Program business constitutes one of the most innovative segments of the insurance industry. Particularly for businesses that have difficulty obtaining coverage, program administrators often are able to draw on their expertise in a niche to develop highly customized solutions for it that include tailored policy forms and loss-control services.
Lately, however, program administrators have not found it easy to develop new programs for needs and opportunities they perceive in the market. While softening market conditions have renewed some insurers' interest in programs, they are requiring program administrators to make a strong case before agreeing to put their paper behind a new venture.
Greg Thompson, CPCU, president of Thomco, has pitched a lot of programs to carriers over the years. Recently, we talked with Thompson, who is in line to become president of the Target Markets Program Administrators Association in 2007, about what it takes to get a program insurer to say yes. Following is an edited transcript of our conversation.
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