Marsh’s Olivia Bachelet talks auto, legal and claims, and more in this edition of Come See the Stars!
Come see the Stars! As part of our ongoing coverage of the best brokers in the commercial insurance space, Risk & Insurance®, with the sponsorship of Philadelphia Insurance, is expanding its coverage of the Rising Stars, those brokers who represent the next wave of insurance brokering talent.
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Here’s a conversation with Olivia Bachelet, associate client advisor, Marsh, and a 2024 Traditional Energy Power Broker winner.
Risk & Insurance: In which commercial lines are your clients struggling to put together adequate coverage?
Olivia Bachelet: From a casualty perspective, we are having trouble putting together adequate coverage on the auto. The reason being is that more and more excess carriers are requiring higher attachment points on the auto, which is requiring us to place auto buffers, since the primary carrier is not willing to provide more than a $1MM CSL (combined single limit).
We are also seeing primary carriers ask for higher SIRs or deductibles because of nuclear verdicts and claims that are causing loss trends to increase exponentially.
R&I: On the claims side, what’s working well and what’s not?
OB: Conducting recurring claims reviews both with Marsh and with primary carriers are extremely helpful. This gives all parties insight on where our insureds’ pain points are. This can then lead to more productive risk control meetings that focus on these issues, and the carriers can provide services that can alleviate their concerns.
Insureds are very keen on having a say when it comes to choice of counsel. Unfortunately, primary carriers will not allow for any input from their clients unless they take on higher deductibles.
Insureds form their own relationships with law firms and would prefer to use them, because they are familiar, but insurers are not willing to agree to that. This conflict causes a lot of tension and brokers are often caught in the middle.
R&I: Where do you see generative artificial intelligence making a difference in your team’s work?
OB: I see artificial intelligence serving a key role in policy, binder and quote checking.
This is a part of our job that bogs us down and prevents us from moving forward, especially when deals are coming down to the wire. Having AI be able to tell me in a few minutes every discrepancy would save so much time and allow for us to focus on other things.
Additionally, it would help us with potential E&O situations as well.
R&I: What advice would you give to a younger person that is seeking to break into this industry?
OB: Network, network, network! This is a relationship industry. The more people you know, the better opportunities you will receive.
Try to find some common ground with as many people as you can, and be bold but polite in your conversations.
People will remember you if you are humble but confident and show your true self. No matter how old or how young you are, never stop networking. &
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.