What is Wholesale Value?
Wholesale Value is the tremendous benefit that the wholesale distribution system delivers to retail insurance agents and insurance buyers. WSIA member wholesale brokers and underwriters are specialists in creating value and innovative solutions for the most unique and complex risk. They bring technical expertise to this unique segment of the insurance industry, and they offer retail agents access to stable market capacity in the nonadmitted market. Retail agents, and insurance buyers, can count on WSIA members to deliver cost-effective solutions for clients that are not “one size fits all,” but are instead skillfully tailored to meet specific needs for non-standard risks. That is the added value of the wholesale distribution system.
How does WSIA promote Wholesale Value?
WSIA is committed to its members and to the wholesale distribution system. In honoring that commitment, WSIA messages the value of the wholesale distribution system to the retail marketplace by incorporating the benefits of the wholesale distribution system in all communications efforts and consistently linking the key attributes of WSIA member wholesalers to the WSIA message. WSIA supports the wholesale value message in a variety of ways and channels including:
- Paid advertising placements in relevant industry publications;
- Submitted editorial to trade publications; and
- By leveraging social media tools including Twitter and LinkedIn.
These communications are crafted to help improve retail agents’ and insurance buyers' understanding of the value the wholesale distribution system adds to any complex insurance transaction and to create awareness in the industry about the value WSIA members deliver to an insurance transaction. WSIA's communications also include research from Conning, Inc., which found that leveraging a wholesale specialist does not increase the cost of the transaction to the insured.
Wholesale Value Briefing Points for Members
WSIA members are encouraged to review and utilize the findings from the recent distribution cost study
, conducted by Conning, Inc. when responding to comments or questions related to the cost of wholesale vs. retail distribution. You can also download a set of WSIA Wholesale Value Briefing Points
to help you easily communicate the value of the wholesale distribution system to the industry.
These are great opportunities to promote the value that wholesalers offer to retail agents and insurance brokers and to reinforce that leveraging a wholesale partner to find the best and most cost-effective solution is the best way to serve the insured. While there has never been a price for seeking a wholesale quote, Conning’s analysis clearly indicates that there is no additional transaction cost in leveraging a wholesale specialist to find the right solution for the insured.