Best Practices | Read Time: 4 minutes

3 Major Risk Marketing Headaches – and How to Cure Them

August 4, 2016

Brian Wood By: Brian Wood

It's the nature of our industry that commercial insurance carrier appetites are constantly evolving. As business landscapes shift to accommodate emerging risks, carriers must continuously and deliberately refine their specialties, products and services.

Because commercial insurance agents deal with dozens -- and sometimes hundreds -- of different carriers, they often find themselves struggling to stay abreast of shifting appetites. Agencies of all sizes struggle to overcome the hurdle posed by "appetite clarity." It gets even more complex for agents with the opportunity to win a risk that’s outside his or her usual comfort zone, sending agents straight to Google when seeking new, competitive markets, which can result in an inefficient, lengthy process that often points agents to the wrong carriers or underwriters.

Enter IVANS Market Appetite, a new online search tool integrated into an agent's daily workflow that allows agents to conduct a Google-like search to identify the best markets for risks. Like Google, agents simply enter a client risk into the engine to receive instant search results listing appetite from commercial carriers, MGAs and wholesalers, enabling agents to close more business in less time and provide clients the best coverage. IVANS Market Appetite can help agents overcome the "three major headaches.”

Headache #1: Changing Appetites

"I met with my carrier partner last month, and we reviewed their product focus areas and latest appetite guide. I just had a new risk submitted for a line of business we discussed during last month’s meeting and was informed the firm is no longer interested in that risk. I wasn’t kept up to date on this development and have wasted resources submitting this risk."

Cure for Changing Appetites

It takes significant time and resources to identify market appetite via guides and marketing reps. With IVANS Market Appetite, agents only need to enter simple search criteria, including state location and industry code, and immediately receive a list of carriers, MGAs, and wholesalers with appetite for that risk. IVANS Market Appetite eliminates the manual, inefficient process of identifying appetite, improves client experience and enables agents to close business faster.

Headache #2: Limited Relationships

"I am worried that my competition has a broader network of carriers than I do. I truly value the partners I do have, but I would like to grow my book, and I wish I were seeing more new risks."

Cure for Limited Relationships

IVANS Market Appetite helps agents better understand carriers, MGAs, and wholesalers that they already work with. Even with formidable communications and relationship strategies, carriers can be complex to navigate from the outside, and agents who have strong relationships with one division may not recognize an opportunity to work with another division within the firm.

Headache #3: Too Many Rejected Submissions

"I spend hours submitting risks to markets that ultimately need to be declined. There has to be a less time-consuming way to expand my book of business."

Cure for Too Many Rejected Submissions

Your time, and your carriers’ time, is exceedingly valuable. IVANS found that 60% of submissions in commercial insurance go unquoted. IVANS Market Appetite enables you to instantly identify markets that are interested in your risk, reducing time spent submitting risks to uninterested parties and enabling you to close business faster for greater growth.

If you’d like a cure for these headaches, learn how you can take advantage of IVANS Market Appetite.

Brian Wood

Brian Wood

Brian Wood, former 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, (a Trilogy company) which was acquired by Marsh & McLennan in 2001.