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Alternative Market Gives You a Competitive Advantage

March 5, 2020 | By Ralph Mencia, President, Pride Risk Solutions, Inc.

After 10 years of restricted access to our A Rated High Hazard workers' compensation coverage program, we are excited to announce that we are looking to appoint agents and brokers.

In today’s highly competitive insurance market, not being able to offer affordable workers’ compensation coverage to those insureds that have few to no options is a major disadvantage for agents/brokers. For both incumbent agents/brokers looking to protect their existing client base and those looking to close new business, the lack of alternative options is a critical vulnerability. But it doesn’t have to be this way.

There’s a better way to secure workers’ compensation coverage for insureds that have high risk governing codes and high experience modifiers. By becoming appointed as a Broker with Pride Risk Solutions, insurance agents/brokers can gain access to an innovative, exclusive product in a niche market with limited competition and growing demand.

Attributes of Our Exclusive Program

States:

Alabama, Arizona, California, Colorado, D.C., Florida, Georgia, Illinois, Kentucky, Louisiana, Maryland, Mississippi, Nevada, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia

Risk Attributes:

  • High risk
  • High Mod
  • Hard to place risks
  • Non-Renewed
  • Cancelled
  • Large Losses
  • No Prior Coverage
  • Coverage Gaps

Program Attributes:

  • A Rated
  • Over 30 years of high hazard experience
  • In-house Third-Party Administrator for claims (Laser-focused approach to claims handling)
  • Dedicated Account Representative for submission management and all service-related needs
  • Proposals issued within 24 hours
  • Very competitive commissions

Safeguard Your Existing Client Base

If you’re an incumbent agent trying to protect existing lines of business from your competitors, having no alternative market is a major vulnerability. If another agent presents your clients with an opportunity to save money, they will listen. And once your competitor has established their credibility by delivering a workers’ compensation solution, they’ll have your client’s ear on a broader range of insurance issues—and potentially the opportunity to write that company’s other lines of insurance. Before you know it, you’ve lost your client altogether.

Presenting your clients with an affordable alternative will enable you to shut off an avenue that your competitors could use to take business. Equally important, helping your clients save money on workers’ compensation can significantly boost your credibility, which may open doors to new lines of business.

Create a Favorable Position with New Prospects

If you’re trying to get your foot in the door with a new prospective client, being able to offer an alternative solution can be a key factor that differentiates you from all of the other agents calling to offer the same last-resort solution.

Securing affordable workers’ compensation coverage is a critical pain point for many organizations. While a prospective client might have brushed you off in the past—when all you had to offer was the State Fund—that company will be much more interested in talking with you if you can offer a viable alternative with a lower cost structure.

Opportunities Beyond Workers’ Compensation

After you’ve helped new or existing clients achieve significant hard-dollar savings with an alternative workers’ compensation solution, you’ll be viewed as a credible authority in their eyes—giving you the opportunity to go after other lines of business with those organizations.

In today’s competitive insurance market, having a competitive differentiator of this type can be a critical factor in your ability both to close new clients and to protect existing lines of business.

Contact Pride Risk Solutions today to learn more about our innovative, alternative approach to workers’ compensation coverage, how it can produce significant hard-dollar savings for high-risk insureds, and how becoming a Broker with Pride Risk gives you an edge in the marketplace.