With the rate increases and the lack of coverage availability, we know you’re feeling the pressure with both selling products and retaining clients during this hard market. Additionally, you may be facing commission cuts and even terminations as carriers try to cut costs.
ACTION: information is imperative
PIA Northeast is trying to gauge exactly how things are going in our members’ agencies. It is imperative that all our association members and their agencies’ staff members take the PIA Northeast market survey to let us know how their agencies are being affected. When meeting with the state insurance departments, this information is crucial to us so we can discuss these important issues affecting your business—and the clients you serve—with state regulatory representatives. We need a true gauge of what is happening on the front lines.
Communication with your clients is key
Keeping in contact with your clients is always a priority, but it is even more so in the current sales climate. In a hard market, it may not be enough to be on time when notifying clients of changes to their policies. It’s time to be proactive. Nobody wants to be blindsided by a rate increase notice from their carrier! It’s a good idea to send your clients a notice that:
- their carrier is submitting a rate increase request to the state insurance regulator,
- explains why this is happening,
- outlines what it means for them, and
- reminds them that a request does not always mean an approval of that amount.
Staying ahead of the game can help ease your clients’ anxieties—let them know that you have their backs, and tell them you’re on top of it. Members should takea look at QS91077—Don’t shoot the messenger for more tips on how to handle communicating rate increases to clients.
Maneuvering the treacherous landscape
PIA Northeast has been working hard to create resources to keep your agency staff members calm and professional when dealing with client concerns. In the QuickSource library, members can access:
- QS91098—Agent talking points: Your premium is increasing. Here’s why
- QS91105—Why is my insurance being affected by the hard market?
- QS91106—Hard market sample client letter
PIA’s Market Transition Tool Kit offers association members ample information on navigating the treacherous landscape of the hard market.
For information on the current hard market and additional resources, you can visit PIA Northeast News & Media, and click on the “Hard market” tag.
PIA is here for you! If you have a specific question, please feel free to contact PIA’s Industry Resource Center at (800) 424-4244 or email resourcecenter@pia.org.
Shirley Albright, CPIA, CISR
Shirley Albright, CPIA, CISR, has been a cornerstone of PIA since joining the association in 1983. Over the decades, she has contributed meaningfully across numerous departments, demonstrating unwavering dedication and leadership. In 1995, Shirley played a pivotal role in launching the Industry Resource Center, where she led the development of a comprehensive software system designed to log and manage all incoming and outgoing member inquiries—an innovation that transformed the center’s operational efficiency. As director of the Industry Resource Center, Shirley oversees the center’s daily operations, including the triage and resolution of thousands of member inquiries and multiple database updates, ensuring timely and accurate support across the organization. Her industry accomplishments include earning her New York state property/casualty broker’s license and has obtaining the CPIA and CISR professional designations, underscoring her deep expertise and commitment to excellence in the insurance industry.
