How insurers and brokers are working together during the pandemic
The COVID-19 crisis hasn't changed the number-one priority for brokers and insurers — serving clients.
Even during a pandemic, insurance clients still have needs. Whether it’s securing new coverage, requesting a quote, or making amendments to existing policies, insurance companies have had to alter dynamics to meet client expectations. That has meant shifting how they work with agent and broker partners around the country — and world.
At QBE, “over-communication” and being in “constant contact” with broker partners has been a top priority, says Thomas Fitzgerald, president of specialty & commercial. “The current market landscape has highlighted our ability, as an organization, to be agile and responsive to customer needs — both brokers and clients,” he says. For starters, the company delivered special care packages to broker partners with essential work-from-home supplies. And QBE also has been working side-by-side with brokers to provide masks to health care and A&H clients.
After all, insurance is a relationship business, as Fitzgerald notes, and he’s seen brokers continue to meet with clients regularly to share insights and understand their emerging needs.
“While we have always had a dynamic, remote working environment, we recognize that this is a very new way of working for many of our partners,” says Fitzgerald. ”Our brokers are doing their best to get us underwriting information in a timely and complete manner, and we are dedicated to processing the information quickly to turn quotes around in an expedited fashion.”
Technology, such as Zoom and Microsoft Teams, has been one resource brokers have leveraged to continue to advise clients — or enjoy virtual cocktail hours.
QBE’s claims and risk solutions team also have benefited from technology, says Fitzgerald. For example, the firm’s Global Risk Solutions practice issued a virtual survey that “consists of gathering information on the commercial accounts that we insure via a combination of methods, including submission review, Internet research, email questions to the policyholder, requested photos from the policyholder, and a scheduled virtual interview with the customer,” Fitzgerald explains. ”Those services have been much appreciated to help ease any further stress on brokers and customers during this time.”
AEGIS London is taking a similar approach by adapting work systems and utilizing technology during the pandemic. “Brokers want and need to trade in different ways, so we’ve accelerated the shift to digital trading in order to ensure we can respond flexibly to whatever people need and to enable us to keep delivering business as usual,” says Nigel Rogers, the company’s head of distribution. ”This means that all our underwriters, in all our classes, are able to transact business using Whitespace, Lloyd’s PPL placing platform or email… I would say the volume of calls and interaction is actually higher in recent weeks because the whole market is conscious of the need to keep communicating and to proactively check in with each other and check up on the progress of underwriting and claims.”
Insurers also are supporting brokers through financial means. Progressive recently announced a $2 million donation to the Big ‘I’ Trusted Choice COVID-19 Relief Fund, which will provide grants to independent agents across the country. The national insurer also donated $500,000 to the PIA, funding 2,000 credits for two of the association’s top agent marketing programs: Direct Marketing Vault and Design & Print Services.
Ultimately, the COVID-19 crisis has only changed where brokers and insurers work, not why or how. “We are open for business — processing new and renewal business just like we were sitting at our desks,” says Fitzgerald. ”The only thing that has changed is that we are all at home. We are working with brokers and clients to prioritize those impacted by the virus.”
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