Problem to Solve: A renewal offer at 25% higher than last year – AGAIN. A referral to the agency had a portfolio of properties renewing on 12/31 with a 25% increase in premium. With escalating premiums over the last 3 years, the client had enough. The existing broker provided no alternative options and expected just another renewal.
The Challenge: Based on our quick risk assessment process of the properties, and understanding the risk profile of the client, we quickly determined they were with the wrong carrier for the type of coverage they required. They were paying for a best coverage strategy when in fact, this client really could manage a low-cost strategy while realizing a reduction a premium.
The Outcome: With two weeks to go, CCIA was able to structure an insurance program providing varying coverage and limits for each property. By matching both the client’s lender requirements and owners risk tolerance, we negotiated two additional options for the client to compare. Our Best Coverage Option and a Low-Cost Option where both were significantly less than the renewal on 12/31. Our new client chose to maximize the savings this year with a 35% reduction in premium or a $70K savings.
NOTE: This is a common scenario we see at Commercial Coverage Insurance Agency and it happens for a few reasons: willingness to work for the client needs to be part of your culture; understanding where the market really is regarding price and coverage; knowing when to move and when to stay. At CCIA, we look for opportunities to match risk, premiums, and coverage to add value to our clients every day. If we are not willing to move our current clients between carriers and opportunities, someone else will.
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