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Hard Market Offers Opportunities
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We chat with MarshBerry’s Brooke Lugonjic, who urges agency owners not to depend today’s higher property/casualty premiums to drive revenue. “Too many firms are falling into the hard market trap,” she says. “They’re too reactive on the renewal processes. They now find themselves shopping out every policy. Stop shopping. You won’t see too much of a difference in the markets.” Instead, says Brooke, look at your book of business. Chances are good that 80% of revenue is generated by the top 20% of your accounts. Thus, “you already have a niche,” she says. Focus on one major niche plus one or two minor niches. “Your hit ratio will be better. Carriers will be happier. You will build efficiencies.” Firms touting a specialty do better, and Brooke offers some solid advice for agency teams on how to put your foot on the gas, not coast, in this difficult pricing and availability market.
