Some in the agent world might say, "It's about time," but carriers have become more attentive to the needs of their independent agents because they realize it is a competitive differentiator.
The Deepwater Horizon oil spill disaster in the Gulf of Mexico could cost insurers up to $3.5 billion, Moody's said, but A.M. Best affirmed the oil rig owner's captive insurer rating despite the losses it faces.
But beyond the business, many agencies find satisfaction in knowing that they provide their communities with a much-needed service, especially in economic hard times.
Named as one of the best companies to work for in Texas in 2009, Roach Howard Smith & Barton (RHSB) is a full-service independent insurance brokerage with more than 75 employees and three office locations in Dallas, Fort Worth and San Antonio.
This year, The Hartford is celebrating 200 years of operation. AA&B spoke with Juan Andrade, president and COO of The Hartford's property and casualty operations, on the role independent agents and brokers have played in its success.
With a number of recent regulatory changes impacting the area of automobile claims, insurers should take stock of the requirements to help ensure they continue to remain compliant.