An article in August 6 issue of The Standard about the coming competitive market in private passenger auto insurance featured comments from J. Bruce Cochrane, president of Renaissance Group. The article noted that between 55% and 60% of Bay State agents represent only one auto insurer.

"To compete effectively, Cochrane said, that will need to change, but therein lies a catch-22 - agents cannot attract new companies without the promise of new business, but cannot tempt new customers without a variety of coverage options. "You're sitting there with all your customers at risk," he told The Standard. "Your first course of action is to protect your book."

There are three points to competition, Cochrane observed - coverages, service and price. All 19 insurers that have long competed on service in Massachusetts should be expected to exercise their newfound right to compete on price, he said.

Agents have a "huge" opportunity to reconnect with their clients, but must understand the dynamics of the market have changed and they need to bring the sales skill back to the auto insurance market, Cochrane explained, They need to be able to explain all options, quote every single company for all clients and be ready to go out and drum up new business to replace the natural losses that will occur.

"Out of every crisis comes both chaos and opportunity," said Cochrane."

Posted by Renaissance Group at 11:37 AM | Permalink

Renaissance Alliance is featured in an article entitled A Great Revival by Dennis Pillsbury in Rough Notes. The article focuses on the many ways that Renaissance Alliance helps independent agents grow, prosper and stay independent. Here's an excerpt:

"Many agencies don’t have the wherewithal to hire a person for each function. What is needed is a jack-of-all-trades who can take over any position from the agency owner. However, few individuals have the diverse talents needed to handle all the functions required to have a smoothly running insurance agency. But, Bruce thought, a separate entity could hire a number of individuals with those talents and make them available to independent agents that wanted to get out from under marketing and administrative chores. Such a group could bring economies of scale to bear and could also provide marketing advantages by having a volume of business that would be of interest to insurance companies."

The Rough Notes Company has been providing news, information, and services to property/casualty insurance agents and brokers since its founding in 1878.

Posted by Renaissance Group at 12:50 PM | Permalink

Where Necessity Meets Opportunity: New Avenues Open for Agents
By J. Bruce Cochrane, President, Renaissance Group
Reprinted by permission, The Standard, November 3, 2006

An old adage asserts that out of crisis arises opportunity. Not all crises come paired with their own solutions, but a unique confluence of forces affecting Massachusetts’ independent insurance agencies is setting the stage for both a profitability crisis and the means to overcome it. Agencies that successfully weather this storm will be those who can foresee it, recognize the opportunity, and mobilize swiftly enough to take advantage of it. [ continue reading PDF ]

Posted by Renaissance Group at 3:23 PM | Permalink

Is there a natural disaster in your future?
by Janet H. Cochrane, COO, Renaissance Group
Reprinted by permission, The Standard, May 5, 2005

Those of us who live in the Northeast were fortunate to escape the ravages of serious weather-related disasters in 2005. From Katrina and Ivan to tornadoes and wildfires, many of our fellow citizens weren't as lucky. By all accounts, 2005 was a record-breaker in the sheer number and severity of hurricanes. But just because we dodged a bullet last year doesn't mean we can breathe a sigh of relief. Meteorologists are painting an ominous picture for the upcoming hurricane season which begins on June 1. [ continue reading PDF ]

Posted by Renaissance Group at 9:30 AM | Permalink

Generalist or Specialist? Meeting Challenges and Opportunities by Determining Your Agency's Structure and Goals
by J. Bruce Cochrane – President, Renaissance Group
Reprinted by permission, The Standard, November 11, 2005

Over the past generation, a mismatch has developed between the product needs of local independent insurance agencies and the insurers that supply those products. Twenty years ago, both insurers and their agents were generalists. National insurers that were committed to writing a wide spectrum of risks dominated the ranks of insurers. Agents generally marked out a local territory in which they would try to sell to as many clients as possible. Therefore, an agent’s need for a broad spectrum of risk transfer products was matched by an insurer’s ability and desire to provide a wide spectrum of risk transfer products. [ continue reading - PDF ]

Posted by Renaissance Group at 8:49 AM | Permalink

300 Attendees Focus on Solutions to Challenges Facing Independent Agencies

Wellesley, MA, October 28, 2005 -- Renaissance Alliance hosted its second annual meeting yesterday at Gillette Stadium in Foxborough, MA. More than 300 representatives from New England agencies, insurers, and vendors attended the event.

The purpose of the event was celebrate the phenomenal success to date of Renaissance Alliance and to provide a team environment for agencies, partner insurers, Renaissance staff, service providers, and guests to discuss challenges and opportunities facing independent agents. The day’s events included presentations, seminars, panel discussions, awards, tours of the Stadium, lunch, and a cocktail reception. Topics under discussion ranged from threats to agent profitability in a changing environment and the impact of natural catastrophes on insurance to the essentials of certificate issuance and the role of emerging technologies.

Speakers and presenters included:

• J. Bruce Cochrane, CEO and founder, Renaissance Group;
  
• Ronald Mariano, State Representative and Chairman of the Joint Committee on Insurance Services;
  
• Steve Nelson, Athletic Director and Head Football Coach of Curry College and Former New England Patriot;
  
• Brian H. Burke, President of B.H. Burke & Co.;
  
• Craig F. Stanovich, Principal of Austin & Stanovich Risk Managers, LLC;
  
• Frances A. Mancini, Esq., President and CEO of Massachusetts Association of Insurance Agents;
  
• Paul Little, Managing Director at Guy Carpenter; and
  
• John J. DiMartini, Senior Vice President Principal and Catastrophe Risk Management and Practice Leader, Towers Perrin Reinsurance

"The meeting was a testimony to the power of teamwork," states CEO Bruce Cochrane. "The Alliance has grown from a single member to what it is today in 5 short years. Nothing demonstrates the success of our collaborative efforts more than the fact that the members' aggregate loss ratio for three years is 44.5%. This is good for our members and partner carriers and demonstrates our commitment to the clients we serve."

Renaissance Alliance is a coalition of independent agencies, insurers, and service providers who work together to deliver "Best in Business" insurance services and products to personal and commercial insureds throughout New England. The Alliance is currently comprised of 46 member agencies with 61 locations in Connecticut, Massachusetts, and New Hampshire, and 24 national and regional insurers. Aggregate premium under management is $235 million, representing more than 185,000 policies for 112,000 personal and commercial accounts. Member agencies insure 2.6 percent of the total vehicles registered in Massachusetts. Renaissance Alliance is one of a family of companies in the Renaissance Group, which also encompasses more than $25 million in premium under management in The Renaissance Plan for Workers Compensation.

Posted by Renaissance Group at 8:35 AM | Permalink