Commercial Builders Risk Pricing Update Interview
As a special product update for the Commercial Builders Risk Plan insured by Zurich, US Assure Director of Producer Training and Development Mary Stiglic and Director of Underwriting Gina Newmans joined us in the studio to discuss the background for this change and what it means for insurance agents.
Read the Video Transcript:
Mary:
Hi, there. I'm Mary with US Assure. The industry has softened, and pricing tactics are highly competitive. Considering US Assure and our builders risk program began in the late ‘70s, we understand the market shifts more than any other provider.
And we've leaned in, with Zurich’s support. To share how we've recently adapted our commercial program, I'm here with Director of Product Underwriting Gina Newmans and I've got a lot of questions lined up to unpack what's changed.
Gina:
Thanks, Mary. I've got the answers agents need to understand how we're tackling today's reality, to offer them the best outcome for their client.
Mary:
Fantastic. Let's jump in. How is our underwriting team responding to the soft market?
Gina:
Well, we clearly recognize there's a shift in the market. And we've collaborated with direct to thoughtfully refine our approach. We're staying competitive where it makes sense, and we're remaining disciplined to protect the long term stability of the program.
Mary:
Well, that sounds like a very methodical approach at a high level. What's different about our pricing approach today versus before?
Gina:
So, we're being very intentional with our approach from the very first quote.
We are offering informed ranges instead of flat rates. And we're having earlier conversations. We're here to have relationships with our agents. And better conversations will always lead to better outcomes.
Mary:
Building strong relationships is always the best approach. How does this help agents earlier in the quoting conversation with their clients?
Gina:
So this gives our agents greater confidence when having conversations with their insureds. They can set expectations early and explain the value behind the quote. We want them to show their clients that they have a market that listens and engages well.
Mary:
Our customers shape everything we do. So this is just one example. Some markets chase price. How are we being intentional about not doing that?
Gina:
So we're focused on being competitive without losing sight of long term. We're still underwriting with discipline and we've stayed committed to the market. We've never exited that market. And that consistency ensures we remain a reliable solution for agents well beyond any soft market cycle.
Mary:
With almost 50 years experience, I guess we're here for the long haul. If an agent feels like a quote is close but not quite there, what would you encourage them to do?
Gina:
Don't count us out. Call our underwriters directly and let's review those project details together. We want to discuss the opportunities that may not be obvious from just the application.
Mary:
We are coming out of the gate strong, but it never hurts to give us a second look. Why should agents keep us in the conversation even in a crowded market?
Gina:
Zurich offers financial stability and flexibility. We offer direct access to underwriters that are dedicated only to builder's risk. It's our priority, and we're still going to be here supporting our agents and their clients long after the market shifts again.
Mary:
The takeaway here is simple. We're giving agents a stronger starting point and want to keep the line of communication open. To ensure we provide the best possible offer and provider for your clients.
Gina, those were some really good insights. Thank you for your time.
Thanks for joining us.
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