Industry

Key Points
Industry Links

Key Points About Our Industry

  • First, our member firms are in the commercial/business insurance industry, but they are not insurance companies.


  • Our member firms are brokers/agents of commercial/business insurance; they are intermediaries between:
    • their clients, which are businesses of all sizes and types, and
    • the insurance companies that provide policies and coverages for their clients.

  • This is the process (simplified) that our member firms apply:
    1. Analyze a client’s or prospect’s business risks and exposure to loss.
    2. Submit the risks and exposures to insurance companies, which then present a proposal with the coverages they would provide and the cost.
    3. Evaluate each insurance company’s proposal, and select the one that best meets the needs of the client or prospect.
    4. Present the best proposal to the client or prospect, who then decides whether or not to accept the proposed coverages and to buy the insurance policy (contract) that provides them.
    5. Provide ongoing service to the client during the policy year.

Industry Links

As these links to industry publications illustrate, risk management and commercial/business insurance is a highly dynamic and challenging profession that is deeply immersed in the global business world.