Working with Wholesale Insurance Brokers

How to Utilize a Wholesale Broker The first step involves knowing the type of insurance policy desired. This means choosing between the various categories which include health, home, car, business and specialty riders. A consumer can't just go in to an insurance office and say, "go find me a policy!" The system doesn't work that way. The consumer needs to make the first decision determining which insurance product should be searched for. The second step also involves homework for the consumer. He or she should make a realistic judgment about what insurance price is tolerable. Brokers work in terms of predetermined parameters from consumers when they search for insurance products. This helps them in two ways. One, they have an idea how much business to expect from a new prospect which helps them gauge how much effort to put into the search. Two, parameters narrow down the search into predictable categories making finding the right insurance product faster. Consumers should be willing to provide sufficient information so that both their retail agent and wholesale broker can be realistic in their work. It makes no sense to expend a ton of energy search for the right match if the consumer ends up having missing information that nullifies the product from being viable. The more data and nuances provided about what needs to be covered for the consumer, the better the search results will be. This includes policy deductibles a consumer is willing to deal with and the policies desired in a best case scenario. Specialty Line Brokers The specialty line insurance market includes both committed agents (company-affiliated) and surplus line insurers. The surplus agents' market is also known as excess and surplus lines, E&S, or non-admitted in insurance industry terminology. As the bread and butter for wholesale insurance brokers, the surplus lines provide the products these brokers use to make their business. In fact, wholesale brokers are so active, they tend to write on average more policies per agent than admitted regular agents do in their committed markets. The opportunities for such freelance brokers are wide open. Typical policy examples can include coverage for invasive medical procedures, a temporary but large outdoor event or concert, insurance for an athlete's body part, and so on. The common theme in all these situations is the need for very customized insurance coverage that doesn't follow the normal playbook.

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