After an extended period of low premiums and abundant capacity, we are now in the midst of a hard insurance market. Although insurance markets are cyclical, every hard or soft market is different. During these challenging times, agents can prove their value to their clients and improve retention through consistent and thorough customer communication, which includes talking to customers about why their premiums are rising and what they should expect at renewal time.
Trusted Choice®, the Big “I” consumer branding program for independent insurance agents and brokers, is proud to announce the release of its Hard Market Toolkit. The toolkit assists Big “I” member agencies in navigating the current insurance market and helps them effectively communicate with their clients about its complexities.
The Hard Market Toolkit offers practical solutions and expert advice for independent insurance agencies to convey to clients the reasons behind rising premiums and what they should expect at renewal time, as well as guidance on explaining coverage changes or restrictions caused by the hard market. Agents can streamline a plan, communicate effectively, handle tough questions, and ultimately retain clients in a hard market.
“In these market conditions, independent agents’ roles as trusted advisors to their clients is more important than ever, and we understand the challenges that agencies face as they serve their communities under these difficult circumstances,” says Charles Symington, Big “I” executive vice president. “Our commitment is to support Big ‘I’ members every step of the way. The Hard Market Toolkit equips Trusted Choice agents with the resources to meet their clients’ evolving needs.”