‘The industry is yearning for more holistic risk management’, says the CEO
By means of
There is a need for more insurance practitioners to rethink how the industry protects clients through policies and services, according to Andy Bassett (pictured), CEO of Ellerbrock-Norris, who spoke to Insurance Business after to change his company.
“The industry is yearning for more holistic risk management,” Bassett said.
“I think, from a consumer point of view, there is a lot on the part of the agent, broker and distribution channel that is more focused on selling a product.”
“Consumers understand that the risk is much greater than just buying an insurance policy”
Ellerbrock-Norris recently revealed that it has undergone a rebrand, adopting the tagline “Protect Your Purpose”.
Over the past 15 years, the company has gradually transformed from a traditional personal lines and business insurance provider to offering a breadth of risk management solutions.
“Consumers understand that risk is much bigger than just buying an insurance policy and are looking for companies to help them identify what risks and opportunities exist in their businesses and personalize those solution,” Bassett said.
For Ellerbrock-Norris, providing expanded solutions for clients, whether personal or business, revolves around the mantra “My Business, My Life, My Future”.
This is most evident in looking at what a client’s goals are to accomplish professionally and personally, creating products and services to address those concerns by tapping into a variety of resources.
This includes insurance, safety, employee benefits, key personnel, recruitment and retention, succession planning, business exit planning, contracts, and more.
“Shifting this mindset gives companies interested in holistic solutions the foundation to help build success in all of these areas,” Bassett said.
“We all have a purpose in life, especially business owners, and identifying and developing strategies to protect that is important.”
Ellerbrock-Norris CEO to move beyond the purely transactional
Bassett said he believes that while there is still a consumer base looking for quick and easy policy buying experiences, there is a growing clientele looking for more.
“If you rely on insurance as the only lens through which you view risk, then there are many challenges ahead,” the CEO said.
This is especially true in today’s market, which has seen rising rates, reduced capacity, as well as restricted terms.
“People are paying more and less,” Bassett said.
To protect clients from current market challenges, they will look for strategies outside of insurance to manage risk.
“They will be able to contain costs and control things outside of the actual insurance market allowing the insurance industry to control their costs,” Bassett said.
This changed mindset opens up the opportunity for insurance companies to expand their resources and play a more advisory role for its clients.
Remain independent in a challenging environment
As the industry consolidates due to rampant M&A activity, it becomes more difficult to remain independent without first planning the internal business structure.
“When people don’t have a solid continuity plan and suddenly the outgoing partner is in a position where they’re trying to leave the company, selling to a third party seems like the only way to move on.” a business,” Bassett said.
Add in the high multiples, and joining an acquisition can seem very attractive.
“However, I think that being independent creates more opportunities than challenges, if you do it right,” Bassett said.
“We fully understand how to build a structure that can develop independently, and we can use our own experiences to guide our clients who do not want to buy because of external pressures,” said said Bassett.
Additionally, clients may be attracted to working with other like-minded businesses that understand the value of remaining autonomous.
“Those who want to remain independent and a part of their local community are looking for advisors who are on the same page,” Bassett said.
Keep up with the latest news and events
Join our mailing list, it’s free!