How to Partner With Financial Institutions for Builders Risk Insurance

How to Partner With Financial Institutions for Builders Risk Insurance

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3 min

Hi there. Guess who lost a bet with the video production crew? This costume isn't just for filming. I get to wear all day. Oh, yeah. “Gobble, gobble, gobble. Watch me do my turkey dance.”

Autumn in Florida means mid 70s, and I'm roasting like the main course at Thanksgiving. So let's get to it. Did you know your peers are networking with lending institutions for builders risk leads? This wise turkey has some pointers to help you get a foot in the door and demonstrate your expertise.

Keep in mind finding the right lender probably won't happen overnight, but persistence pays off.

First, know what type of builders risk accounts you want to target.

Do you want to secure commercial developments? New home construction? House flippers?

Let's assume you want to specialize in insurance for hotels. Learn everything you can about hotels, pain points buying process, decision makers, network at community events and chamber meetings.

You can't beat face-to-face connections, and a good agent friend once told me, “It's not who you know, it's who knows you.”

So, talk to everybody. After all, you are in sales.

Get involved with organizations like the American Hotel and Lodging Association. You'll probably meet a few bankers there, too.

Next, research banks in your area with proven track records and financing those construction projects from national and regional community banks to credit unions in your area. So, for example, we might research banks specializing in commercial construction loans.

OK, so you've got your foot in the door. Now what?

1. Remember, this is a two way street. Of course you want leads, but make sure you're sending prospects to the bank, too.
2. Build trust and be a reliable insurance advisor to your banking contacts. Help them understand how policy terms and construction timelines work.
   
   For example, when coverage begins and the significance of securing a policy at the right point -- before construction begins, but not so far in advance that the time eats away at the policy term.
   
   Keep bankers in the loop about insurance changes and solutions that demonstrate you have their interest in mind, too.
   
   For example, offer coverages they may not have considered like vacant land policy ‘til construction starts and renewable builders risk policies in case construction is delayed.
   
   
3. Just like any relationship, checking in just once a year with a business contact ... probably not going to be enough. You know the saying, “if you want a friend, be a friend.” Take your business contacts to lunch. And don't just talk shop. You want to make a true connection.

All right. I got to go parade my turkey outfit throughout the office. What bet did I lose?

Let's just say I'm not the darts expert I thought I was. I blame it on liquid courage. ‘Til next time.

This is intended as a general description of certain types of insurance and services available to qualified customers. Any description of policy provisions is meant to give a broad overview of coverages and does not revise or amend a policy. Refer to the policy coverage form for a complete representation of the scope of coverage, terms, conditions, exclusions and more. The policy is the contract that specifically and fully describes your coverage. Some products may not be available in all states and may only be offered on a non-admitted basis. Product availability is subject to change.