As business owners we are constantly bombarded with recurring marketing advice telling us to promote our business and services in as many ways as possible, from word of mouth, to direct mail, electronic mail, websites and social media platforms such as Facebook and LinkedIn. The theory being that through one of these many channels you will connect with potential clients looking for your services allowing your company the opportunity to gain additional sales. I founded Sovereign in 2006 and embraced this advice which has allowed us the opportunity to grow substantially while helping our clients navigate the insurance procurement process. The services we provide are now being impacted, many times negatively, by your good marketing intentions.
Insurance company underwriters are naturally skeptical, requiring evidence of virtually every aspect of your business that they are contemplating insuring. As your intermediary to the insurance companies we work with you to frame your application in the best possible light so that we can obtain the best terms, conditions and pricing for your company. Historically, that’s where the process started and ended, but not in 2020. Insurance company underwriters are now required to evaluate all the material we present them, AND compare it to information that is publicly available through whatever means or media they can access. So here’s the problem, if what you make publicly available on your website or social media is not in concert with what we have created in our application the underwriters will in many cases simply close the file and decline to quote. In many cases your good marketing intentions of demonstrating a broad array of services to try and motivate new clients to consider your firm in fact motivate the insurance company to either close the file, or question our collective integrity, neither of which are good outcomes.
All businesses need to grow their revenue as all expenses associated with running a business escalate. While we encourage the utilization of multiple marketing channels to promote your business, we implore you to do so accurately. Take the time to regularly review what information you are making publicly available to ensure that it is consistent with what services you are actually providing. To do otherwise will make it more difficult for us to represent your company assertively, and obtain the best terms and insurance pricing on your behalf. We appreciate your business and look forward to continue building upon our relationship.
Founder and President
Sovereign Risk Solutions