Urban Insurance Institute Gets New Member
NU Online News Service, March 27, 3:02 p.m. EST?A Baltimore insurer, created a year ago to sell coverage in urban areas, said today it is joining an industry group that promotes availability of insurance in cities.
American Skyline Insurance Company announced its membership in the Urban Insurance Partners Institute, a Chicago-based nonprofit organization dedicated to helping insurers have a presence in urban areas.
"The Urban Insurance Partners Institute has access to experts in targeting and writing business in urban markets that we as an individual company do not have," said Earnie Hines, president and chief executive officer of ASIC. "Even though urban areas are our focus, the institute can help us find new ways to serve our customers."
Besides its Baltimore base, American Skyline also has an office in Washington, D.C. The company counts more than 24 agents in the metropolitan areas of Baltimore and Washington, selling auto and homeowners insurance. American Skyline said it plans to add a small-business owners product within the next few months.
The company said it became interested in joining the Urban Insurance Partners Institute after participating in UIPI's national workshop on urban affairs last November.
"The formation of American Skyline shows the growing interest of insurers in focusing on urban areas," noted Suzanne Reade, UIPI president. "American Skyline adds another dimension to our discussions on urban markets and meeting consumer needs."
ASIC implemented a joint marketing effort with Harbor Bank of Maryland this month to further extend the company's reach in the urban marketplace. The company said it prides itself on offering products and services geared solely to cities, with local agents in each area.
"We've found urban customers have different wants and needs than other markets, and therefore we do business a little differently," said Mr.Hines.
For example, ASIC noted it offers a functional replacement cost homeowners policy to lower expenses for customers.
Consumers with older houses containing custom features, such as plaster walls and intricate woodwork, often are primarily interested in maintaining their investment by repairing damage instead of replacing the home's custom features, ASIC said.
"The functional replacement cost policy provides replacement with today's materials, which helps keep costs down for the customer," Mr. Hines said.
"The institute's urban affairs workshop enabled us to come up with some interesting new ideas that we hope to develop in the near future," Mr. Hines added.
UIPI will conduct another national urban affairs workshop in Chicago from Oct. 23-24. UIPI is funded by the insurance industry.
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