Author: Marcus Henthorn
In the current insurance landscape, public entities must navigate significant challenges to manage complex risks and secure appropriate insurance coverage. Effectively communicating your story to underwriters is the key to securing a successful renewal. Simply put, this storytelling not only shapes your risk profile but also plays a crucial role in determining whether you receive favorable pricing and coverage for your insurance needs.
Your data has a valuable story to tell, but raw numbers are only the beginning of the tale. Telling your story in an effective and compelling narrative can transform raw data into a persuasive description of your operations. This narrative will help underwriters clearly understand what they're insuring, eliminating uncertainty and generating the best renewal results that are in line with your organization's needs.
As a global leader in insurance brokerage and risk management solutions, Gallagher recognizes that your operational goals extend beyond balance sheets to the protection of your community and upholding the public's trust. This understanding forms the foundation of our belief that the renewal process should serve as an opportunity to highlight your core values and strategic goals. This approach evolves an insurance transaction into strategic decision-making, elevating your entity's risk profile and strengthening market support of your operations.
Why quality submissions matter
An insurance submission is more than a formality; it's your first and most impactful communication with potential insurers. It's an opportunity to move beyond raw data and present a comprehensive picture of your organization.
In an active market with many submissions, generic data alone can be insufficient to create meaningful differentiation. Insurers need reasons to prioritize your organization — to see beyond the surface and understand your unique risk profile and operational standards. A high-quality submission, showcasing a compelling and focused narrative, can significantly influence an underwriter's perception of your risk. This narrative can potentially lead to more favorable terms, broader coverage and, eventually, a more competitive premium.
Gallagher can help you achieve better results through our five-step process — tailored to the unique risks and needs of your organization.
Gallagher's five steps to improve your risk profile and tell your story
Step 1: Analyze your history
Using advanced data and analytics, we identify which factors are having the greatest impact on your risk profile. Our team examines your claims history, loss trends and operational patterns to uncover both obvious and hidden risk drivers.
This comprehensive analysis provides the factual foundation for your submission, ensuring that every recommendation is backed by concrete evidence that resonates with underwriters. When underwriters use guesswork to assess your operations, they're highly likely to price for the worst case scenario. Precise, comprehensive data eliminates speculation.
Step 2: Discover your goals
Next, we discuss what's most important to your business. Through in-depth consultations with your leaders, we'll understand your strategic priorities, budget constraints, operational challenges and growth plans. This collaborative discovery process ensures that our risk management recommendations align with your organizational goals and will result in narratives that can reflect your mission and values.
Step 3: Assess and prioritize
We assess and prioritize your current and potential risks based on both impact and likelihood. Our experts evaluate everything from traditional property and liability exposures to emerging risks like cyber threats and climate-related perils. We know that you don't have endless resources. This systematic assessment helps you focus on the improvements that will have the greatest positive impact on your insurance and risk financing outcomes while addressing your most critical vulnerabilities.
As an example of how this step translates into storytelling, we interpret the raw data and present a story that compels market support. Specific examples of this approach:
- Contextualize your losses: If you've experienced claims, clarify the mitigating factors, the lessons learned and the proactive steps taken to prevent recurrence. If contextualized and addressed appropriately, a one-off incident could become a testament to your responsiveness.
- Highlight positive trends: Showcase improvements in safety metrics, reduced incident rates or successful implementation of risk management programs.
- Benchmark against industry standards: Demonstrate how your entity's performance compares to industry averages, highlighting areas where you excel.
Step 4: Develop a customized action plan
We then create a comprehensive go-to-market strategy that positions your organization for renewal success. This step includes developing implementation timelines for risk improvements, identifying quick wins that can be communicated immediately and establishing long-term initiatives that demonstrate your commitment to continuous improvement. Our action plans are designed to show underwriters a clear path of organizational enhancement.
Examples of high-impact risk improvement areas:
- Claims management excellence: Implementing robust claims handling procedures, which reduce settlement costs and demonstrate proactive case management.
- Preventive maintenance programs: Maintaining detailed records noting regular facility upkeep, equipment servicing schedules and planned infrastructure upgrades.
- Safety training programs: Implementing of regular staff training and the tracking of resulting accident and incident reductions.
- Loss control programs: Developing and executing programs designed to minimize the impact of incidents when they occur — from property damage to liability claims.
- Financial controls enhancement: Strengthening internal controls and financial management systems that protect against fiduciary liability exposures.
- Emphasis on organizational wellbeing: Ensuring that your employees' health, safety and wellbeing contribute directly to a healthier risk profile. This improvement includes investment in wellness programs, robust HR policies and a culture of continuous improvement.
Every risk mitigation initiative should include baseline measurements, implementation details and quantifiable outcomes. This documentation acts as a powerful storytelling medium that proves your commitment to excellence and continual progress.
Step 5: Tell a winning story
Together, we'll tell your story to get the best coverage and price from insurance carriers. We'll transform the information we have developed — your risk improvements, operational excellence and strategic vision — into compelling narratives that help underwriters understand your value as a long-term partner. This collaborative storytelling process ensures that your organization's unique strengths are communicated effectively to the insurance marketplace.
Master strategic communication with the art of storytelling
Insurance brokers emphasize a crucial reality: Underwriters have exceptional memories. Every interaction, claim and conversation are likely to be remembered — which is why your story matters so much. Organizations can benefit from ensuring that underwriters remember the right things: proactive risk management, commitment to improvement and their value as a long-term partner.
Storytelling in the insurance marketplace isn't about fabricating tales, which would lead to a company being highly exposed to financial peril. It's about skillfully conveying the authentic essence of your organization in a manner that resonates with your audience, distinguishes your position and compels engagement.
The goal of mastering the art of storytelling is to shift the dynamic of your renewal. Instead of passively accepting renewal terms, the process positions your entity as a highly desirable risk, which prompts insurers to compete actively for your business.
How can Gallagher help?
The insurance marketplace rewards organizations that can articulate their value proposition clearly, demonstrate commitment to excellence and build authentic relationships with underwriters. Gallagher would welcome the opportunity to partner with your public entity to discover how strategic and clear storytelling can maximize your renewal outcomes while building lasting partnerships that drive organizational success. Our team combines deep industry expertise with innovative strategies to ensure your public entity's story resonates with underwriters and generates optimal results.
