All retail agents who have built themselves a book of business in an industry niche or class specialty have at least two things in common: hard work and tenacity. It’s easy for agents to feel like they’ve hit a ceiling; that they don’t have the time, energy or resources to get onto the next level. It’s in those situations that teaming up with a specialty carrier can help an agent transform their ordinary book of business into an exclusive program.
In today’s ultra-competitive market, teaming up with a carrier with a developed program specialization who focuses on creating long-term, mutually beneficial relationships with agents could be the difference between mediocrity and consistently profitable growth. “Our
Elite Programs unit offers comprehensive program capabilities that are especially valuable to agents who are interested in turning a class specialty spread among several carriers into a truly ‘exclusive program’,” explains Richard Suter, Divisional Senior Vice President at Great American Insurance. “For these programs, Great American can provide underwriting, claims and loss prevention services so that the agent can focus on marketing and sales.”
In many cases, agents’ books of business do not get treated as a program from a product perspective and often have nothing unique in terms of forms, rates or services. By teaming up with the right carrier, an agent can not only develop a proprietary product, but also get access to dedicated underwriting, tailored loss prevention services, and claims services customized to their focus industry.
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As well as working with specialist retail agents, Great American also works with more sophisticated Program Administrators who may get more involved in the underwriting process or who may prefer to work with a TPA for claims. In all cases, the opportunity must go through a due diligence review process. “We are numbers driven: the agent has to provide historical data indicating that the program is profitable,” Suter says. “If approved, the agent then gets assigned to a dedicated underwriter for all lines of business who can address issues with risk selection, pricing, processing, marketing and claims. The agent has one dedicated resource that is responsible for all aspects of that program.”
Elite Programs operates in many areas including retail, wholesale, manufacturing and service sectors and has the capability to write all lines – General Liability, Property, Package (CPP or BOP), Auto, Workers’ Compensation, Inland Marine, Cyber Risk and Umbrella. “An agent with an industry niche who doesn’t team up with the right carrier runs the risk of being lumped in with a bigger book of business; their business won’t be looked at on its own merits and won’t be treated like a program,” Suter says. “Agents need to know that there are options available to help them take their specialty to the next level.”
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