Insurance is never a popular or exciting topic of conversation. Honestly, most people are bored to tears by it and dread when it becomes a relevant issue in their lives.
Maybe they don’t have the confidence that they are covered properly.
Maybe they have had a claim that wasn’t covered the way they thought it should have been.
Maybe they are sick of paying premiums and NEVER having claims.
Maybe they think of greasy, dishonest, high-pressure insurance salespeople.
They aren’t alone. Most folks just don’t like insurance. Even though we work in the industry, we don’t like it either. We think people should buy as little as they possibly need (which doesn’t always mean as little as they can!). There is a temptation to just let your insurance renew—with the least amount of increased cost—and get it off your plate for another year. It’s also tempting to bid out your insurance every year or so, just to keep your broker honest.
Most insurers follow a similar script: Get coverage for clients, MAYBE look at some different coverages (maybe not!), and reach out when it’s renewal time to get that signature on the dotted line. Easy. Quick. Profitable (for the insurer). Expensive (for the client).
At BCF Group we like to look at insurance over time, across each coverage area.
Most insurance does renew annually, but what can we do over time to reduce costs for our clients and shift or eliminate their risk? What can we start this year that will positively affect them in the years to come? Are there pieces of their insurance that we can carve out (outside of the industry) to change the way they manage their risk? Are there facets that are affecting their premium (safety within environment, culture in business, training for drivers, etc.)?
What if we could reduce the insurance spend for our clients? What if we could change the way they view their role in buying insurance? What if their risks improve over time and they can see the difference in their businesses? What if they could sit back, relax, and know that BCF Group has this . . . ?
Exciting? Maybe (or maybe not—it’s insurance after all). Different? Most definitely.
At the end of the day, we’ll never love insurance or find it the next big topic at happy hour or a family meal. BUT . . . when disaster strikes, you’ll be relieved to have the proper coverage. And if it doesn’t strike? You’ll be grateful that it didn’t! And you’ll know that the coverage you have is at the best possible price for the coverage you need.