Best’s Review recently asked readers: What do risk managers want from their insurers and what are some of the things insurers do that drive risk managers crazy?
- April 2019
Having previously worked in the risk management industry, I wanted my insurer to be more of a partner rather than just an agent supplying policies. Below is a short list of items that were valuable to me:
- An insurer who is knowledgeable of the industry where I was working and thereby providing coverage which helps to address specific needs.
- An insurer who was more of a partner which means bringing more to the table than just a renewal policy. They should be offering services that help me perform my job more efficiently. Depending on the industry this could include items such as: loss control services; cyber security services; and safety seminars or webinars.
Items such as this help the risk manager to present the best program possible to the business and aids management in making business decisions and addressing risk factors as the business moves forward.
Cynthia L. Burleson
Lecturer/Director of the Center for Insurance & Risk Management Studies, University of Central Arkansas
As a workers’ comp/professional employer organization wholesaler, what drives us crazy about insurers is they do not have urgency when it comes to workers’ comp, claims, safety and business administration services. When the policy deadline is fast approaching, they do not have the sense of urgency that we, as their insurance advisers, do.
Sales Executive, Bixby Zane
Simple: They want the best rate without us having to market our account to get them to sharpen their pencils. In my husband’s small business where our typical spend is only about $17,000 a year, I found a price differential of almost $5,000 by insurer. Until you hold the underwriter’s/agent’s feet to the fire, you get nothing.
Residential Faculty, Insurance
Glendale Community College