

Why it matters:
Agents and brokers need reliable service from wholesale insurance brokers to meet the needs of their clients. As one surveyed agent put it, “We as retail agents pride ourselves on providing top-notch service . . . we move accounts if the [wholesaler’s] service is not to our standard.” Many agents or brokers express frustration when a wholesale broker does not return their calls or address their concerns in a timely manner. Many cite service as the primary reason they choose to stay with a wholesale broker . . . and the main reason they choose to leave.

What ProWriters offers:
At ProWriters, providing excellent service is our top priority. We strive to provide comprehensive and streamlined service to all of our partner agents and brokers to make their jobs easier. The feedback we’ve gotten highlights our commitment to excellence in service:

“Brian [President of ProWriters] has been a great partner and professional support for me. I value our relationship and the job he has done for our office.”

–Steven A. Kantor, Executive Vice President, KEH Insurance Agency, Inc.

“When dealing with ProWriters we get expert advice, multiple options offered, “English” translation of policy terms and very competitive rates . . . As always, we depend on ProWriters for the bulk of our cyber exposures needs.”

–Robert C. Johnson, President, RV Johnson Insurance

“ProWriters Cyber IQ portal was, by far, the easiest platform I’ve used to get a Cyber quote. I currently use another broker to get Cyber policies. That’s going to change . . . It was nice knowing exactly what I was quoted and how to sell it. Once again, thanks ProWriters.”

–Paul Rentz, Agency Principal, Rentz & Rentz Insurance

Expertise Is Highly Valued

Nearly 70% of agents and brokers say they look for expertise when partnering with a wholesale insurance broker.

Why it matters:
The insurance marketplace is dynamic, with new risks like cyber constantly changing the nature of coverage. It is of great value to agents and brokers to have support from an expert who has worked through both soft and hard markets and knows how to navigate the current landscape in terms of emergent risks, available capital, and shifting appetites. Top wholesale insurance brokers are able to provide this much-needed expertise to retail brokers and agents.

What ProWriters offers:
As a dedicated wholesale brokerage firm, we bring 20 years of experience to our partners and their needs. Since ProWriters was founded, we have worked exclusively through insurance agents and brokers to support them as they serve their clients. We have specialized expertise in a number of areas, including:

As these products are complex and dynamic, our experts are here to help brokers and agents navigate the evolving risks and exposures.

ProWriters offers excellent market access, fast response times, exceptional service, and decades of expertise to all of our agents and brokers. Commissions for our brokers start at 15% and increase based on the volume of clients. To learn more about how we can meet your wholesale brokerage needs, speak with an expert from ProWriters today.