4 Questions to Ask When Evaluating Your Carrier Relationship

Open communication with your insurance carrier is vital to helping them understand your goals. However, the level of engagement you receive as an insured is also critical to helping your carrier understand changes in operations, workforce, locations, or your overall risk profile. When your carrier understands organizational changes, it may lead to renewal discussions that go beyond reviewing past program performance and pricing.

“Your carrier should be considering the longevity of your relationship beyond an upcoming policy period,” said Don Bedford, Senior Vice President, Excess Workers’ Compensation Underwriting at Safety National. “Identifying long-term challenges and opportunities can create a more meaningful discussion than simply reviewing terms and pricing.”

When evaluating your relationship with your current carrier, consider whether these questions encourage the kind of open dialogue that keeps your needs at the forefront.

1. Have they asked what you want to achieve?

Does your carrier understand your organizational intentions, future projects, and goals? They should be working to develop a better understanding of where you are now and where you want to be. Maybe you have expressed claims-related concerns or want to see changes in your client service experience. Your carrier can help initiate conversations around these concerns, better understand your pain points, and explore potential approaches to addressing them.

2. Are there initiatives they could be supporting?

Your carrier may have data analytics tools to support a more in-depth analysis of your claims. Identifying high-risk developing claims or overall trends in your organization’s claims history can be mutually beneficial. For example, it can help you better manage costs while helping your carrier understand your claims management priorities.

Perhaps you are concerned about trends in certain types of injuries and want to better mitigate those risks. Your organization’s risk manager may have an idea to mitigate future incidents that your carrier’s risk control experts have also considered. Collaborating and building on that idea can help create a more robust risk management program moving forward.

3. Do they prioritize in-person renewal discussions?

Meeting face to face gives you, your broker, and your carrier an opportunity to discuss changes in your organization, identify where new and emerging exposures may exist, and consider whether your current program continues to align with your needs. By bringing the right people to the table to look beyond the numbers, you may create opportunities for a more thoughtful exchange of ideas that supports the evolution of your program.

4. Are they creating an individualized strategy for your needs?

Many carriers will discuss a customized approach to account support, but does that ring true in your experience? Are they empathetic to your needs, or do you feel like a number? An effective account support team can help provide continuity and coordinated support throughout the relationship.

Depending on the carrier’s service model, a dedicated account team can also provide greater continuity, with resources assigned to specific insureds. Additionally, can you talk to an executive at the company, or does leadership feel inaccessible to you as a client? The value of your input does not end after signing on the dotted line; your perspective should continue to be part of the conversation throughout the partnership.