Part 2: More than a Standard Offering

Welcome to the second installation of our three-part series outlining how your E&S wholesaler should be helping you best serve your insureds! To discuss our second element of achieving this, we must first take a brief look at history.?

All throughout history, there are defining moments that revolutionize an industry, change the lives of the people of the era and become a building block for future innovation.?For example, while Henry Ford didn’t invent the automobile, he revolutionized production and made it obtainable for the masses.?I am sure I don’t have to explain what innovations like the internet or smartphone did for the world.?

For better or for worse, these revolutions directly impact our individual way of life and how entire industries operate today. One such business model often goes unnoticed, but dare I say may have just as much impact today as Mr. Ford. Cue the “Big Box Store”, or the “One-Stop-Shop.” Before Sears allowed customers to buy school clothes for the kids, a new couch for the living room, and jewelry for that special someone, people actually had to go to separate places for each of those items. Fast forward to 2022 and the #1 and #3 largest companies in the world are Walmart and Amazon respectively. The ultimate “One-Stop-Shops.”?

It’s evident that the “one-stop-shop” model has changed the world and how we all do business and life. Like most good things, too much of it can be bad. Navigating a big box store can at times be more hassle than it's worth. Finding someone to assist during your visit can be just as tough and when you’re the 200th?customer they’ve seen that day, they aren’t exactly chomping at the bit to help.?

This brings us to element number two of how your E&S wholesaler should be helping you best serve your insureds. They must allow you to provide a comprehensive solution to your insureds while providing you the utmost service.?

In addition to the current standard, each insured should be offered:?

• Cyber Coverage:?Cybercrime has been on the rise for the past decade, but the pandemic has catapulted cybercrime growth in recent years. The majority of those crimes target small to mid-sized businesses.
• EPLI:?Lawsuits against employers have also grown significantly. If your insured has employees, they need EPLI.
• Insurance as a Service:?Your offering should expand beyond coverage. This includes our topic for next week but also includes something the “big box” stores seemingly have forgotten - customer service! Your wholesaler must match or try to exceed your level of service! Imagine a “big box” offering with “mom and pop” service.

Don’t settle for anything less than the new standard offering backed by the old way of personal service in your never-ending mission to best serve your insureds!