P&C Insurance Brokers Must Evolve

To stand out in today’s rapidly evolving property and casualty (P&C) insurance landscape, brokers must adopt a more strategic, consultative role beyond securing policies. Key challenges include rising premiums due to severe weather, economic uncertainty, and inflation, with some sectors experiencing premium hikes over 20% in 2023.

In a recent article published by Insurance Thought Leadership, Shawn Holland of CIC Services emphasizes to address this, brokers can offer structured insurance programs, alternative risk retention strategies, and specialized coverage for niche markets like cybersecurity and healthcare. Improving claims management through third-party administrators (TPAs) and enhancing risk management practices with safety programs can reduce claims and costs, fostering stronger client relationships. Brokers can also introduce innovative risk financing options like captive insurance, which offers premium stability and customized coverage for complex risks.

Ultimately, brokers focusing on long-term partnerships, transparent claims handling, and tailored risk solutions will build trust and loyalty, positioning themselves as essential advisers in an increasingly competitive market.

Read the full article here to learn how captive insurance can provide tailored solutions to protect your business from escalating risks.

Click here to read the full article.

Shawn Holland | Principal