Dream Big, Build Bigger // IP Defense & Pursuit // Insurance for Tech Driven Business // SaaS * Mobile Apps * AI/Machine Learning * Fintech * EdTech * E-commerce * eHealth * Pmt Processing * MSSP
A prospect reached out today. They were very vocal about quoting with several brokers. I feel like it was a tactic to apply pressure, to get the lowest possible quote and beat out the others. It got me thinking... Insurance buyers drive a lot of their own problems they experience with insurance. When you create competition at the agent level, you will get policies with gaps in coverage and high deductibles because you're telling the agent that prices matters. When it comes time claims and frustrations builds, service is lacking, denied coverages occur...it all stems from the initial ask "I want to pay as little as possible". Yet, the perceived problem is with the industry as a whole. The industry has it's faults, no doubt, but we all owe it to each other to not be part of the problem. Let's have better discussions around what it means to buy insurance, how to buy insurance, and when to use insurance... Have a plan and being prepared works. Hoping for the best will lead to repetitive failures. It's our choice.
You got it right mate!
Insurance Executive | Underwriting | Operations | Strategy
11moI always counsel my clients to choose a broker and then let them find the best insurer and coverage. Having brokers tripping over each other in the market is counter-productive. You wouldn't have two stock brokers looking for the best price, so why pit insurance brokers against one another? If you are engaged with a broker already, that's great. But I won't engage unless you are committed to me and my brokerage exclusively.