Berkley Environmental (a Berkley Company)’s Post

Transcript

Guys like my pink cup. It says mom, just sweetest mom and I'm like, I love that pink. Alright, welcome, Alejandro and Whitney. We had a great time and we'll see. You got to meet with some very good partners of ours new got some really good insights, had some great conversations about the history as a whole, what we're looking to do here. Just let's recap everything, try to put a nice bow on it. So with that being said, we're going to let the number one thing I heard on Ajo and Wendy was market disruption. That's still recurring theme to be honest with you. I feel like that's been a theme for the last 10 years, 15 years. Actually here at Berkeley, as markets have come in, come out passing has been restricted, expanded geographic restriction, this restriction and and the the one major thing throughout this all we've been stable. So we've been able to take advantage of this market disruption and really just execute on our business model and and provide a nice option for brokers when they're in a jammed due to this disruption. So let's touch on one of the first things Whitney that we heard out there was excess capacity restrictions out there. So what what were your broker? Partners telling you, I must have heard over and over that an account they had last year that they had 10 mill capacity with one carrier. They're now in it writing it with three to five carriers. They're having to find specific carriers just for an excess auto buffer. It's just it's becoming way more work to get to the same place whereas we're still able to write 10 mil limits. We are still good to go over our auto in our excess layers. We want to make it easier for our brokers. Really capacity equals them complying with contracts. So we're there to help them. It's ease of doing business and we provide that solution. Alejandro, what what have you seen especially with your programs that you manage? I know you met with a bunch of them. Are they staying the same thing about capacity access or are there, is there another pain point that they like us to address? You know, they challenges with auto, right? The sector has been in challenging state for as long as as we can remember. We still seek continued race of the cost of claims and the litigation. That repair costs. So all of that continues to be very challenging no matter if you're a carrier that guides out on access or an MGA, they're both, you know, tough place. It's been shown that we have a clear approach that we can provide solutions whether it's writing excess capacity of our own auto or considering going over other carriers when they need extra capacity. We're definitely a market out there that aren't. Partners can rely upon. I think the really interesting about the auto pullback, Alejandro, is that it's all over the place. The pullback is there's not one consistent theme. It could be power unit driven where 50% of a certain power unit type, they're pulling back. It could be regional pull back. They don't want this, they they don't want that state. It could also be percent of premium is a pullback. I don't know when the about you guys in the Southeast, but when you underwrite, do you see opportunities with that by just not having those restrictions and just providing that one stop shop 100%? When you're seeing other carriers come out this year especially, we've kind of seen a rush of a lot more submissions. Our submission count is up at least 20% because there's so many other people that are changing their appetite and what they can do. And it's not even lost related every time, it's just that their appetites are changing. So we've been able to pick up quite a few accounts that way. I know I heard from a few of our partners and you write the auto, you're saving us like it's, it's we're also helping our partners not. Just ensured providing that solution, really cutting down a lot of the red tape they have to go through when as you said, Whitney before stacking up with three different carriers for different carriers. And not to mention the confusion that brings in the event of a claim, the finger pointing, hey, who's this that the other one stop shop really streamlines this whole process. Alan, what would you like that? Well, and I think one of the other things that we heard is that that how much they appreciate our strategy, right? We've been following a strategy for many years and slowly being kind of adjusting. Our array ask our rates to take care of of that prosperity of that business. When we hear that our other carriers out there that suddenly they decided to increase their rates, you know X amount of times. So that's very disruptive for a broker when they have to depend on these. Abrupt changes in the marketplace and now they're in a struggle to find a solution, right. We've been very consistent throughout the years and and we've taken that measure approach. We have great results because of that and we don't have to disrupt what our brokers are trying to do. The bait and switch really upsets people. It really just destabilizes situations, starts to scramble and whatever we can do to assist in filling that issue and providing the stabilization. We are there to do it. I know a lot of the talk right now Whitney and Alejandro was market disruption in that restriction way, restrictive way. However, there was a couple other comments about new market entrants and and how that's disrupting and what they're doing. So when what are you hearing about all these new MGA's entering the the marketplace? So we're definitely hearing there are continued MGA's entering the space, but now it seems like it's a much more focused entrance. So it's a specific product line or it's a specific. Coverage, it's very dynamic, right? All these new players we've seen that come in without your strategy, they might be focusing on one product, but then they kind of pivot and try to do another one. Again, our ability to focus on what we can do on the classes that we want to grind has helped us maintain our partnerships with the programs that we currently have. So all these MGA's are just trying to compete against. Themselves sometimes, right. I think it's fair to say that our market advantage still exists. So as I tell everyone when I'm meeting with various partners, look at it like the the field of 64 in the March Madness thing, right? So there's 64 carries. I don't know when they don't correct me who write Cpl. or some type of pollution. And then we start narrowing it down to what we do and how we do it better. So who writes the GL? Now we're down to 16. Who writes the access? Maybe 16 still, but who does the comp and all? And now we're down to four who does it with one profit. Vendor who does it with the the consistency we have done it now you're getting into the final four and that's really what separates us. So our ability to remove ourselves from the pack and provide that one stop shop just really is our advantage. And it sounds to me Alejandro and Whitney, even with this new entrance that advantage still exists. Correct. And remember that a lot of them are using TPA's and have paper from overseas carriers. It is not always as good as they make it sound. You said TPA. What advantages do we have that that we don't rely on them? But can you go more into detail of our advantages with our in house services? Yeah, absolutely. I mean, just yesterday I was on a call and a presentation with Kevin Wider, the director of risk Engineering and and he put it very well and saying like we are like a three legged stool. It doesn't wobble like like a chair, like a table. It has the support from those legs are under grinding claims and risk engineering. And I think that's truly shows the foundation of who we are and what we can do for our clients. And that means claims response. And that means in engineering services that we can help clients manage their exposures and help them come up with protocols and things that would protect their businesses at the end of the day, so that a claim doesn't happen. And if it happens, we'll be there to support them or in-house capabilities just really separate us from everybody. And the one thing about risk engineering. A lot of people get scared when I say, hey, we're coming out with risk engineer. I go, no, no, no, we're a resource. We're not out there to be punitive and give demerits. We're there to work with you to improve your protocols, to help you improve and keep your workers safe. And that message is really well received when they see us. So Whitney, I think Alejandro really just gave us a good synopsis or summarize our added value. How do you utilize that with your broker partners and see the successes of that? Well, I was so happy that in my meetings, I'm finally starting to hear from people that. All of them had a specific renewal that they wanted to talk about. And hey, can we have a claims review? Because you know, a lot of other carriers when there's a claim they're having to get off, we have these pops and we stay on. We understand that that's what we're there for. And so we're able to with the claims adjuster and our claims director walk through with our insured and our broker the specifics of the claim so that they kind of understand our background with it and we can hear from them. I feel like it's been, it's made. These relationships so much stickier, but at the end of the day, that's just trying to provide a positive experience to the insured, right. We know the challenge with the insurance is like, hey, yeah, they needed for when something goes wrong. But through these type of services, if we're there helping them to get ahead of things, we know that that is going to be seen as, hey, these guys are not here to, you know, walk the premises and find out who everything that is wrong. On the contrary, it's like, hey, you have this type of risk. You are met several ways that we can help you, you know, manage all those things. The thing I found pretty interesting too, they're the wholesale partners that we met with during the last week. They weren't that territorial. They wanted to provide us access to the insured to really help out the process. My take away is they see the value of that because they look good too, right? It's like, hey, look, I brought you, you know, my underwriter plus the claims director plus are risk engineering services. So what's not to like? One example was, hey, they were with this. Underwriter for 10 years then short, never met him. We get you guys. We're meeting you and your people before we even write this account. When we bring the the claims and risk engineering show to the insured or prior, our prospects are not insured at that time. Our hit ratio, I want to say 100%, but let's just go safe and say 99%. There's probably about one outlier that we end right. But we get that feedback is so good from the insured, from the wholesale, it just and again puts the insured at ease because let's face it, guys. It's a difficult landscape out there for our insurance. Whatever we can do to make their lives easier, let them focus on their business, I think is well received and just pays dividends in the future for sure. Well, I think circling back on the risk management, trying to be a partner, you know, having that Periscope program for our comp and auto, being able for them to like drill down to specific days in specific regions and specific cities. Like I think we're there to kind of help the insurance. Truly understand their exposures at the most like minute level. Have a good example of how this this played out in the real life scenario. We presented the Periscope and all the narrative on all their losses. It came to our attention in the short attention that their number one workers comp losses were employees that were hired. They got hurt 0 sixty days from their date of hire. Yeah. So the cool thing about Periscope is being able to give our insurance all that data, right? Like who doesn't like. Data. So now they're able to see an OK, this city is problematic or this type of employees problematic, or maybe the driving practices that we've been using are not good enough.