Interview Your Insurance Broker

So... your instincts & the Internet tell you to call 5 brokers to get the most quotes for insurance on your new home, or even the home you have been residing in for years. The thought, the more brokers, the more carriers, the more prices and options I will find.

STOP!!!

You actually create more work for yourself and the insurance advisors (agents) you contact because at some point we are all contacting and quoting the same carriers. A possibility does exist that some brokers have different carriers. However, if you are talking to established firms, likely they all have access to the High Net Worth Markets- Chubb, Pure, AIG, Vault, Berkeley One, CinFin. Therefore, I recommend interviewing the insurance advisor (agent) to determine if the individual and the firm are compatible and have the level of knowledge you feel confident working with them.

I would consider the following when interviewing an advisor and firm, 1) The office structure and team you will deal with 2) Who is the firm? 3) Do the personalities and work ethics and methods feel comfortable? 4) What is the experience in the markets of high net worth companies?

As I tell clients all the time, you can have the correct horse (insurance company) but the wrong jockey, (agent). Lastly, if you decide to speak to more than one firm/agent, all of us are compensated the same, so no one agent gets better pricing, just make sure each advisor is using the same coverages and rating criteria to make things fair for you and the insurance advisors. All that said, focus on the firm, and the advisor to be the most efficient in the process of hiring a new broker-

Robert Kerdasha

robert.kerdasha@assuredprtners.com

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