Amidst industry trends, economic concerns, and new technology, the insurance market right now is complex, and dynamic. Matt Cassidy (pictured), CEO of Beyond Insurance, is open and honest about the opportunity for firms in the mid-market insurance space.
“As economic pressures begin to affect customers, insurers are listening and adjusting.,” he said. For example, the hard quote sheets once defined by rigid premium structures are becoming more flexible and responsive to various market segments revealing new opportunities for responsive brokers like Beyond Insurance to be more innovative in meeting their clients’ needs.
Beyond Insurance builds better policies by tailoring packages or splitting out the lines. This helps brokers cushion the rising costs while still offering clients superior service and products.
“It takes some time to talk through the various scenarios,” Cassidy said, pointing out that while these assessments may not be easy, they are necessary in an inflationary climate for the excellent customer service they pride themselves on.
Recognizing rising costs across all sectors, Cassidy highlighted the importance of “reframing the use of insurance as a crucial role in managing financial risk for customers.” In particular, he mentioned the need to review deductibles and self-insured retention numbers. This is especially important when rising premiums are causing some clients to reconsider their coverage, possibly leaving themselves at risk.
“We spend a lot more time researching the best options for each individual client or business, as it involves identifying the right specialty insurer for each line of coverage, which can help reduce premiums and improve the overall offering,” Cassidy said.
One of the firm’s strategies is working closely with clients who are increasingly tech-savvy. Cassidy said that tools such as dash cams and GPS data are now being used in industries like trucking, and insurance underwriters are recognizing the value of these advancements. As new technologies contribute to mitigating risk, it’s natural that insurance products evolve accordingly.
Cyber insurance is another growing area of focus for Beyond Insurance. Cassidy said many cyber insurance policies now go beyond basic coverage, offering active monitoring services as part of the premium. He said that Beyond’s brokers also work to align the cyber insurance products with tools clients already use including risk assessments with IT providers.
“Our job is to find underwriters who are willing to look outside the box,” Cassidy said, stressing the importance of collaborating with clients who are often the experts in their field. This proactive approach ensures underwriters fully understand the steps clients are proactively taking to mitigate cyber risks. By doing so, both parties can leverage industry best practices to manage risk, resulting in better terms on insurance policies.
A critical aspect of the brokerage’s success has been building and maintaining customer trust. Recognizing how the national trend of brokerage consolidation leads to competition with larger firms, Cassidy is optimistic about the opportunities for smaller, more agile firms like Beyond Insurance.
"It gives us a chance to provide more personalized service," he said.
Cassidy believes the solution to today’s challenging conditions for mid-size firms lies in Beyond Insurance’s boutique approach. “We offer our customers direct access to our in-house expert brokers,” he said, emphasizing the importance of long-term quality service in retaining clients. This personalized service is consistent across all account sizes and helps differentiate Beyond Insurance from larger, more impersonal firms.
