WHAT WE DO
- Are you a retail broker with a strong package solution for a specific industry, but without a unique umbrella/excess product to compliment the package?
- Would you like to differentiate yourself from the competition by offering umbrella/excess with higher limits and tailored coverage?
- Would you like to realize higher retention rates and increased new business flow through customization of your umbrella/excess products?
IF THE ANSWER TO ANY OF QUESTIONS IS YES, A PARTNERSHIP WITH MAINSTAY'S STRATEGIC UMBRELLA DIVISION CAN HELP YOU!
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Many believe the U.S. legal system is spiraling out of control. The average jury award has tripled in the past 20 years. This trend continues to drive the cost of excess liability insurance higher while limiting the amount of capacity available in the marketplace. Given the current condition of the American legal climate, and the lack of strategic focus by brokers for this line of coverage, Mainstay’s Strategic Umbrella division was created to improve design and differentiation of retail broker excess/umbrella products.
We direct our attention toward two specific areas:
- 1. Retail brokers that maintain a specific industry focus
- By targeting specific industries, some retail brokers have accumulated a large group of package policies for the same class of business. For instance, a regional broker in San Diego, CA manages a large block of small manufacturers on the West Coast. While their package product is competitive and well suited to their target insured, their umbrella placements lack focus. The coverage is placed individually, with multiple markets and often comes without many of the features and benefits derived from specialization.
- Mainstay would create an umbrella product better suited to their manufacturing clients. By collecting and analyzing various types of data and articulating a profitable strategy to supporting carriers, a focused umbrella facility would result, more effectively equipped to compliment the broker’s package business with greater capacity, lower cost and more efficient workflow.
- 2. Generalist retail brokers
- Other retail brokers are pure generalists. Their strategy involves less specialization which long-term results in a broadly diversified book of business, made up mostly of unassociated classes of business. Similar to the situation above, these generalist focus the majority of their attention on the primary lines of business; property, liability and workers compensation.
Mainstay partners with these retail brokers to develop a consistent umbrella strategy based on differentiation and improving their overall competitiveness. Any time a product distributor can specialize themselves, or access a provider that is specialized, added value results. In this case, value to the retail broker and the insured, found again in the form of greater capacity, lower cost and more efficient workflow.
To learn more specifics on how Mainstay's Strategic Umbrella division can help you, please click on the "Contact Us" tab above to reach us.