The insurance industry has been pegged to have a major paradigm shift for the last 30 years. At first it was the fact that brokers were going to become obsolete with the advent of the internet and then it was the internet wholesale companies where going to flip the industry on its head. While these did introduce new and exciting changes to the industry as a whole they did not change the relationship between the Insurer, Broker, and Client as drastically as some originally presumed.
It has, however, brought several benefits to the industry which can be highlighted in the faster turnaround in claims, the specialized products for specific industries, and the advanced analytics that have helped insurance companies better rate risks.
These advances have allowed companies to expand their appetites for risks that before seemed “too risky” and have helped lower premiums for industries across the board. As we continue to gather more information and get a better understanding of how to handle risks the industry will continue to get more competitive, making it all the more apparent to have a broker to walk you through that process to make sure that you have the best protection possible for your business!