(The following article was derived from Mr. Schmidt's presentation at the Sixth Annual Target Markets Program Administrators Summit, which was held in October in Tempe, Ariz.)
The key to success in program business is to develop a product that has a competitive edge, or “hook.” While the hook often is some form of coverage or underwriting expertise, there's no reason that it can't be risk control. Indeed, such services can offer program administrators an extremely effective way to differentiate themselves from competitors.
Certainly, risk control has been a major factor in the success of Glatfelter Insurance Group, which does business as both a retail agency and as a wholesaler. We've been involved in program business for close to 35 years. Our oldest program is VFIS, which is designed for fire departments and EMS operations. We also have programs for car washes, hospices and home health care organizations, rural special districts (water, sewer, irrigation, etc.) and public entities.
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