We are often asked by advisors, "How do I succeed in the excess lines space?" or "What are the attributes of a successful advisor?". The short answer is having a basic education of the products, spotting opportunities when others see a closed door, and a trusted partner in this space. In addition, the successful advisors we work with are curious and consistent.
1. Education. Start off by subscribing to this blog! This is where we will uncover how advisors can thrive in this space, offer expert advice, share insurance trends and other various specialty insurance topics. Subscribers will also receive our monthly newsletter where we take a real life event from the news and tie an insurance solution to it, like this one. Furthermore, we host quarterly webinars where we take a deep dive into key insurance solutions, review case studies, and discuss ways advisors can incorporate solutions into their practice. Here are the last three webinars we conducted, check them out!
- Unlock Opportunities in the Sports Insurance Market
- 4 Ways to Protect Your Corporate Clients & Grow Your Practice
- DI Opportunities in the Excess Lines Market Explained
2. Opportunities. 1) An advisor presents key person disability during a large key person life transaction. These advisors consistently think of how they can solve for their clients problems, find unique solutions that differentiate their business and bake it into their process. 2) Advisor facilitates annual enrollments with client to increase a multi-life guaranteed standard issue (GSI) plan's year over year participation. Check out this GSI case study of a business law firm where the advisor took advantage of our online enrollment, education and communication strategy. 3) Life insurance is required for a key individual in order to close a high stakes deal by the end of the week! Contractional Performance Indemnity is coverage that is readily available for contractual situations which present an urgent need to cover death or disability risks. 4) Your client can't get traditional life insurance due to their unique (and dangerous!) hobby. Accidental Death & Dismemberment is coverage as an alternative, supplement, or short-term solutions for individuals who cannot obtain sufficient amounts of traditional life insurance. Check out this article on AD&D for when your client is a "base-jumping, crocodile wrestling..." CEO
3. Trusted Partner. Having a trusted partner who will take the time to educate you and your team, will sit at the table and be your Lloyd's expert (if needed), and will stand by their contract wording. Coverholders have access to the Lloyd's brand, security and ratings, as well as access to experience Underwriting and Brokers. Placing business with a Coverholder provides a more cost-effective means to access Lloyd's than on an open market basis.
Ready to learn more? Click here to schedule a meeting with our business development team today!