What does your insurance broker actually do for you?
The daily tasks that a Benchmark insurance broker performs fall into the categories of:
- Coverage analysis
- Risk control
- Hr services
Here’s a deeper look into what the role looks like when it comes to commercial and personal insurance.
Like the old American proverb says, “To keep a customer demands as much skill as to win one.”
Client communication is essential as an insurance broker in continuing a trust-filled relationship. One of the first steps a Benchmark insurance broker takes on during the day is taking client calls and emails and answering any concerns in a timely manner.
This included us following up with any open items we need to complete underwriting or claim files.
There are smaller questions that are easier to respond to, but sometimes a client emergency comes up, then industry advice is needed ASAP.
Benchmark insurance experienced this recently with Lyon & Associates Creative Services, Inc, who reported on their experience in a recent email describing their unfortunate “Pandemic Burglary.”
Lyon & Associates Creative Services, Inc was out of office for three weeks during the pandemic back in March 2020. Then they fell under the healthcare communicators category and returned back to the office.
“Our editing computers are largely empty shells, running the software alone. As a result of this structure, an early morning thief snatched all of our editing workstations.
When we reached out to our insurance broker, Carlsbad-based Benchmark Commercial Insurance, they took care of getting a claim opened with our insurer, Travelers.
Due to Benchmark’s previous good counsel, we had excellent replacement value and business interruption coverage. When the Travelers claim adjuster got in touch the same day, they had a significant starter check on the way before the weekend.
Replacement value means exactly what it says, and then some, by the way. They covered things like the dozen new USC-C (Thunderbolt 3) to Thunderbolt 2 adapters we needed to keep our considerable investment in unstolen hard drives connected to the new computers. Of course, the claim was so well-covered that we exceeded their allowable percentage loss limit and they declined to renew our policy. (Chubb had our workers comp policy and they scooped us up with no increase in rates).”
In any field of business, unpredictable events occur, so this can often take up time during the insurance broker’s day.
One task that generally occurs daily is negotiating with underwriters for best terms on new and renewal business quotes.
Babe Ruth said “The way a team plays as a whole determines its a success. You may have the greatest bunch of individual stars in the world, but if they don’t play together, the club won’t be worth a dime.”
Even though insurance is a tiny bit different from baseball, the same concept applies in the workforce.
Communication within the Benchmark team is also crucial throughout the day. This can look like answering internal questions related to claims, billing, certificates, and underwriting.
Yes, a Benchmark insurance broker does require multiple coffee stops throughout the day— cappuccinos are preferred.
Another daily task is reviewing client contracts. The insurance world is constantly changing, so staying up-to-date is important for client communication. When reviewing client contracts, our broker will check to make sure that any insurance or indemnity-related contractual stipulations are consistent with the client’s coverage.
This also included following up with claim adjusters on open claims on behalf of the broker’s clients and advocating on behalf of our clients to claim adjusters on difficult claims issues.
Finding new clients that will be a match with Benchmark Commercial Insurance, and that we are a match for takes effort. Throughout the day a broker will field calls and emails from new business referrals and prospect call-ins.
An insurance broker will perform policy reviews to make sure policies have been issued correctly. This includes policy reviews for prospects so they can understand how their current program integrates with the scope of their current operations, which exposes any gaps in coverage.
A Benchmark insurance broker will also initiate, and continue to follow up on the underwriting status for all renewals 90-days in advance of the policy expiration date.
Keeping relationships with other companies is important to our brokers. This includes Zoom meetings with our marketing agency and promoting our excellent relationships with the underwriters who support us.
Wondering why your insurance has skyrocketed this year? Find out the factors that might be directly impacting you on the Benchmark blog.