The Connected Business of Insurance
November 16, 2017
During the digital transformation of the insurance industry, new technologies have given way to new business models and market competitors. As a result, many insurers are changing the way they do business, with greater focus on niche business rather than being generalists. To learn how insurers are adapting in the digital world, we spoke with Joel Jackson, Vice President – Marketing, at Pekin Insurance to get his insights on his business and the value of the independent agent to their distribution channel.
IVANS Insurance Solutions: Tell us about your business
Joel Jackson: For many years, Pekin Insurance has been known in the commercial insurance world as the go-to market for contractor accounts. We won’t argue that notion, but to us, contractors are just a fraction of the types of accounts we prefer to write.
IVANS: What sets Pekin Insurance apart from other insurers?
JJ: Pekin Insurance is dedicated to going Beyond the expected® in all that we do, and writing a variety of commercial lines accounts is no exception. Specifically, Lessor’s Risk accounts have been on our radar recently, and we have been supporting our agents with supplemental learning materials including eBooks, blogs, quick guides, and webinars to educate them on Lessor’s Risk accounts. We have also increased our Lessor’s Risk-specific marketing materials for agents to use.
IVANS: Why the push for Lessor’s Risk accounts?
JJ: The opportunity for insurance agents working in the Lessor’s Risk marketplace is extensive and full of premium and profit-sharing potential. And, because good Lessor’s Risk clients have historically low loss ratios, this type of business is attractive to us and agencies alike as part of a successful client mix. While some classes of business tend to be more regional in nature, the good news is that stable Lessor’s Risk clients can be found in virtually every community.
We want agents to know we are serious about Lessor’s Risk accounts, and we want to extend support to agents as much as we can in the process of writing Lessor’s Risk accounts. Agents who want to begin writing Lessor’s Risk accounts and agents who want to expand their existing book of business will find the resources they need through Pekin Insurance.
IVANS: Can you give us an example of the expertise your organization can bring?
JJ: Sure. One example is Exterior Building Glass is easy to overlook if you haven’t insured any large property exposures before. The standard, unendorsed property policy provides coverage of $100 per pane limited to $500 per loss. By simply adding the Pekin Insurance Property Enhancement Endorsement to the policy, the glass is covered as part of the building.
IVANS: Does IVANS help you market to agents?
JJ: IVANS digital distribution network provides a great opportunity to help us deliver that message. We believe IVANS Markets is a great tool to help us spread the word about all of the different types of risks, including Lessor’s Risk, which we can help agents place. We want to extend these educational resources and additional support to agents who find us in IVANS Markets.
To learn more about Pekin Insurance’s appetite for Lessor’s Risk, log on to IVANS Markets now and explore the more than 100 industry classes for which Pekin Insurance has an appetite.
Joel Jackson, Vice President – Marketing at Pekin Insurance, is responsible for a wide variety of items ranging from advertising to agency onboarding to leading the company’s strategic planning initiative. Having been with the company for 27 years, Joel spent his first 10 years working directly with agencies as a Field Manager and has now been in an administrative position for the past 17 years.