The last several years have seen the insurance market firming due to catastrophic property losses and liability loss trends that have resulted in commercial lines rate increases and stronger underwriting discipline. Projections for 2020 include further increases for several lines of business including Umbrella, Directors & Officers Liability, and Commercial Property insurance.
To navigate this continued shifting market, brokers and agents, including specialty insurance agencies, benefit from the experience and expertise program managers and administrators offer to obtain the coverages and policy terms clients require for proper protection. Additionally, as a broker/agent you can rely on a program manager’s/administrator’s track record, longevity and reputation in the specific niches served.
A program manager backed by a long history in a particular niche is successful because of its underwriting acumen, discipline and integrity. Insurance specialty firms have developed and nurtured programs with legs to weather the ups and downs of market cycles.
You also find innovation with insurance specialty firms – those that think outside of the box to develop niche programs that go beyond cookie-cutter policies and address the unique risks of the industries being served. In addition, keeping up with current trends and emerging risks is equally important and critical to the continued success of a program manager and their agency partners. Providing agents and brokers and their customers with new or enhanced coverages and/or limits, loss control measures, and risk management resources are what you expect from an experienced program manager. Helping to mitigate risk is added value that is invaluable for insureds.
Ease of business is another benefit of working with a program manager that has invested the resources and talent to provide timely quotes, binding and policy issuance. Today’s competitive business landscape requires a program manager-agency partnership that is nimble, service-oriented and responsive.
Distinguished is proud to be a program manager that has developed several hallmark programs over the years, including our signature Real Estate Umbrella Program which debuted back in 1987. The country’s first real estate purchasing group, our program brought high-limit Umbrella limits to the market, which we have expanded and customized for other niches such as Hotels & Resorts, Community Associations, Historic Properties, Museums & Cultural Institutions and Restaurants.