Having a good broker partner is essential to getting great rates and giving your clients and insureds stellar service. But how do you find one, or how do you know you have one? When evaluating a broker, there are a few characteristics you should look for in order to rate their quality. Here are 5 traits of a good insurance broker partner.
1. Fast Turnarounds
If you don’t get back to a client with a quote quickly, there’s a chance they could go to another agent. In our fast-food, “Hey, Google” world, people want to get what they’ve asked for almost instantly. This is why Quaker has guidelines for how quickly our specialists get back to agents. We provide new business quotes within 24 hours, provide binders and/or coverage confirmation in 24 hours, and issue policies and endorsements within two weeks. When it comes to claims, we acknowledge new losses the day we get a report, assign an adjuster within 24 hours, and our adjusters contact insureds within 24 hours of reporting a loss.
2. They Are Knowledgeable of the Industry and Their Specialties
In order to secure the best rates and coverages, brokers need to be experts in their specialization. This is especially important when you’re looking for coverage in High Valued Homes, Vacants, Builder’s Risks, Custom Home Builders, Products accounts, Pollution, Cyber, and Cannabis. How many years has the broker been working in that specialization? Are they connected to carriers with expertise in the coverage you need? The specialists at Quaker Special Risk have over 280 years of combined underwriting experience, having the knowledge needed to get the best coverage at the best price.
3. They Have Good Carrier Relationships
Who are the broker’s insurance carriers? The most responsible and financially sound brokers get contracts with the best carriers. You want your insurance to be provided by an A-rated carrier because those carriers are the strongest financially. If you get a policy with a certain carrier, you want to know they’ll be in operation in the future in order to assist you with any claims or major issues. Quaker Special Risk only deals with A-rated carriers.
4. They’re Stable and Reliable
If the broker works with A-rated carriers, you know the broker is trustworthy. You can also check a broker’s financial stability rating with rating bureaus such as Standard and Poor’s and A.M. Best. Additionally, they should have a good track record in handling claims. Do they have an in-house claims team to handle the details of your claim and make sure you get a proper settlement? Ask them to provide details on how they handle claims, and ask about past claims handling to get an understanding of their experience.
5. They’re Responsive
In our technological age, we’re used to getting auto-responder emails and pre-recorded-message phone mazes when we dial a business number. When you’re trying to get answers for a client, you need an actual human being to respond to your phone call or email in a timely manner. First-rate brokers deliver first-rate service. Quaker makes personal service a priority, and our specialists make sure to return phone calls and emails within 24 hours.
Quaker Special Risk works with over 160 A-rated carriers, making it easy to get customized coverage for ordinary and hard-to-place risks. Quaker is also an elite Lloyd’s of London coverholder. Having done business in the insurance industry for over 70 years, Quaker provides agents the reliability and security they need in a broker partner.
Learn more about our coverages or get a quote HERE.