In a challenging insurance market, brokers are finding new ways to meet the growing demand for specialized coverage. While many brokers shy away from tough risks, the wholesale distribution market is booming. This surge is largely due to the need for creative solutions in areas like auto liability, where traditional methods are no longer enough.
Brett Dresner, a prominent figure in this field, emphasizes the importance of precision and teamwork. He believes that effective brokers need to think like underwriters. It’s not just about presenting information; it’s about anticipating potential issues and addressing them head-on. Legal differences can complicate submissions, so understanding the specific laws in different regions is crucial.
Dresner points out that successful brokers build strong relationships with underwriters who appreciate the nuances of various risks. He advocates for partnerships with those who can say, "yes, but," indicating a willingness to explore options rather than outright rejecting proposals.
Certain types of coverage, like auto liability and active shooter insurance, have become more challenging to secure. However, this difficulty has opened doors for brokers who are willing to think outside the box. When resources are limited, Dresner constructs multi-layered insurance solutions, effectively spreading risk across multiple carriers to maintain comprehensive coverage.
As the market becomes more volatile, Dresner acknowledges that deals are increasingly complicated. He finds this complexity appealing, as it often means that brokers will encounter a variety of accounts with similar challenges. Drawing on past experiences helps him fit together the pieces needed to solve these puzzles.
Collaboration is key in this environment. Dresner stresses that building a successful portfolio is not a solo effort. He encourages team leaders to recognize the value of support from their colleagues. The more they can lean on their team, the more successful they will be over time.
Dresner’s approach is straightforward: understand the market, specialize in your area, communicate risks clearly, and surround yourself with capable people. This formula, while demanding, is essential for thriving in today’s complex insurance landscape.