Skylar Romines’ Post

Recently we tried to launch an MGA. Due to various reasons, including but not limited to: Current hard market, low capacity, underwriting losses, markets closed for new business, and high amount of uncertainty within the industry.... things have not been smooth at all, but there is optimism. As we switch gears, we needed to pivot. Introducing Citrus Specialty Management Services FL, a Citrus Specialty subsidiary. CSMS helps insurance agencies save time, money, and headaches by offering end to end account management services for Personal and Commercial lines accounts. We love when agencies reach their potential! Go to: www.csmsfl.com Research 1. More people are migrating to Florida. 2. More people are migrating to Florida with a high net worth. 3. The demand for housing is increasing as more people are migrating to Florida. 4. Increases in housing will naturally facilitate an increase in the need for insurance policies..(think HO3, HO5,HO6 HO8, DP1 & DP3s). 5. People are incorporating their business headquarters and outsourcing business operations to Florida. 6. More business will naturally facilitate a need for more commercial insurance.. ( think GL, E&O, Com. Auto, WC, etc). 7. People are becoming more insurance savvy, and shopping their policy around at greater frequency. Interpretation of Research 1. There will be greater opportunities for New business to be written by independent and captive agents across Florida. 2. There will be an even greater need for effective account management of the agency's current book of business. 3. There will be an even greater need for effective customer service to keep clients on the books. (Some people buy on price alone, most people buy the customer service)***** Observations from inside the industry 1. Agencies are struggling with balancing writing new business along while effectively managing the current book of business. 2. Agencies are losing clients at a rate equal to the amount of new business, which can have a negative effect on growth in the long term. 3. Having been an agent, account manager, underwriting manager, underwriting assistant, and most recently, a corporate underwriter... I have witnessed first hand how agents eyes light up for a new sale, but despise the back-office maintenance. Most agents, underwriters, and agencies want to focus on writing new business. Concept applied 4. The Law of Diminishing Returns: An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain at a constant. ----- Initially, writing more new business generates higher commissions and revenues. However, as the volume of new business increases, so does the workload for maintenance, back office tasks, and client services. Eventually, there reaches a point where the additional workload from new business surpasses the capacity for effective management.

🌟 10 Reasons Why Choosing the Right Insurance Broker is Essential for Your Business 🌟 In the dynamic world of business, safeguarding your assets and interests is paramount. Here are 10 compelling reasons why partnering with the right insurance broker is crucial for your business success: 1️⃣ Tailored Coverage: A skilled insurance broker understands your business's unique needs and crafts customized insurance packages that provide comprehensive coverage. 2️⃣ Risk Assessment Expertise: They conduct thorough risk assessments to identify potential vulnerabilities in your business operations, ensuring you're adequately protected against unforeseen circumstances. 3️⃣ Industry Knowledge: With their deep understanding of various industries, they can recommend specialized insurance solutions that address sector-specific risks and compliance requirements. 4️⃣ Access to Multiple Carriers: Brokers have access to a wide network of insurance carriers, enabling them to compare policies and negotiate the best rates on your behalf. 5️⃣ Claims Advocacy: When the unexpected occurs, your broker serves as your advocate during the claims process, expediting resolutions and maximizing payouts to minimize disruptions to your business. 6️⃣ Regulatory Compliance: Staying compliant with evolving regulations can be daunting. A knowledgeable broker keeps you abreast of regulatory changes and ensures your insurance policies remain compliant. 7️⃣ Cost-Effective Solutions: By leveraging their industry connections and negotiating skills, brokers help you secure cost-effective insurance solutions without compromising on coverage quality. 8️⃣ Risk Management Strategies: They provide valuable insights and guidance on implementing risk management strategies to mitigate potential liabilities and reduce insurance premiums over time. 9️⃣ Personalized Service: Unlike dealing directly with insurers, working with a broker offers personalized attention and ongoing support, ensuring your insurance needs are continuously met as your business evolves. 🔟 Peace of Mind: Ultimately, partnering with the right insurance broker affords you the peace of mind to focus on growing your business, knowing that you're adequately protected against risks and uncertainties. Don't leave your business's future to chance. Choose a trusted insurance broker who serves as your strategic partner in safeguarding your success! 💼🛡️ #Insurance #BusinessProtection #RiskManagement #BrokerPartner ATAINZ partners with james@affiliated.nz | www.affiliated.nz and we 100% recommend

Understanding the Role of a Commercial Insurance Broker In today's complex business environment, navigating the myriad risks can be daunting without expert guidance. This is where a commercial insurance broker becomes invaluable. A commercial insurance broker doesn't just sell insurance; they are a pivotal part of your risk management strategy, offering tailored solutions that protect against potential financial losses. From assessing risk exposure and customizing insurance policies to advocating for you during claims, a broker's role is comprehensive and critical. 👥 **Why Engage a Commercial Insurance Broker?** - **Tailored Insurance Solutions:** Every business is unique, and off-the-shelf policies often do not cover all bases. Brokers ensure that your coverage meets your specific needs. - **Cost-Effectiveness:** Brokers help find the most cost-effective policies by comparing offers and negotiating with insurers on your behalf. - **Time-Saving:** They handle the legwork of researching policies, allowing you to focus on running your business. - **Expert Advice:** Brokers keep abreast of changes in the insurance landscape, advising you on the best strategies to mitigate risks. For businesses looking to secure their operations and ensure continuity, partnering with a skilled commercial insurance broker is a step toward peace of mind. #InsuranceBroker #RiskManagement #BusinessInsurance #CommercialInsurance #BusinessGrowth #Leadership

Celebrating the 2024 Power Brokers: A Deep Dive into the Prestigious Insurance Award: The Power Broker® award, now in its 18th celebration year, continues to stand as a testament to excellence within the insurance brokerage community. Managed by the team at Risk & Insurance®, the contest rigorously evaluates hundreds of applications each year from late October through January, with the winners announced by February’s end. This meticulous selection process emphasizes creativity in risk management, outstanding customer service, and extensive industry knowledge, underscoring the competition’s increasing intensity, especially in categories like Employee Benefits and Real Estate. Over the years, the contest’s criteria have evolved, reflecting a growing emphasis on brokers’ specialization and engagement with clients’ industries. This shift is evident in the enhanced industry knowledge and customer service skills of today’s brokers, marking a significant improvement over previous years. The 2024 Power Broker winners, hailing from 32 different brokerages, were chosen based on merit alone, proving the contest’s integrity and the high caliber of the recipients. This year’s competition highlighted not just the individual excellence of the brokers but also the broad and high-quality field of applicants, demonstrating the ongoing commitment of brokers to advance and innovate within the insurance sector. The Power Broker award, therefore, not only celebrates the winners but also showcases the evolving standards of excellence and specialization in the insurance brokerage industry. #Property #WorkersCompensation #RiskManagement #InsuranceIndustry

Choosing VIM Cover's Business Insurance Services is not just a decision; it's a commitment to the success and security of your unique venture. 🛡️✨ Wondering why VIM Cover stands out? Let us highlight the benefits that set us apart: Tailored Protection: We get it – your business is one of a kind. Our experienced brokers collaborate closely with you to understand your specific needs. From property and liability to workers' compensation and professional indemnity, we tailor protection that suits your business like a bespoke suit. Risk Mitigation: At VIM Cover, we're in the business of foreseeing challenges. Our expert brokers analyse your operations, identifying potential risks that could impact your bottom line. Top Insurance Providers: VIM Cover has fostered strong relationships with leading insurance providers specialising in business coverage. This means you get a buffet of options from reputable companies with proven track records. Dedicated Claims Support: When the unexpected happens, our experienced claims team becomes your ally. Navigating the complexities of claims procedures, we ensure a smooth and efficient resolution. Exceptional Customer Service: It's more than just transactions; it's a relationship. Our brokers invest time to understand your business, needs, and objectives. We're not just here to answer questions; we're here to provide expert advice, ongoing support, and ensure your satisfaction and peace of mind. Choose VIM Cover – where your business's success is our commitment. 🌐💼 Visit our website to learn more about our services: https://lnkd.in/gPFcNp8H #BusinessInsurance #VIMCoverAdvantage #vimcover #insurance #InsuranceCoverage #Protection #vimroadside #vimtravel #vimbroking #commercialinsurance #homeandcontentsinsurance #motorinsurance #landlordinsurance #PeaceOfMind #AffordableInsurance #InsuranceSolutions #InsureYourFuture

You may have seen my previous posts about the advantages of Group Captive insurance & how beneficial it can be for you and your business. I know, I know…. Insurance isn’t the most exciting thing to talk about but… I recently came across an article that provides an in-depth analysis of Group Captives and its benefits, and answers tons of questions. If you are interested in how it all works, I highly recommend reading the article. Our personal clients that have taken advantage of group captives have seen tremendous benefits from it year in and year out. I posted the link below for those interested and I’m happy to answer any questions. 👍🏼

Here are some of the reasons why to choose an insurance broker: -We specialize in insurance & risk management -We provide advice on insurance to our clients -We help individuals & businesses identify risk & suggest suitable insurance solutions to cover those risks -We provide technical advice on making an insurance claim -We are experts on terms & conditions, coverages & exclusions so we can aid you in choosing appropriate insurance solution -We help in arranging & placing the insurance coverage with the chosen insurance company. Benefits of Insurance Broker -Insurance policies are a complex document & need a thorough understanding of products, insurance brokers being subject matter experts can help you in choosing the most beneficial policy for you. -We can help you in finding the most suitable insurance plan for you -We can advise you if there is any special situation you should be aware of. -You can include a risk management program through which you can take some of the business risks, through this you can effectively reduce premium costs -We can aid you efficiently in the insurance claim process as we have the technical know-how of the complete process *Going to buy a policy doesn’t cost you more than buying directly as insurance brokers are paid by the insurance companies to sell their products.* Want to discuss this more? Let's chat: jvanhorn@experiorfinancial.ca

Why Regularly Shopping for Commercial Insurance is Essential for Every Business In today’s dynamic business landscape, effectively managing your risks is as crucial as managing operations. Regularly reviewing and shopping your commercial insurance ensures that your coverage keeps pace with your evolving business needs and protects against new vulnerabilities. Key Reasons to Regularly Review Your Commercial Insurance: Adapt to Changes: As your business expands, your insurance needs change. Ensure your policies match your current operations. Cost Efficiency: Insurance markets fluctuate, and shopping around can uncover cost savings, allowing more funds for business growth. Discover New Benefits: New insurance features can offer better protection and added benefits. Enhanced Service: Engaging with multiple insurers encourages better terms and services from providers keen to retain your business. Treat insurance as a vital part of your risk management strategy—regular reviews can lead to savings and greater security. Stephen Green Client Advisor Email: stephengreen@worldinsurance.com Web: myworld.worldinsurance.com Direct: 561-471-8781 Ext. 1680

Why use a broker? Insurance brokers have access to many different insurance policies and, because they deal with a range of insurance companies directly, sometimes brokers have access to policies that are not available to most consumers. Some insurance policies can be complicated, and an insurance broker can help you understand the details of a policy and also work out what level of cover you need, so that you can make sure you are properly protected. Insurance advisers can prepare a customised insurance and risk management program for your business, where they design the policies, negotiate the terms with insurance companies and place the cover with the insurer. By including a risk management program, which puts some of the responsibility for risk prevention and loss minimisation on you or your business, you can reduce premium costs. If you need to make a claim on your policy, your broker will assist you through the process and will liaise with the insurer on your behalf. Need help with your business insurance? Contact our experienced team today.