New Lines of Business Are Waiting
Feb 15, 2016
In today’s highly competitive insurance market, not being able to offer workers’ compensation coverage options aside from the State Compensation Insurance Fund is a major disadvantage for agents and brokers. For both incumbent agents 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 Master Broker Agent (MBA) with Pride Risk Solutions, or working with one of our current MBAs, insurance brokers/agents can gain access to an innovative, exclusive product in a niche market with limited competition and growing demand.
Pride Risk President Ralph Mencia explains how the company’s exclusive workers’ compensation solution gives agents and brokers an edge in a competitive insurance market.
Protect Your Existing Client Base
If you’re an incumbent agent trying to protect existing lines of business from your competitors, having no alternative to the State Fund 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 all of that company’s other lines of insurance. Before you know it, you’ve lost your client altogether.
Presenting your clients with an alternative to the State Fund 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.
Get Your Foot in the Door 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 to the State Fund 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.
Create New 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 or partnering with a Pride Risk MBA gives you an edge in the marketplace.