Creativity is the way forward as our industry grapples with historic volatility

The insurance business finds itself at a pivotal juncture. The signs are everywhere.

As investment dollars pour in and innovations continue to disrupt – in mostly good but also some challenging ways – creativity is at a premium. At Paragon, we're well-aware of where the industry is headed and the hazards that lie ahead. While we strive to adapt, we’re also laser-focused on not losing touch with the customer-first approach that got us here.

Our mission is to support your mission.        

In that spirit, take a look at our freshly launched fleet program, where that service-oriented mindset is running up against a nosebleed climb in prices. Except for depreciation, virtually every piece of the total-cost-of-ownership pie has increased, is increasing and will continue to increase for the foreseeable future.?Costs to replace auto parts, as just one example, jumped 7.4% in 2021 from the prior year, and again by another 9% by the third quarter of 2022, according to statistics from CCC and the Bureau of Labor Statistics.

So how do we differentiate ourselves and deliver the goods in these volatile times?

Let's drill down into how our fleet program works. After an automobile lease is signed, professional fleet management companies (FMCs) provide Accident Management and Driver Safety.?After a policy is bound, insurers provide Claims and Loss Control.?

These services are acutely similar, so?they're naturally competitive... until we get creative.?Along with A-rated coverage and highly competitive pricing, this is our special sauce. Paragon's fleet?executive team, uniquely, includes professionals with decades of expertise in both the fleet and insurance industries.?So we understand the similarities. Simply put, we don't compete with FMCs. We work together, leverage synergies and create value.

Paragon's motto: The right MGA at the right time. This rings true across our entire lineup, but, in our fleet business, in particular, there's never been a more critical time to be creative when it comes to providing financial strength and the fuel to ignite expansion.

Our mission is to support your mission.

– John J. Hayes , president of Paragon's fleet leasing division