NSM Named 5-Star Program Administrator By Insurance Business America

By Geof McKernan

On the heels of our 33rd anniversary, I’m proud to share that NSM has been named a 5-Star Program Administrator by Insurance Business America (IBA) for 2023.

Earlier this year, IBA?put out a call for nominations for the best program administrators in the industry to determine the standout performers.

Nominees were scored based on their achievements across a range of areas, including program exclusivity, marketing support, internal program manager expertise, claims specialization, financial stability, relationship management, underwriting guidelines and commitment to innovation.

Brokers, carriers and program administrators were all surveyed, and NSM was one of the program administrators awarded for its impressive performance. We are thrilled to receive this recognition based on the input of our valued partners and peers across the industry.

Being selected for this prestigious recognition is a testament to our unwavering commitment to building the most successful and sustainable specialty insurance programs that are truly unmatched in the market.

At NSM, we have a proprietary program development model called “DIME,” which stands for Develop, Implement, Market and Evaluate. Leveraging this strategic model, we have built some of the industry’s most successful specialty programs over the last 33 years.

DEVELOP

• Qualify industry opportunity: Our team constantly examines both the insurance and non-insurance marketplaces for ideas and opportunities to grow and expand current programs, to develop new programs and to acquire existing programs. When our team identifies an opportunity for us to add value within a specific industry that has been overlooked by traditional firms, our analysts perform an exhaustive evaluation of the industry’s insurance needs, including resources available, risk tolerance, safety standards and operational practices.
• Identify risk exposures: Our analysts determine industry and individual company needs to facilitate the design of a profitable and sustainable program that considers all possible risk impact and probability scenarios, risk reduction plans and cost-saving options.

?IMPLEMENT

• Design industry-specific coverage: After our analysts have a full understanding of all of the industry’s unique exposures, we craft a specialty insurance program that includes industry-specific coverages and risk mitigation strategies. We do not believe in offering template insurance programs.
• Evaluate and select optimal partners: We have a reputation for managing successful industry-specific programs, and have strong relationships with top-rated carriers. This allows us to vet a number of carriers and then identify the perfect partner to deliver the most comprehensive program with the greatest potential for success.

MARKET

• Create targeted campaigns: We believe that marketing is essential to the success of a new program. We develop a marketing strategy that targets select business markets through our robust retail broker network and our program division.
• Develop distribution channels: NSM is able to choose from our numerous distribution channels to customize the distribution plan for new programs. We currently operate in many national and regional industries and we are licensed in all states with access to all major markets.
• Establish broker associate, carrier and TPA communications: We believe our agents, carriers and third-party administrators are our partners and are critical to the success of our programs. We don’t simply communicate with our insurance partners, but we establish long-lasting relationships with them.

EVALUATE

• Design enhancement strategy: We are committed to providing the best service to every agent and insured that we work with. We continuously invite agent feedback and ask them to help us monitor the program and industry needs. We pride ourselves on our ability to respond to industry fluctuations and continually modify our program strategy to ensure long-term satisfaction and success.
• Implement corrective action plan: When it comes to ensuring the financial success of a single program, NSM knows that every effort is an investment. Our effort is focused on one thing: program success. At times, this means we must implement a corrective action plan to address a change in the industry or our business. We pride ourselves on being agile and our process allows us to take corrective action quickly and efficiently to reduce any interruption in our service or product offerings.
• Calculate profitability: We are focused on developing, implementing, marketing and underwriting profitable niche insurance programs. We not only value our own financial success, but also the success of all of our partners. We constantly reevaluate the value of our programs to ensure that we are responsive to changing needs of the industries we serve.

I have long believed these are the hallmarks of a successful program and I’m proud this has been our secret weapon to building the best specialty insurance programs out there today.

Special thanks to our talented and dedicated team who made this achievement possible, as well as our remarkable carrier and agent partners. You are the key to our continued success!