New Risk Narrative Leads to Premium Reduction for High-Severity Loss Account

Challenge

A large powersports manufacturer faced one of the most difficult product liability insurance markets in its industry. Multiple years of significant claim activity had created substantial underwriting scrutiny and limited placement options.

Despite working with a large national broker for years, company leadership welcomed Hylant’s offer of a fresh perspective on improving its insurance program.

Solution

The Hylant team invested time in understanding the company’s risks in depth and providing resources and coaching to help the manufacturer strengthen its risk management procedures.

The client’s program had been heavily marketed by the previous broker, resulting in underwriter fatigue from reviewing similar submissions annually. As part of its marketing strategy, Hylant rewrote the manufacturer’s risk story, rather than simply answering the insurer’s application questions. The new risk narrative highlighted the organization’s operations, its improved risk controls, and its future direction.

The result? Five additional insurance markets were willing to quote the business, improving the client’s negotiating position. Further, even in this tough market and with a claim history, the manufacturer was able to reduce its product liability premium by $130K.

Even organizations with complex loss histories can achieve better insurance outcomes when their risks are effectively communicated and strategically marketed.