What characterizes a good Financial Lines specialist?
We take the liberty of posting a definition in terms of a statement of criteria in need of evaluation. That is better than nothing. It might help you as a guideline. The more of those criteria apply, the better. If someone alleges being a specialist, you are free to ask some questions. Ask him to respond to your questions in writing. It does never hurt to be in a position where you can keep record of the selection process. If you are in doubt concerning the reasonability of individual criteria, you are always welcome to talk to us. This list in note form is by all means not self-explanatory. On the contrary, giving explanations on this would go beyond the scope here.
Starting point is the key product of the Financial Lines: D&O. Without D&O an integral service in the areas of Top Managers´ Defense Cost, Fiduciary Liability/PTL, IPO, EPL as well as with regard to Package Policies is impossible. Delimitation to E&O would fail regarding specific industries. Additionally D&O is the product, where the specialist steps outside the shadow of the generalist and the account manager to speak directly to the management of the client - at least if it is getting complicated or a potential insurance claim is at stake. Hence, D&O - seperately looked at - is in practice the Financial Lines product, where outsourcing or rather intervention of a specialist is most urgent and found most frequently.
A further consideration to start from is, which qualifications have the decision makers on the insurer’s side? In so far we refer to the chapter on Negotiations At Eye Level With The Insurer on the page Specialty Broker.