Specialty insurance in-demand, with intense craving for customisation: Aon

Specialty insurance market in-demand, according to a new report from  Aon Programmes, a division of  Aon Affinity that helps agents and brokers develop tailored insurance portfolios.

The report found that the four catalyst industries that are helping stimulate this growth are health care, mortgage banking, catastrophe products and nonprofit protection.

Within health care, the forces that are impacting the industry’s need for more customised insurance solutions are home health care, senior living, and mental wellness.

According to Aon, the highly active ongoing home buying season, the re-fi surge and need for mortgage impairments are driving demand for specialty coverage in the mortgage banking industry.

Furthermore, as severe weather and flooding becomes common, commercial property owners are increasingly understanding their true flood risk as well as the need for flood insurance.

Lastly, the growing liability and the need for tailored insurance solutions for nonprofits presents the opportunity for agents to be counselors and present customised products that help organisations on a budget, specially as the pandemic tested nonprofits and exposed them to new risks.

“There is an intense craving for customisation and for partners who truly know what they’re doing,” said Chad Levine (pictured), executive vice president and chief strategy officer of Aon Affinity. “For agents, being able to zero in on a specific client risk and provide coverage for it is a serious leg up. In fact, consumers no longer hope you have what they want – they expect it. Specialization is driving every facet of our lives – including what coverage we choose to protect our most important investments.”

Levine added that there is – and will continue to be – a significant appetite for specialty products. “The last year certainly showed how important it is to be able to rely on experience – and there are very few programmes that have the reach and scope that Aon Programmes has. Having access to a network and experience like our team does is integral to a broker’s success. This – coupled with our service levels, sales and underwriting, benefits all parties – is a win-win for everyone involved.”

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