4 Ways the 'A' Team Has Gone the Extra Mile
When we think about insurance and risk management, one often thinks about an agent or broker negotiating the best program with the insurance companies, coordinating loss control or reporting a claim. The client-broker relationship should be much more than that – we believe in real, true value creation.
I’d like to share a few examples of how the ‘A’ Team has taken the work of an insurance broker to a whole new level:
- A school consortium had never assessed their exposures to various flood zones and requirements for NFIP coverage. Prior to taking their account over from a large national brokerage, we found they were severely uninsured for this exposure. Our team conducted a flood analysis where we obtained FEMA flood maps, toured campus locations and identified areas for improvement. We hired our own surveyor to determine the flood elevations. This will result in better negotiations when obtaining NFIP insurance coverage to meet excess carrier attachment requirements and the proper purchase of excess limits.
- A client’s claim involving seismic activity caused confusion to the extent of damage and whether it was indeed caused by a seismic event. Our team hired an outside independent construction management company to review the adjustment work completed by their insurance company, and hired consultants and engineers. Through this effort, we were able to provide our client with a better scope of work and costs for the repairs. We also offered to hire an independent firm specializing in earthquake engineering to evaluate the root cause of the damage. Although this claim is still being settled, we’ve assisted both our client and the insurance company in better quantifying the damage and cause of loss.
- One of our clients experienced a claim involving the mechanical breakdown of a large generator that powered their entire college’s campus. For some reason the actual generator was missing to do the investigation. One of our Claims Advocates not only called the energy company for further details, but also questioned the salvage value of the generator owned by our client and not the power company. Stay tuned on how this develops.
- Riddled with major roof claims, one of our college clients was faced with rising insurance rates and increased deductibles. Rather than take what the market was offering, our team hired an independent construction consulting group to develop a property conservation program. This program not only identified the quality of roofs within our property portfolio but provided our clients with the tools and resources to properly inspect their roofs and help in prioritizing repairs and replacements. This went a long way in our relationship with the property carrier and helped in being able to provide the best in pricing, terms and conditions. This service is now made available to all our clients.
It should be your broker's mission to go above and beyond the normal "insurance broker" role. Chat with us today to learn what value we can bring to your business.
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- Insurance Brokers are Sexy (Part 2)
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