Navigating the Hard Market: How Proactive Communications Are Essential to Retaining and Building Business Today

November 21, 2022

Across all lines, the insurance industry is experiencing macro-hard markets, with large rate and premium increases, as well as re-underwritten renewals as the U.S. deals with broader economic uncertainty.

Agents are also navigating renewal season with clients while managing changing capacity and increased premiums resulting from the hard market. In times such as these, agents often struggle to properly communicate with their clients.

How you convey raising rates and premiums matters, and taking the right steps to discuss current market conditions with clients is essential to client retention. Customer service is the backbone of the industry, particularly as we navigate an increasingly online world, and agents need to know how to communicate all news, good or bad, with their clients.

While a hard market is not ideal, a well-prepared agent will find there are valuable opportunities for growth available. The process starts with a thorough approach to education.

Read the full article, written by Steve Tombarelli, Senior Vice President of Programs & Services at SIAA, published November 21, 2022 in Insurance Journal.