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During any given year, I'll be approached by a number of producers hoping to bid and write our insurance program. Most will come armed with a smile, a warm greeting, a basic BOP, and a statement about finding the best rates. Consequently, most will be shown the door. How come?
Had my producer friends done a little homework and prepared a little better, they would have discovered that our company is much more than a standard business class. They would have learned that we have multiple employees and contractors in multiple locations across the country. They would have learned that the nature of our work requires us to have rigorous professional liability coverage, travel accident protection, a unique employee benefits program, and coverage for our fleet of high-end company vehicles. As a rapidly growing company, our retirement and equity sharing plans seem in need of constant updating . and the list goes on.
Any producer with a working knowledge of our market segment would be aware of these things and certainly know to ask about them. Most critical, this producer would also know what I don't know and be able to advise me accordingly. You see, what keeps me up at night is not what I have insured or the price I'm paying for the coverage. Instead, I worry about what isn't covered and what I might have missed.
So, generalists, stay away. Property and casualty-only agents, be gone. Take your benefits-only and financial services-only brethren with you. I want to work with an expert-someone who knows my market segment and expresses an interest in learning more about my business than cursory underwriting information. Someone who can bring in other specialists to investigate and make appropriate recommendations about all of my lines of business, not just those within his comfort zone. Someone who has taken the time to at least scratch the surface of my niche.
Am I unique? Mostly yes, as any business owner will profess to be. However, what I have in common with every business owner, and every buyer for that matter, is a strong desire to work with an expert who specializes in my field. Look around: we're surrounded by specialists in nearly every sector of every service industry-and for good reason. Specialists become experts, and experts provide better service and counsel than generalists...
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