Why Choose a Wholesale Insurance Broker
Improved Market Access
When an agent or broker mentions a wholesale broker, it usually refers to help with a risk or specialty insurance that is challenging to find in the retail insurance market. To give retail agents access to these marketplaces, wholesale insurance brokers have specific knowledge of carriers and insurance firms.
Quickness and Effectiveness
Wholesalers can enter the market more quickly than someone with less experience due to their adaptability. These brokers occasionally have superior access to certain insurance markets, and access can be quite helpful when dealing with potential difficulties.
Solid Connections
Most wholesale brokers offer specialized insurance policies and typically work with non-admitted, surplus lines carriers. These carriers are not licensed by the individual states which allows them to offer specialty coverages, quicker turnarounds, a more open structure, and premium flexibility. Having a retail broker work with a wholesale broker may prove to be very beneficial when dealing with difficult risks as well.
Expertise
Wholesalers see every product on the market, which gives them a deep understanding of the industry. They establish relationships with carriers to gain a full understanding of products and services they have to offer.