When your insurance provider is merged with or bought by a larger company, it can often feel like you’re left in the shuffle. This is the perfect time to reassess your coverage and explore new options. Shopping around could help you identify the gaps in service and coverage that may arise from the transition. Below are some key areas where larger agencies may not be right for your business, and why it’s important to take action:
1) Competitive Costs May Be Lost
Larger insurance companies often standardize their offerings and may not have the flexibility to shop for the best rates or uncover discounts that specifically apply to your business. As a result, you could end up with a policy that doesn’t offer the most competitive pricing or the best value for your coverage needs. It’s worth revisiting your options to ensure you’re getting the most cost-effective solution available.
2) One-Size-Fits-All Solutions
When an insurance agency is acquired by a larger company, the focus often shifts to standardized policies designed for mass appeal. This means your unique business needs may not be fully addressed. The flexibility to customize policies based on the specific risks and nuances of your business may be lost in the process. It’s crucial to review your policy and determine whether it’s truly tailored to your needs or if you’re simply receiving a generic solution.
3) Customer Service Can Become Impersonal
One of the biggest frustrations with larger insurance companies is the shift toward impersonal customer service. With call centers and automated systems becoming more common, you may find it difficult to get direct answers to your questions. Navigating through long hold times, repetitive scripts, and multiple agents can leave you feeling frustrated and disconnected. Personal, timely service may become a casualty of the merger, which can significantly impact your experience as a policyholder.
4) Inconsistent Support and Lack of Dedicated Agents
In the wake of an acquisition, you may be assigned to a different representative each time you call. This lack of continuity can make it harder to develop a relationship with someone who truly understands your business and its specific needs. When you need assistance, it can be frustrating to explain your situation to a new agent who isn’t familiar with your history or the nuances of your policy. Consistency in support is critical, especially when dealing with complex insurance needs.
5) Longer Response Times
Larger insurance companies often face delays in addressing client needs due to their size and bureaucracy. What used to be a quick response from your former agency may now take much longer, especially when it comes to claims or urgent policy adjustments. If your business is growing or evolving, having timely responses and quick access to support becomes even more important.
Conclusion
When your insurance provider is merged or acquired by a larger company, the services you once relied on may change. From increased costs and impersonal service to longer response times and less tailored coverage, the shift can create significant challenges. Now is the perfect time to reassess your policy and explore options that better serve your business’s unique needs. Take action and review your coverage after a merger or acquisition.
At Clockwork Insurance, we prioritize your business’s protection and peace of mind. Let us help you navigate these changes and find the right coverage for your future.
Contact us today to learn more!
