Placing a Wrap: The Marketing Strategy
After you’ve built the market submission with your broker the next step is to develop a marketing strategy.
The marketing strategy for a Wrap-Up is designed to not only secure the best possible program terms but to build strong, long-term relationships between you, the project owner, and the insurance carriers.
During this phase, you work with your Wrap Broker to determine which carriers should be invited to quote on the Wrap Program. When discussing which carriers should be approached, your broker will:
- Review each carrier’s backgrounds
- Explore additional market opportunities with emerging carriers who have demonstrated a growing interest in Wrap placements
This will ensure that you have access to the most comprehensive coverage options available.
Throughout the process, your broker conducts regular strategy meetings with you based on the evolving project details or changes in carrier risk appetite. Your broker will engage in proactive communication with underwriters, addressing any questions, and providing additional information as needed to position you as an ideal risk.
Once the list of carriers has been determined, the last step of the marketing strategy phase is to release the submission to those carriers. This gives the carriers a couple of weeks to review the submission ahead of any meetings.
Having TSIB as the Wrap broker with our extensive experience in marketing Wrap programs, combined with our established carrier relationships, ensures you will be presented in the most favorable light. If you have any questions regarding your upcoming project and looking to make it a Wrap-Up, reach out to TSIB and speak with one of our Wrap-Up Consultants.
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego Countyimage credit: shutterstock.com/g/dgneer
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