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Retail brokers beware, taking a “shotgun approach” to submissions is not going to be tolerated in immediately’s arduous market, at the least not in Burns & Wilcox’s private insurance coverage apply.
This is in response to Burns & Wilcox company senior vp, nationwide private insurance coverage apply chief Bill Gatewood.
“I have instructed our practice that if we receive a submission that we know a retail agent has sent to five other wholesalers, we’re just going to pull out the decline and then move on to the next one, because we’ve talked about the amount of time and resource that we have,” Gatewood stated.
“And that sort of transactional mentality just doesn’t work in a hard market like we’re in today.”
Gatewood spoke on the wholesale dealer’s digital P&C Market Outlook: 2023 webinar.
“I know retail agents are great at selecting the carriers they work with,” Gatewood stated. “In the E&S space, it’s got to be the same way.”
As for what brokers ought to look out for in a accomplice, Gatewood stated: “Find a accomplice that you simply belief, that you already know goes to do the very best job they’ll, and work with that accomplice, as a result of that’s the place we’re spending our time.
“We’re working with the retail agents who are partnered with us and we’re putting all of our time and effort into them and their clients, and so that shotgun approach just won’t work right now.”