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Insurance Placement Services: How to Secure the Best Coverage for Your Clients

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In 2024, the process of marketing clients’ risks and securing coverage is perhaps the hardest task of all for independent agents – especially in the midst of a hard market. That’s where the power of insurance placement services comes in.

As insurers continue to re-evaluate their appetites for various exposures, independent agents can find themselves tasked with providing more information than ever in submissions. Even when agents provide every bit of available data on a particular risk, there’s no guarantee that their efforts will be enough to provide adequate limits for an affordable premium.

Access to insurance placement services can provide a distinct advantage. Having expanded power to market clients and meet their coverage needs quickly and effectively is the most important strength agencies need in order to win business and keep their retention rates high.

Aligning with a network that provides insurance placement solutions gives your agency a distinct competitive edge.

In order to best market your clients’ risks, your agency must have access to as many markets as possible – and the agencies that can also leverage expert insurance placement services to aid with those placements will have a serious competitive edge.

Aligning with an agency network that provides insurance placement solutions to effectively market those risks on your behalf empowers you to concentrate on selling, rather than preparing and shopping proposals to carriers. However, only a select few agency networks provide this service as part of their membership offering.

“The Placement Team does all [of our] quoting for us; that saves me hours of work. What I pay for those services is well worth it.”
Marie Sullivan
Principal, Amelia Insurance Agency, Fernandina Beach, Fla.

Placement Team: Expert Assistance

Renaissance member agencies have access to the network’s Placement Team, a group of experienced commercial lines experts dedicated to delivering insurance placement solutions for our members’ clients.

Insurance placement specialists working at their desks

After gathering all available information on the client’s risk, our member agencies file submissions via Portico, Renaissance’s intuitive, proprietary tool designed to streamline the risk-marketing process.

Next, our Placement Specialists review the submission, refine it, and create a marketing plan, working with our carrier partners to determine the most appropriate carriers to consider and secure the best coverage for the customer.

With the ability to bind policies by using Renaissance’s master code, we provide our member agencies even more insurance market access than they already have. In those cases in which a member agency possesses its own direct appointments, our placement experts serve in a consultative role, directing our members to those of our carrier partners with the most appropriate insurance placement solutions.

Our Placement Specialists are available to review every submission, refine it, and help determine which carrier is best for the risk and the agency.

Market Match Streamlines the Submission Process

Market Match, a tool pioneered by Renaissance’s product and technology teams, provides a key advantage to our member agencies. By connecting risk-related data with placement data in specific geographies, Market Match shows, in advance, exactly which carriers have appetite for various risks – and reveals which ones will deliver you the biggest benefit for placing an account with them.

Plus, Market Match shows you which lines of coverage are most often bound with each type of client set, providing insight into cross-selling opportunities.

Market Match also keeps you up to date on the enhanced-revenue profile of each potential carrier, from average commissions to fixed overrides and potential growth bonuses.

Market Match can save you time on carrier selection, reduce the number of applications you need to submit, and increase your agency’s overall efficiency. This helpful tool is just one of the many technology benefits provided to you as a member of Renaissance to support your agency.

Learn more about how Renaissance’s Placement Team can boost your agency’s sales, help you gain new business, and improve your retention.

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About Renaissance

Renaissance provides market access, placement services, technology and resources for independent insurance agents that want to grow their business and maximize efficiency.

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Renaissance is a good fit for independent insurance agencies that:

  • Have a strong desire to grow commercial lines
  • Have a positive loss history
  • Are led by a licensed and experienced P&C insurance professional
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