Advice for Casualty Insurance Brokers: ‘Get Out of the Pajamas’

When asked about recent reflections on the role of brokers in managing customer expectations in the face of a difficult casualty insurance market, one participant at the Advise Casualty Insights conference said that “the art of damage has to come back. ”

“It really has to be more than just emailing a spreadsheet to the market,” added Mike Vituli, national leader in risk strategy, at the April 6 event in New York.“Go and talk to your insurance company.

This is an important moment.”
Vituli says brokers have to represent risks properly more than ever; Pick up the customer on the phone.Better yet, he said, “Take off your pajamas and head back to the office—look at the people.”

Brokers should “use the relationship for good,” Vituli added.Contact a well-known insurance company and ask for help, especially if the broker has invested the necessary time to understand that the client is a good risk.

One of the insurers on the panel, John Ferguson, head of the emergency department in Zurich, North America, said airlines prefer to engage brokers with clients throughout the year – not just during renewals – to “build hope for our hopes and dreams.” must be set. ” “They have had time to study this and have a conversation and we hope to reach an amicable resolution,” Ferguson told the brokers in the room.

Jesse Paulson, Marsh’s director of human resources, says brokers can sometimes “use the market like a crutch.”

“We should never have done that,” he said.“Focus on strategy, working with clients on how to compete with market forces. Be honest, but don’t use [the market] as a crutch.”

The accident insurance market continues to call for a rise in average interest rates on most fronts in the face of big claims, in part due to factors such as a benevolent and unpredictable jury, anti-business sentiment and inflation.

Although recent reports suggest that the pace of interest rates has slowed, it’s hard to say whether insurers have reached interest rate adequacy levels because economic activity – and the courtroom – has not yet reached pre-pandemic levels.

Ferguson said his company had done a lot of work with his books on interest rates and corporate governance and had “a pretty strong chance of winning.” When determining individual risk, freight forwarders want and try to be fair, but the risk remains dynamic.

“We want a number we can use – one that customers can use. But as soon as we wrote it, it became fundamentally inaccurate – something has changed,” he said.”We did our best to give [customers] a good idea of what we considered a reasonable pace, but things kept moving and unfortunately didn’t improve.” from the operator’s perspective.”

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Vituli said a major airline he spoke to recently revealed that “they are loving their book now, which means they feel like they have finally reached a place where the price is right,” but from a customer point of view, non-renewal notifications are still coming.

“I always tell customers that this is a dangerous part of the market,” Vituli added.“When the market is tough, everyone stinks.We are now in a time where there will be people who are opportunists and take advantage.” He said clients need to be careful and brokers need to be vigilant as the market can become more competitive.

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