Insurance agents provide significant value to their customers, but talk of commoditization and disintermediation in insurance won’t go away. At its core, insurance is complex, and matching the right coverage to the each client at a competitive price has significant value.
We came across an instructive situation recently. A consulting engineer went to a web site to purchase professional liability and general liability insurance for his small business. He received a very competitive quote which he was inclined to buy. He was loyal to his agent, so he asked for advice. His agent turned to us for the professional liability insurance. The review did not take long – the quote was too good to be true. The coverage excluded the services he was providing. We provided an alternative that actually covered the services provided.
One of the roles of an insurance agent is to analyze the exposures presented and provide appropriate coverage, and Tennant Risk Services provides expertise to insurance agents & brokers supporting this process for professional liability insurance (E&O, D&O, EPL, Cyber).