Private Risk Management Assn. (PRMA) was formed as a non-profit, independent, member-owned organization committed to lifting the specialist high net worth insurance category through education, practice management, awareness and advocacy. ACE Private Risk Services, Privilege Underwriters Reciprocal Exchange and other independent agents and brokers across the country are among PRMA's founding members and sponsors.
The board of trustees for the organizations includes seasoned industry specialists. Members include Ross Buchmeuller, Ray Celedinas, Robert H. Courtemanche, James P. Kane, Lisa Lindsay, Susan Ogrodnik-Smith, Gary J. Pasternack and Nicki Colosi Trilling.
“Despite overwhelming evidence to suggest that affluent families are better served by the coverage and advice offered by specialists, and the growth of the HNW population over the past several years, specialist insurers continue to lose market share to standard providers,” said Sandra Bravo, PRMA president and former CEO of Willis Personal Lines. “We believe that carriers and brokers can reverse this trend by rallying together, increasing awareness, and focusing relentlessly on enhancing the customer experience.”
Through the “the fellowship of the category,” which is a collaboration by member insurers, agents and other specialists serving the niche market, PRMA intends to:
- Provide independent education opportunities that allow members to provide better service to HNW clients
- Develop a certification program to differentiate individuals who have achieved a higher level of expertise
- Lift awareness of distinctive benefits of specialist insurers, agents and brokers to attract consumers who are insured by the standard insurance marketplace
- Develop practice management solutions
- Provide a unified voice for awareness and advocacy for issues affecting the HNW insurance industry.
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