By Glenn W. Clark, Publisher
During our inaugural Event – the “Declaration of Interdependence” meeting held at the Pennsylvania Convention Center in October 2015 – CHART introduced its exclusive Market Finder Facility. This initiative was designed to match program proposals submitted by domestic insurance agents with the risk appetites of the London Syndicates.
MARKET FINDER A PROVEN CONCEPT
The Market Finder concept was so well received last year that we decided to offer the service again during the Second Annual Event in Baltimore. The result was again successful; 420 pre-set appointments generating over two dozen new program opportunities for the London marketplace.
With the 2016 meeting now behind us, our team has begun the planning process for the upcoming year. Any new concept or idea we come up with must pass a two-tiered litmus test. First, it must be a value-added benefit for our members. Just as importantly, it must also help us achieve CHART’s primary objective: to expand the U.S./London marketplace through the identification and pursuit of new business production.
One viable new initiative scheduled for launch on 2017 will be a Market Finder-type facility specially tailored for existing Lloyd’s Coverholders. As you may already know, Coverholders are domestic program administrators who have been delegated the necessary underwriting authorities to transact business on behalf of London. These entities are recognized industry leaders within their unique product niche. How will the new facility function? First, participating Coverholders would be asked to complete a detailed questionnaire. What products and/or services are being offered? Are there any unique coverage features or areas of differentiation? What are the eligibility parameters?
The next phase will be to raise awareness of these product offerings to the independent retail agent community. A number of marketing methods will be utilized to get the message out: broadcast e-communications, media advertisement (both electronic and traditional hardcopy publications), direct response mail, and business-to-business telemarketing. Recipients will be asked to identify the products of interest to them, size of their existing business portfolio, and pertinent contact information. They will also be invited to attend the upcoming CHART Event scheduled for October 8-11, 2017 in Baltimore MD.
We will then begin the task of matching agent interests with the participating Coverholders possessing the most compatible business portfolios. Appointments will be pre-set to make sure that everyone’s time is optimized. Dedicated space will be set aside at the 2017 Event to help facilitate the meetings in a private setting.
OPPORTUNITY FOR COVERHOLDERS
The “value proposition” for existing Coverholders is two-fold. First, it provides them with the opportunity to augment their current distribution networks with new business sources. The retail agencies have been pre-vetted during the appointment process, allowing the meetings themselves to be much more productive.
Coverholders will also be given the chance to “pay it forward” by mentor insurance agencies new to the London marketplace. Entities with existing delegated underwriting authorities have prospered through their relationship with Lloyd’s. Mentoring gives Coverholders the opportunity to pass along their knowledge and expertise.
Interested in learning more about this newest member benefit? Send your questions to Glenn Clark at firstname.lastname@example.org.
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