Tips on how to be proactive about threat administration of home insurance after a pandemic – insurance business
Insurance brokers and brokers are uniquely qualified to manage their clients' lifestyles, and with post-pandemic planning in full swing, now is the time to advise clients on strategic risk management, she suggested.
Often times, customers do not think about telling their agent that they have upgraded their home or that they want to buy another property. "We need to ensure that there are proactive discussions between insurance companies, insurance agents and customers," Lindsay told Insurance Business.
Some customers may want to move to disaster-prone areas after the pandemic without realizing that getting insurance can be more difficult depending on your location. Recording conversations about flood control or the benefits of having a reasonable fire-resistant environment around the home will benefit customers from a personal safety standpoint, and the precautions taken could help reduce the amount of damage that could occur in the worst case scenario .
"A broker's main job is to make sure they spend as much time helping their client avoid harm as making sure they have the best insurance program available in the event of a claim," said Lindsay.
"You [a customer] are taking a more insurable risk in the eyes of an insurance company," said Lindsay, "in the tight insurance market, you want your customer to be at the best risk, which is more likely when you have mitigation strategies as compared to to someone who has none. "
Brokers and agents should take advantage of the current climate, contact customers prior to renewal, assess liability risks, and work together to make wise decisions after a pandemic. Tailoring it to the needs of customers reduces the risks of home insurance and promotes a healthy, long-term relationship in the future.