Refreshing Insurance Coverage for 2025: A Broker’s Guide to Client Success

By Michael Whibley, President, Excess Underwriting

As the calendar turns to a new year, it presents a unique opportunity for brokers to strengthen client relationships and reinforce the value of their expertise. Insurance is not static; clients’ needs evolve, and so does the risk landscape. The beginning of the year is an ideal time to encourage your clients to review and update their policies, ensuring they have comprehensive and relevant coverage.

Here is a strategic guide to make these conversations meaningful and impactful:

1. Frame the Conversation: Adapting to Market Changes

A softening market often leads to price-focused decision-making by clients. As a broker, you can shift the narrative by highlighting how an annual review ensures their coverage keeps pace with evolving risks and market dynamics:

• Price Adjustments: While premiums may decrease, it’s vital to assess whether current limits and endorsements remain adequate.
• Increased Competition: Clients may be tempted by lower-priced alternatives. Position yourself as a trusted advisor who offers value through expertise and personalized solutions.
• Emerging Risks: Cyber threats, climate-related exposures, and shifting liability trends necessitate fresh discussions.

By framing the review as a proactive response to market conditions, you build trust and reinforce your value.

2. Spotlight Coverage Enhancements

As a broker, your insight into the latest market trends and product offerings is invaluable. Share tailored suggestions with clients, such as:

Personal Lines

• Home Insurance Updates: Discuss rising rebuild costs and whether their policy’s replacement value aligns with current construction prices.
• Auto Policy Enhancements: Explore optional coverages like accident forgiveness, roadside assistance, or winter tire discounts.
• High-Value Items: For clients with valuable art, jewelry, or collectibles, suggest scheduling these items separately to ensure full protection.

Commercial Lines

• Cyber Liability Coverage: Small businesses are increasingly vulnerable to cyberattacks. Propose standalone cyber policies or endorsements.
• Business Interruption Insurance: Many businesses learned during the pandemic that their coverage didn’t extend to certain contingencies. Reassess policies for comprehensive protection.
• Professional Liability and E&O: For service-based clients, ensure they’re protected against the increasing prevalence of litigation.

3. Encourage Transparency

Clients may not always volunteer significant changes in their personal or business lives. Asking open-ended, specific questions can uncover hidden risks:

• Have you undertaken major renovations or acquired high-value assets?
• Has your business expanded, added new services, or entered new markets?
• Are there new technologies or processes in your operations?

Position these questions as part of a collaborative effort to safeguard their future.

4. Use Real-World Scenarios

Stories resonate. Share anonymized examples of claims or situations where clients faced significant losses due to inadequate or outdated coverage. Whether it’s a homeowner underestimating rebuild costs or a business suffering a costly cyber breach, these anecdotes underscore the importance of tailored insurance solutions.

5. Leverage Technology

Streamline the review process by utilizing digital tools and platforms:

• Offer virtual consultations for convenience.
• Use risk assessment tools to identify gaps in coverage.
• Provide personalized recommendations via email summaries, ensuring clients can review options at their leisure.

6. Highlight Cost-Effective Solutions

While many clients are cost-conscious, they also value peace of mind. Emphasize strategies to enhance coverage without significantly increasing premiums:

• Bundling home and auto policies.
• Increasing deductibles to lower premiums.
• Exploring discounts for safety upgrades, such as alarm systems or sprinkler installations.

7. Position Yourself as a Trusted Advisor

The broker-client relationship thrives on trust and expertise. Demonstrating genuine care for their evolving needs fosters loyalty and opens doors to referrals. A new year’s review is an opportunity to:

• Educate clients on emerging risks and industry trends.
• Reassure them that their policies reflect their current lifestyle or business operations.
• Show your commitment to protecting what matters most to them.

A new year symbolizes fresh starts, and for brokers, it’s a chance to reaffirm their value. By guiding clients through a thoughtful policy review, you’re not just selling insurance—you’re delivering peace of mind and demonstrating the proactive care that sets you apart.

At Excess Underwriting, we’re here to support brokers in delivering unparalleled service. Contact us to learn more about innovative coverage solutions and tools to help your clients thrive in 2025 and beyond.