As interest in wholesale brokerage continues to increase, many retail brokers and agents are turning to wholesale insurance brokers to meet their retail insurance needs. As intermediaries between retail brokers or independent 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 selecting a wholesaler broker to help you with the risk management process.
Need a Wholesale Insurance Broker? Here’s What You Need to Know
A nation-wide survey conducted by Insurance Journal identified these four criteria as the most important factors to consider when choosing a wholesale insurance broker:
1. Wholesale Brokers Need to Provide Market Access
Why it matters:
Wholesale insurance brokers should be able to provide retail agents and brokers with increased access to niche markets. Wholesale brokers do this, in part, through the strong relationships they have built with insurance carriers.
What ProWriters offers:
ProWriters can place all forms of Professional Liability and Management Liability for a wide range of risks. With expertise in Cyber, Errors and Omissions (E&O), and Directors and Officers (D&O), ProWriters is an excellent choice for seeking alternatives to traditional markets or specialty insurance.
2. A Fast Response Time Is Crucial
Why it matters:
Retail brokers and agents rely on the response time of their wholesale brokerage partners to do their job efficiently and effectively, so strong project management is key.
What ProWriters offers:
Our Cyber IQ Comparative Rate Platform allows users to instantly compare multiple insurance coverage quotes from multiple carriers with information that takes less than one minute to input. This allows brokers and agents to compare different types of insurance and get the right line of coverage or insurance products for their clients.
3. Retail Brokers and Agents Expect Great Service
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 cite service as the primary reason they choose to stay or 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.
“ProWriters Cyber IQ platform 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
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4. Expertise Is Highly Valued
Why it matters:
The insurance marketplace is dynamic. With new cyber threats constantly changing the nature of coverage, it can be difficult to identify potential risks. 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 evaluation of risk, available capital, and shifting appetites.
What ProWriters offers:
As a dedicated wholesale brokerage firm, we bring 20 years of experience to our partners and their needs. We work 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 identifying risks that are constantly evolving.
To learn more about how we can meet your wholesale brokerage needs, speak with an expert from ProWriters today.
