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Strong relationships and solid communication are essential in the insurance broking business, according to Rachel Coughlin (pictured), senior account executive at Capitol Special Risks, a division of Specialty Program Group.
In her role at Capitol Special Risks, Coughlin assists in managing a diversified book of business, supporting retail partners in obtaining professional and management liability, along with privacy and network security coverage.
For the last 10 years, her primary focus has been in the placement of E&O coverage for third-party claims administrators and rounding out their insurance portfolio with crime and privacy and network security coverage. Coughlin regularly negotiates coverage enhancements to meet her clients’ specific needs, in addition to explaining to agents the importance of a properly endorsed policy.
She has been recognized for her work in this unique class of business by being asked to speak at the Society of Professional Business Administrators about the need for E&O and the coverage nuances important to their industry.
Before insurance, Coughlin worked in hospitality, which she says has enabled her to cultivate strong relationships with agents, insureds and underwriters. Insurance Business caught up with the specialist broker to find out more about her experience in the industry:
How did you get started in the industry?
I was hired by Capitol Special Risks in 2005 for an entry level position. We’re very education focused here, which allowed many opportunities for me to be promoted from within.
What are the best parts of your job?
The best part of my job is the relationship aspect. I have some underwriters and retail agents that I’ve worked with for the majority of my career.
What challenges have you faced in your role?
Nothing stays the same! Insureds become acquired, retail partners become acquired, and insurance companies change their appetites. It takes a constant effort to be able to roll with those changes and continue to do what’s best for your end costumer - the insureds.
What advice would you give to someone working their way up the insurance ladder?
In this business, it’s crucial to cultivate relationships and keep your focus on providing excellent service. Respond to emails, return phone calls, and stay connected! It sounds simple but it’s really easy to lose an agent or insured just by appearing to be inaccessible.
If you weren’t working in insurance, what would you be doing?
I’d probably be back in hospitality - another relationship and service focused industry.
What’s your favorite hobby?
I am a musician. In my downtime I enjoy playing guitar and singing, or going to hear musicians.
