Agents and brokers are key players for public entities aiming to navigate changes during election season. Having the right carrier partner in place makes the job of the agent or broker that much more effective.
With each election cycle comes potential new leadership. And with new leadership comes both new business opportunities and key moments to reinforce your value to public entities.
Newly elected officials — from mayors to city council members to county commissioners — create opportunities to leverage relationships, explore risk management practices and assess goals for the incoming regime.
“Leadership changes allow you to adapt to potential shifts. Relationships may change, and this gives you a chance to reach into your network and expand your book of business,” said Diane Barr, VP and national practice lead for public sector services, at Travelers. “Agents and brokers should recognize this is a unique opportunity for new business and relationship building.”
With the 2024 elections in the rearview mirror, local, state and federal governmental agencies are preparing for leadership transitions. Insurance brokers and agents can be a huge asset: They are in a position to bring their knowledge and expertise to newly elected officials or they can demonstrate their prowess with public entities already on their books by reaching out to new leaders.
Below is a deeper look at these relationship-building opportunities that stem from election years, some ways brokers and agents help entities adapt to regulation and operational changes, and how to best utilize insurance partners through the transition.
Building Relationships
Perhaps the biggest opportunity is the relationship-building aspect of new leadership. Insurance is, after all, a relationship business, and having a smart, adaptable insurance partner during times of transition can make all the difference.
“Agents and brokers provide immense value by staying connected with municipal clients and proactively addressing potential insurance implications,” Barr said.
“As newly elected officials work to fulfill campaign promises, such as infrastructure changes or building a new fire station, savvy agents and brokers pay close attention and offer guidance. This is only made possible by the relationship they build with the new officials.”
Public servants have some of the toughest jobs — firefighter and law enforcement professionals come to mind — and all of them work for the betterment of their community and the people they serve. Insurance and risk professionals serve the higher purpose of protecting not only taxpayers, but the public sector workers that protect them.
“Cities and counties have set budgets and crave the expertise that agents and brokers can provide. Being a trusted resource for public entities is not only good for your bottom line but also rewarding, as you’re supporting public servants and their constituents,” said Barr.
An Agent’s Role in Transition
Establishing a good relationship gives agents and brokers the foundation to help public entities through the transition period after an election. There are always key areas to review, and these entities will likely be looking to update risk management strategies to meet them.
Primarily, with any leadership change comes operational updates.
“If new officials implement changes in municipal operations, such as new programs or shifts in public services, insurance needs might evolve,” said Barr. “For instance, expanding a public works program might require additional liability or property insurance. Another example — offering a new community service program within the parks and rec department or deciding to take operations in-house, like garbage collection. This can change liability and auto insurance needs.”
Elected officials might have different priorities for risk management and may decide to allocate their budget and resources differently as well. It’s another space where insurance agents and brokers can play a role, because changes in risk management priorities can influence the type of insurance purchased and the coverage levels that a city or county needs to address emerging risks or concerns.
“If new officials focus on different aspects of public safety or liability management, this could affect insurance needs. For example, if there’s a new emphasis on community policing or infrastructure development, this might influence the types of liability or property insurance required,” Barr said.
Further, new leadership could instill policy and regulatory changes to better align with their vision and operational plans. They may also decide to review existing insurance policies and claims. Insurance agents and brokers will play a vital role in addressing these initiatives.
Getting Ahead with the Right Partner
For agents and brokers looking to expand their reach in the public entity market, it’s important to prepare for local, state and federal election administration transitions in 2024 and beyond.
The best plan of action is partnering with the right carrier that can see them through this exciting time of opportunity and growth.
Underwriting public entity risks requires deep engagement with public officials to gain comprehensive understanding of risk management practices. The team at Travelers is well-versed in the needs of public entities and has a dedicated team focusing solely on this sector.
For agents or brokers who feel apprehensive about certain coverages particular to public entities, such as law enforcement liability or cyber insurance that covers a city, Travelers offers support, guidance, and extensive experience in the space.
“To bring value to the insurance buying process, agents need to understand claim trends, risk management techniques, policies, and procedures. This is where partnering with a strong carrier like Travelers is crucial. We provide dedicated underwriting, risk control, and claim services to support agents every step of the way,” Barr said.
“Our complex claim unit, specifically designed to handle severity and often high-profile claims, is equipped to deal with the intricacies of these cases including alleged constitutional violations. They have the expertise to navigate tort caps and immunity protection for public officials, ensuring that the city or county being represented is fully protected.”
“Ultimately,” Barr concluded, “we offer a range of resources to help agents and brokers succeed. We meet clients where they are, providing a one-stop shop for various lines of coverage, a broad range of products and different insurance mechanisms to suit their needs.”
To learn more, visit: https://www.travelers.com/business-insurance/public-entities.
This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with Travelers. The editorial staff of Risk & Insurance had no role in its preparation.
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $28 billion in 2016. For more information, visit www.travelers.com.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.