About the Speaker Zander Galloway
Zander Galloway excel in crafting insurance and risk management programs tailored for middle-market companies. With a proactive approach, Zander deeply understand each business and the unique risks they face. This initial step is crucial for Zander to strategize long-term solutions that eliminate, reduce, and finance these risks. Zander Galloway's firm is not just limited to this; Zander also assist businesses with Employee Benefits and offer families vital services in Property/Casualty and Estate Planning. In essence, his firm aims to minimize risks for his clients and stand as a strong advocate during claims processes.
Takeaways from the episode
How Insurance Carriers and Insurance Brokers look at your Data?
- Culture of Safety and Risk Improvement: Insurance carriers prefer clients who not only look to mitigate risks at a given moment but also consistently aim to improve safety and risk management. Showing that a culture of risk improvement is deeply ingrained in your business makes you a more attractive client to insurance carriers.
- Insurance as Last Line of Defense: Insurance should not be the first solution to risk management. Rather, it's better to identify risks and mitigate them through various tools and processes. Effective risk management can also lead to reduced insurance costs over time.
- Ownership of Risk: Businesses, especially those on the medium to larger side with substantial premiums, should consider whether they want to own some of the risk rather than transferring it entirely to an insurance company. This approach becomes especially relevant when premiums are rising but losses are not occurring.
- Diverse Industry Needs and Carrier Specialization: No single insurance carrier specializes in every industry. Therefore, it's crucial to approach carriers that have an "appetite" for your specific industry. The experience and pricing can differ significantly between carriers.
- Alternative Risk Financing: Beyond traditional insurance, there are alternative risk financing mechanisms that businesses can consider, such as captives. The first step in considering alternative risk financing is to evaluate whether the business wants to own some of its risk. This approach might be more suitable for larger companies that can fund for potential losses.