Program business should be all about having a harmonious relationship between the insurance company and the agent or program administrator. Sound right? The reality is that most insurers, even if they have a program operation, are reluctant to turn away similar business from other distribution sources. Many carriers often have a generalist underwriting approach or an open distribution model, neither of which supports program exclusivity.
“Program managers have enough to think about, such as building their book and providing their customers with high levels of product and service,” says Rich Suter, divisional president for Great American Alternative Markets. “Having their program cannibalized by their own carrier is an unnecessary setback and distraction that can be avoided by teaming up with a specialty program provider like Great American.”
When it comes to exclusivity, a specialty carrier like Great American has a distinct advantage over general commercial markets. Suter notes, “We are pleased to provide our program agents a high level of territorial and/or class exclusivity. This is often strengthened with unique forms that are only available for use by our administrator. Losing business via broker of record letters is something our agents do not have to worry about. This means Great American can offer the program and program manager significant franchise value.”
If you wish to learn more about how programs can be tailored for the needs of your clients, reach out to Great American Alternative Markets today at GAIG.com/Programs.
Great American Insurance Group, 301 E. Fourth St., Cincinnati, OH 45202. Policies are underwritten by Great American Insurance Company, Great American Assurance Company, Great American Alliance Insurance Company, Great American Insurance Company of New York and Great American Spirit Insurance Company, authorized insurers in all 50 states and the D.C.