Helping businesses navigate today’s ever-changing insurance market has arguably never been more challenging for specialty insurance brokers.
Higher-than-normal inflation has led to rising replacement costs, and severe weather events are driving up premiums in many regions. At the same time, supply chain disruptions and labor shortages are contributing to business losses, increasing the need for more robust business interruption coverage.
These factors, among others, put businesses at risk of being underinsured and suffering losses that undermine what they’ve worked so hard to build. Specialty insurance brokers help businesses address these risks and act as trusted partners.
But brokers also need trusted partners. They need insurance carriers that deliver efficient and responsive service, have deep industry knowledge, and a strong track record of success.
Intact Insurance Specialty Solutions, a leading specialty insurance provider, combines agility with strength and stability to meet brokers’ evolving needs. It empowers brokers with tailored, purpose-built coverage solutions to better protect their clients.
“Today’s risk environment is evolving faster than ever, and brokers are expected to lead through it — often with fewer resources and higher expectations,” said Lynn O’Leary, EVP and COO, Intact Global Specialty Lines. “At Intact, we view our role as more than a carrier. We’re a partner helping brokers stay ahead — through insight, speed and solutions designed for what’s next.”
An Evolving Landscape of Complex Risks
Specialty insurance brokers face three key challenges.
First is identifying customized solutions to address their client’s unique risks, whether it’s finding a cost-effective cyber insurance policy for a technology manufacturing company or the right pollution liability coverage for an environmental contractor’s project. Many large carriers have scale but lack the flexibility, product breadth or multinational reach to deliver customized solutions.
Second, delayed responses from carriers and inexperienced underwriters make it harder for brokers to provide their clients with accurate and timely information, resulting in a drawn-out quoting experience. According to an Insurance Business America report, brokers prioritize timely responses, transparent communication, demonstrated expertise and a seamless online experience when working with carriers.
Finally, in a complex risk environment, specialty insurance brokers also face challenges related to tighter underwriting standards. Insurers are dealing with higher volume and more severe claims, especially in areas like cyber insurance where businesses are contending with increasingly sophisticated, AI-driven security threats. The cost of paying out claims also has increased, and insurers’ traditional approach to risk modeling may not be as effective in an unpredictable environment marked by frequent cyber attacks and extreme weather events.
As a result, underwriters may ask for more documentation from business owners. In some cases, they’re even raising monthly premiums for certain business segments or offering limited coverage for certain risk types. All of these factors mean specialty insurance brokers often have to navigate longer timeframes for quotes and more expensive or limited coverage options that fully don’t address their clients’ risks.
With a global network that includes access to 150 territories, 130 network partners, and more than 20 specialized insurance solutions across the U.S., U.K., Europe and Canada, Intact offers a powerful combination of scale, agility and strength to address these challenges and equip brokers with appealing solutions for their specialty clients.
A Unique Approach to Specialty Insurance
Intact’s team, which includes over 30,000 employees across 350 offices, encompasses specialty professionals with deep and diverse industry experience across underwriting, claims, risk control, and broker relationships.
Industry experts have named Intact a “best employer” multiple times, signaling the company has engaged employees focused on delivering the best service. Intact’s team features knowledgeable, service-oriented problem solvers with local expertise to answer brokers’ most complicated questions. They’re also connected to global counterparts, giving brokers the best of both worlds — personalized service with the reach and resources of a multinational insurer.
“Whether it’s underwriting, claims, or risk control, our teams are empowered to act quickly and creatively,” O’Leary said. “That agility — paired with our scale — allows us to support brokers not just with products, but also with meaningful partnership.”
Unlike one-size-fits-all policies, Intact provides unique coverages that address a broad range of industry-specific risks.
For example, International Bond & Marine (IB&M), a managing general agent, or MGA, owned and operated by Intact, delivers some of the most complex customs bond solutions in the U.S. market. In one instance, IB&M supported a broker whose client required a particularly challenging bond. Rather than relying solely on the company’s financial position, IB&M’s underwriting team took a comprehensive view of the risk. They evaluated the client’s liquidation history, long-term business strategy and the competency of the client’s customs broker. This holistic approach enabled IB&M to offer more favorable terms, a level of flexibility and insight rarely seen among other carriers. IB&M’s customized approach helped the broker secure the deal, address the client’s risk and demonstrate exceptional value — a win for everyone involved.
The specialty lines business at Intact has tripled in size in less than a decade, and examples like this show why. By leveraging the deep expertise of its businesses and specialists, Intact empowers brokers with the flexibility and confidence to meet even the most complex client needs.
Stability And Financial Strength
Intact had $24 billion in total annual operating direct premiums last year, demonstrating the company’s financial durability.
In addition, Intact’s products are backed by robust financial strength and a disciplined approach to underwriting. Even when market pressures push competitors to change, Intact focuses on the interests of the customer and broker.
“We don’t chase trends or take shortcuts.” O’Leary said. “Our strength lies in our disciplined approach — one that puts brokers and their clients first and ensures we’re built for long-term stability.”
As brokers help clients navigate challenges to find customized coverage solutions, they’ll need an agile partner with product breadth and diversity, knowledgeable, responsive service, and multinational reach.
In an evolving risk environment, Intact Insurance offers all the capabilities brokers need to protect their clients from tomorrow’s risk — today.
