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VOLUME 21 | ISSUE 6
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INDUSTRY & MARKETS
Don’t Put the Cart Before the Horse
Robin Joshua—President, Echelon Insurance
Loss prevention and risk mitigation should be a key part of any risk management strategy and is an important complement to insurance coverage. At Echelon, this means ensuring loss prevention is top of mind with our brokers and customers before and after a policy is bound.
Bringing Prevention Expertise In-House
One way we’re taking a proactive approach to loss prevention is by bringing this expertise and knowledge in-house. We’ve built and continue to develop an internal Technical Risk Services team dedicated to providing expert advice to our key stakeholders. This team works closely with our broker partners, underwriting team and actuarial team to analyze the risks we consider. We believe in embedding loss prevention strategies and protocols across the entire customer lifecycle—whether a business is just beginning to look at insurance options, working with their broker to understand and compare various carriers or coming up for renewal at the end of their policy, loss prevention should play a key role in each step of the journey. The best way to keep risk mitigation and loss prevention top of mind with brokers and policyholders is to ensure we have influence and can contribute every step of the way. Bringing this expertise in-house was the best way to achieve this goal.
Using Loss Prevention Data to Find our Niche(s)
Our Technical Risk Services team is focused on doing a deep dive into the information and data available to pinpoint what works and what doesn’t when writing specialty risk. Bringing the expertise in-house helps us easily identify which characteristics of a risk are positive and which are negative to target the market accordingly. We use data and analytics to identify trends across industries. By leveraging the data we collect to forecast and benchmark, we can be proactive in our recommendations and strategies to better support our brokers and customers in mitigating risk.
One-Size Does Not Fit All
Another piece of Echelon’s loss prevention philosophy lies in our belief that no two businesses are alike. We believe in taking a consumer-driven approach to loss prevention by analyzing each risk on its own merit and tailoring our strategies and recommendations based on the risk we’re underwriting. As a Specialty insurer, the niche markets we serve come with their own nuances. By working with brokers who are aligned and share similar expertise in these markets, we’re able to provide an effective risk management service to our policyholders that helps them build safer businesses. We actively work to stay up-to-date with the latest trends, code, legislative changes and technology in order to remain relevant and successful.
Everyone Deserves Coverage
The entire team at Echelon is aligned in our belief that every consumer and business deserves appropriate and fair insurance coverage. Our goal is to partner with our brokers and leverage internal loss prevention expertise to provide comprehensive solutions at a fair and affordable price. We see our business as a multi-party partnership between Echelon, our brokers and our customers. Part of this partnership and collaborative prevention effort is our internal Technical Risk Services team leading the charge to understand what businesses are doing right and where they can improve to reduce their risk and loss exposure.
VOLUME 21 | ISSUE 6
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