

Wholesale sector needs strong, capable insurers

September 04, 2024
By Karl Fischbach
Head of Broker Relations, Wholesale, Americas, AXA XL
The wholesale insurance marketplace provides efficient access to innovative and creative solutions for a growing number of difficult-to-place risks. In any market condition, strong relationships between insurance companies and wholesale distribution partners enable risks to find coverage and offer protection to keep businesses moving. AXA XL is proud to be among the world’s leading property and casualty insurers, with a long history of offering solutions to the wholesale sector.
What makes an insurer a good partner for insurance wholesalers? From our experience, and feedback from our wholesale partners, there are several characteristics. These include:
- Responsiveness. Receiving answers promptly is critical for brokers and their insureds. Time is of the essence in the wholesale sector, with insureds seeking to replace expiring coverage after failing to find a solution elsewhere in the marketplace. A good insurance company won't leave its distribution partners hanging; it will strive to respond and provide solutions as soon as possible.
- Product range. One hallmark of the wholesale insurance space is the diversity of risks it handles. A wide product range encompassing property, casualty, professional liability, and specialty lines is particularly helpful for wholesalers and their clients. Behind that range of products should sit a team with deep expertise across those various lines. AXA XL's Wholesale Insurance Solutions offers more than 40 different property, casualty, professional and specialty products, including both surplus lines and admitted solutions.
- Risk appetite. All insurers have appetites for certain risks, but the reality is risks have many different forms and nuances. Insurers with strong underwriting cultures look for solutions, even when a risk looks at first like it might not fit neatly into a defined box. A broad risk appetite, and the flexibility to offer primary or excess coverage for some risks, are other important traits of a good insurance partner in the wholesale space.
- Consistency. Some companies vary widely in their internal approach to underwriting risks in their portfolio, which leads to inefficiency and a dissatisfying experience for brokers and insureds. Inconsistency also is likely to cause confusion for stakeholders. A good insurer will follow a consistent approach in underwriting accounts, even when those are in different industries. Wholesalers should be able to expect consistency when they approach the underwriting team to seek coverage solutions.
- Claims service. An insurer’s financial strength is enormously important, but it’s just one factor in claims. Our inhouse claims team's tenure, expertise and service-oriented culture distinguish AXA XL as a claims service provider. Wholesale business routinely addresses complex risks, and claims in wholesale lines call for significant expertise on the part of the insurer.
We’re focusing on innovation to develop new products and solutions. Fostering talent and curiosity will help us keep thinking creatively.
Opportunities ahead
Risk never stands still, a fact that challenges the insurance industry to keep evolving. At AXA XL, we’re focusing on innovation to develop new products and solutions. Fostering talent and curiosity will help us keep thinking creatively.
We are also harnessing data and technology to make better decisions and deepen relationships with our clients and brokers. Not only are we using data and technology to develop tools that make it easier to do business with us, but we also are leveraging them to improve risk mitigation for our clients.
Risk is everywhere, but we see an endless set of opportunities to provide valuable solutions to the most challenging of risks, by working together with our wholesale brokers and clients.
*This article was first published in Business Insurance
About the Author
Karl Fischbach Head of Broker Relations, Wholesale for AXA XL’s Americas Insurance operation. He can be reached at karl.fischbach@axaxl.com
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