AGENCY ALTERNATIVES TO THE COMMERCIAL MARKET
The market is changing, and agency clients are looking for ways to save money, while at the same time provide themselves sufficient protections for their assets, growth and livelihood. Finding strategic insurance alternatives by agencies for their clients is key to defensively keeping them long-term and offensively getting new clients, while potentially creating new revenue streams.
Captive insurance companies are becoming a more acceptable innovative way of providing various types of risk management strategies for companies. Many agencies are losing customers to captives and this isn’t something they should fear. In fact, agencies should utilize and work cooperatively with captive managers to develop their own innovative agency brand of insurance that customers trust through the potential use of an alternative insurance structure.
Agencies need to remember that not one company is the same and they need to begin to determine ways to stand-out from the competition. This can potentially be achieved by advertising to their clients that they are now here to assess their insurance needs in a different way through the utilization of their vast network of traditional carriers, knowledge of their client’s industry (focus on the agencies niches), learning more about their strategic growth, and the application of alternative structures; your agency can determine the best structure to help protect and grow their business.
How an Agency Develops a Win-Win Situation with Captives?
An agency benefits when they bring their clients innovative solutions. Palmetto can help an agency strategically maintain their client-base and grow it strategically by:
- Providing Defensive Alternatives to Existing Clients
- Offensively marketing to new clients different options not provided to them before
- Being proactive at building new programs owned/operated by the agency
Palmetto Alternative Risk develops and manages captive insurance companies. Lets build something together as a team, to help your client protect and grow their business. To learn more on how we can partner together, call us.
IMPORTANT NOTICE: The above information is for conceptional illustration purposes only. It is not to be construed as a proposal to provide an insurance program or that legal or accounting advice is being made.