The Connected Business of Insurance
June 14, 2018
Historically, agents have relied on relationships with insurers, paper guides and insurer websites to identify insurer appetite for commercial risks. These time-consuming, manual processes often provide a partial and outdated view of potential markets for risk which can lead to a lost business. In fact, 72% of agencies surveyed by IVANS said they have lost business because they cannot find or access a market that will quote their risk.
Knowing the right markets for your insurance risks is critical for success. Without the right markets, you can’t win as much new business and your renewals will face fierce competition. When you know the right markets, you can get the best coverage for your client at the lowest price and learn where your competitors may be coming from. With competition stronger than ever and renewal season in full swing, you should leverage digital tools to improve the process of finding the right insurer appetite at the right time.
Never Miss a Business Opportunity Again
IVANS Markets is a free online search tool that enables you to quickly identify markets for commercial lines risks to submit new and renewal business.
With IVANS Markets, you can:
- Immediately identify insurers who will be responsive to the clients’ coverage needs
- Review premium renewal rate change trends
- Remarket only those accounts where the premiums and/or coverages can truly be improved
- Evaluate the true need for spending significant time quoting multiple markets
- Improve your insurer relationships by providing them the business they want
Integrated within nine agency management systems and available through markets.ivansinsurance.com, IVANS Markets allows you to search for insurer appetite within your daily workflow. Simply type in your search criteria, including state location and industry code, and instantly receive a list of insurers, MGAs and wholesalers who have an appetite for your risk and information on who you can contact. You can also choose from 12 common industry classes to perform a quick market search in a single click. Streamlining the placement strategy process saves agents hours of work every day. You can now get the results you need when you need them.
Customize Your Appetite Search
Within IVANS Markets, you have the ability to indicate Appointed Markets for your insurer partners. As your agency’s insurer relationships evolve, Appointed Markets allows you to manage your market appointments and relationships to ensure you and other users in your agency focus on the right relationships. As an agency administrator, you also have the ability to designate your top Appointed insurer partners as Preferred and add personalized notes about insurers to ensure you and other users in your agency have the latest details to make more informed market decisions.
Take a Look at Spotlight Markets
- Fire Sprinkler Contractor Insurance
All Risks offers Fire Suppression Insurance for fire sprinkler contractors and those businesses with excellent hiring and training programs and a favorable loss history. Don’t let your clients get trapped without a risk prevention plan.
- Lessor’s Risk
Pekin has been supporting agents with supplemental learning materials including eBooks, blogs, quick guides, and webinars to educate them on Lessor’s Risk accounts. The company has also increased their Lessor’s Risk-specific marketing materials for agents to use.
Note: Some accounts may qualify for Pekin Pak – their preferred property and general liability program. Those that don’t can be considered for BOP or standard package policies. Coverage available in Arizona, Illinois, Indiana, Iowa, Ohio and Wisconsin.
- Artisan Contractors
Central Insurance plans to remain a long-term market for Artisan and General Contractors. Examples of Artisan Contractors the company writes include those doing Finishing Work, Heating and Air Conditioning, Plumbing, Electrical, Carpentry – Exterior (other than residential home construction), Masonry/Concrete, Excavation and Grading of Land, and Landscaping/Lawn Care.
Note: Typically avoid those who are involved in tract housing and other large habitational projects. Also prefer to limit their book of General Contractors to those working on projects that are less than $10M in costs.
- Classic Car Dealers
Hagerty is the world leader in insuring classic cars. This program allows you to provide outstanding coverage designed specifically for classic car businesses! Classes include Classic Car Restorers, Classic Car Dealers, Classic Car Museums, and Classic Car Storage Facilities.
- Stay Ahead of Renewal Season
Ultimately, automated market search technology like IVANS Markets is critical to continued success in today’s digital age. This free tool for agents provides more access to new markets in less time and insight into the latest premium renewal rate change trends so that you can better advise your clients on the latest products and pricing.
For more information on how to drive new and renewal business with IVANS Markets, watch the on-demand webinar, “Renew – and Gain More Business – with IVANS Markets.”
Brian Wood, Vice President of Data Products Group for IVANS, develops innovative and data-driven applications, tools and services for the insurance industry. Prior to this position, he co-founded EvoSure, which was acquired by Applied in Sept 2015. Brian spent 10 years with Marsh & McLennan as Senior Vice President of Strategy and Business Analysis where he developed global insurance distribution platforms. Brian began his career in insurance building the first company to bind insurance online, insuranceOrder.com (a Trilogy company) which was acquired by Marsh & McLennan in 2001.