Dario Spata is CEO of Iberian Insurance Group President of Asase, appears in the magazine MEDIADORES DE SEGUROS with an interesting interview. We leave here the beginning of the talk and a link to the full interview.
Subscription Agencies, a great alternative
What does it mean to work with a subscription agency? Many people ask us subscription agencies (hereafter, AS) this question, and although it is not easy to answer, there are many ways to answer. Mostly, depending on who is asking. Therefore, I will distinguish whether the question is asked by an insurer, a broker or a client.
From an insurer’s point of view, why decide to open this “channel”? When a company decides to work with underwriting agencies, it is not simply to make more production (which is also the case). There are certain relevant points that give the agreement a raison for being:
· Agencies reach a market that large companies do not, either because of the degree of specialization of the AS, their agility, their proximity.
· The company may lack experience in a product, but it does not have to give it up, since it can benefit from the know-how of the SA to work on it.
· They provide production without increasing the workload or the company’s structure.
· Another option is for the company to devote all its resources and efforts to a higher risk segment, without giving up anything. That is, in limits and high premiums, which are more profitable and at the same time more claims intensive, leaving the lower premium in the hands of the AS.
· Perhaps the most important reason, when we talk about a European insurer with no presence in Spain, is the underwriting of its products in a country where it is not present, and whose entry into the hands of an AS is simple, fast, economical and, very possibly, successful.
To see the full interview, CLICK HERE.
