WHAT WE DO
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Program Component Outsourcing
"Outsourcing" involves managing only certain parts of a product’s needs on behalf of an insurance carrier or broker who is unable to effectively maintain those responsibilities. Our value proposition in this case varies with the type of firm in need as outlined in the examples below:
- "XYZ" Insurance Company has committed internally to focus on sporting event liability. It has created the underwriting and rating plans, prepared the claims department and made filings with state insurance departments. Yet it lacks the resources for effective distribution of the product. Mainstay would take on this responsibility by integrating the product into its established distribution network.
- "ABC" Insurance Broker holds a seat on the board of a Municipal Port Authority. This particular port is a member of an association of ports in California. The broker seeks to offer a standardized program to members of the association, but lacks the expertise to develop the product. Mainstay is equipped to partner with this broker in creating a custom product well-suited to this group. The broker can leverage our expertise and differentiate themselves from their competition.