The Problem. There’s a 2,600-unit condominium complex with 30 different condominium associations. We already insured six of them, and the other 24 received insurance premium increases from their incumbent insurance carriers on the magnitude of 40 to 80 percent. The renewals were coming up within five weeks when I found out about the issue.
So we had both an opportunity and a massive challenge. The opportunity, obviously, was to write 24 new clients; the challenge was to get quotes for five to seven different policies for each of 24 different condominiums, negotiate them, get them presented, address questions, and hopefully, bind the new insurance, within a 5-week period.
The Epiphany. I realized that I didn’t want to lose this opportunity to write 24 new accounts in less than five weeks. We immediately mobilized a team from our staff to gather underwriting information from the condominiums and the property managers. Also, we have very strong relationships with the insurance carriers that I felt could give these condominiums proposals that would offer equal or better coverage, and at premiums that were less than the 40 to 80 percent increases they faced. So it was a matter of leveraging those relationships immediately to put the gears in motion.