Matt Domitrovich on Excess Transportation: “We Have Our Clients’ Backs”August 19, 2016
Matt Domitrovich is Senior Vice President – Transportation Team Leader at Worldwide Facilities’ Chicago office. A specialist in excess auto and excess transportation, Matt is an expert contributor to Insurance Business America. We asked him some questions about the unique challenges insurance agents face in placing risk and selling policies in excess transportation.
What are the most common questions agents have in excess transportation?
Most of our agents want to know what the market is doing, particularly inside the first $10 million. They want to be assured that we are going to help them find solutions on accounts where they need to replace coverage or carriers.
My answer is always that the market changes all the time based on a variety of factors. Our job is to be on top of these changes and effectively use them to assist our clients in excess transportation placements.
We have our clients’ backs and we’re going to work as hard as we can to ensure they have the best deal possible. Some view the changing market as an issue; we view it as an opportunity.
What are some of the major challenges agents face in placing this type of risk?
They’re facing challenges right now with some major market changes and increasing renewal costs.
The goal is to communicate the changing market conditions and market appetite to the insured so there are no surprises and to make sure we get them adequate coverage for the best available price.
People sometimes miss what this situation truly is. It’s an opportunity to stand out in a trying time and show people what you’re made of.
What are the difficulties agents deal with in selling this type of insurance?
Capacity is somewhat limited. The market is hardening in this space and there are some clients who still expect to get the rate of 12 months ago.
Can you provide an example of a memorable question an agent asked you about this type of insurance?
Our clients always ask us, “Can you help me or can you get this done?” My answer: “Absolutely, we’ll get it done for you.”
For more information, contact Matt Domitrovich at firstname.lastname@example.org or (312) 465-5304.