In the latest episode of IBTV, Insurance Business sat down with Saray Uribe, the CEO of CharSan Insurance and Consulting. CharSan was recognized as one of Insurance Business’s Fast Starters of 2023 for its rapid growth and unique approach to navigating the insurance industry.
Uribe highlighted some of the challenges facing construction insureds as part of the interview. One major issue is insufficient coverage which can lead to higher bills at the end of the policy if businesses are not properly covered. This can also result in claim denials, rate hikes, or other complications if the correct class codes are not accurately applied
CharSan was established in September of 2020, and, despite being a young firm, Uribe has ambitious goals for the future. One of her aims is to educate clients about the value of insurance as protection, rather than just an expense. She highlighted the value of addressing the needs of the community, working with them, and providing connections, service, and building relationships. She believes that the best way to build a strong firm is to be local, authentic, and accessible to the people in your area and to people who require your services.
What sets CharSan apart from the competition is its specialization in construction and commercial accounts, she said. Instead of offering a wide range of products, CharSan focuses its efforts and expertise on this specific sector. By focusing on a particular niche, and investing its interests in the community, CharSan is able to provide a highly personalized service to its clients. Being a local agency, CharSan has extensive knowledge of the contractors, subcontractors, policy requirements, and more within the community, as well as an ability to understand and fulfill the unique needs of construction companies.
Uribe predicts that insurance premiums will continue to rise for customers. Market conditions such as ongoing hard market and inflation, combined with carriers imposing tighter restrictions are resulting in higher premiums. Contractors are seeking greater protection and policy endorsements, further contributing to increased costs. Although it sounds daunting, it’s essential for customers to understand the reasons behind these changes and the vale of comprehensive coverage.
To learn more about Saray Uribe and CharSan Insurance & Consulting, click here to watch the full episode.