Subscribe to podcasts: iTunes
Run Time: 15:20
How Market Conditions Change Client Relationships
Market conditions this year have taken on an interesting dynamic, says Rob Meyers, property and casualty leader, for Briarcliff Manor, N.Y.-based USI, an Insurance Journal Top 100 Agency. Meyers says while carriers remain aggressive on pricing for new business, renewal business pricing is a little more firm. Two P/C areas experiencing the most dramatic changes are workers’ compensation and the catastrophe property market. Meyers expects more changes to come in 2012, which might call for a change in the agent/broker-client relationship. “I think it’s time to recalibrate your engagement with your client,” Meyers says in this interview. In today’s market, agents and clients need to take the time to truly understand the risks. “Working with your client now takes on a different type of relationship — maybe not different but a heightened relationship.” Meyers says that taking the time now to empirically understand those risks will serve brokers and their clients well as the market takes a turn.