Earlier this month NASBP Board members and members of the NASBP 5-15 Leadership Circle Committee met with executives of The Hartford and Travelers Bond in Connecticut gaining insight into these companies’ structure and business philosophy.
“These experiences will provide me with a wealth of knowledge and experience to be the most resourceful surety agent for my clients,” said 5-15 Member James Penny, Account Manager, Guignard Company of Longwood, FL.
Executives from each of the surety companies addressed their company's outlook for the surety industry and their approach to contract and commercial surety and to claims. “Learning more about claims policies is also very useful, and while not a glamorous topic, it’s something our clients need to understand,” said Penny.
These meetings are just one way NASBP provides NASBP bond producers insight into surety companies’ operations and bonding process. In addition to the NASBP leadership meeting annually with approximately 10 surety companies, the Association annually surveys the NASBP surety company affiliates. The results of both are then summarized and reported on by the NASBP leadership and NASBP CEO at other industry conferences, as well as NASBP’s Annual and Regional Meetings.
The NASBP group consisted of 21 producers with 12 of these from the 5-15 Leadership Circle. The experience was empowering for 5-15 Member Toby Miclette, Surety Bond Producer and Senior Vice President, of Bowen, Miclette & Britt Insurance Agency, LLC, of Houston, TX. “Knowing that I have solid relationships with the senior executives gives me more confidence that I will be able to deliver for my clients,” said Miclette.
Another advantage, described by 5-15 Member Jill Tucker, Bond Producer of Cory, Tucker & Larrowe, Inc. of Metairie, LA, is learning about the type of clients and markets the surety is most comfortable serving and the surety’s view of the bond producer’s role. “Understanding the surety’s perspective and appetite is invaluable as well as knowing who is behind the product and how they are trained,” said Tucker. “I have a better feel for the construction firms that would be a fit for/benefit from both The Travelers and Hartford approach, and will be able to offer a more educated response when answering a client’s questions about program limitations, surety’s expectations, more specifically than before, and what happens in the claims handling process.” “I also know what is expected from me and why, when there is a claim,” she said.
NASBP member Novica Prekpala, Vice President of Blaise Group NY, LLC. of Mt. Vernon, NY, said by participating, he now has a better understanding of these companies’ niche markets. “Being in front of and getting to personally meet the surety people that make key decisions is invaluable,” said Prekpala.
Several 5-15 members said networking was another benefit of participating. “Exposure with other agents, and interacting with other producers around the country provides valuable insight about how to best serve clients and prospects on new opportunities,” said Penny. “Not only will getting to know home office people add to your credibility when presenting a case, but there is a lot of ‘movement’ within the surety industry.” “So a home office underwriter at one surety company could end up at your ‘go-to’ market. Having that relationship will only help you as a producer,” he added.
“In addition to the valuable networking with those surety companies, the trip allowed for excellent networking with the NASBP Executive Committee and our fellow 5-15 members,” said 5-15 Member Brian Krause of AON Risk Services, Inc. of WI of Green Bay, WI. “The trip was certainly worth the time and financial investment," he concluded.
Itinerary of Topics Covered by Execs
The day began with Ross Fisher, Vice President and General Manager of Surety, welcoming the NASBP group to Hartford’s headquarters in Connecticut. Then, Gary Stumper, Vice President of Bond Field, talked about The Hartford approach to underwriting. Scott Cochrane, Vice President of Claims, followed by describing the company’s approach to claims. Debra Weinstein, Assistant Vice President, Chief Underwriting Officer of Commercial Surety, explained the commercial surety markets that The Hartford serves. In closing, Larry Christianson, Assistant Vice President, Chief Underwriting Officer of Contract Surety, described The Hartford’s expertise in contract surety.
That afternoon the NASBP group met with several Travelers Bond & Financial Products executives. Tom Kunkel, President and CEO of Travelers Bond, welcomed the NASBP group and provided an overview of Travelers. He was followed by James Forshey, Senior Vice President of Commercial Surety at Travelers Bond, who described Travelers approach to commercial surety. Then, Bob Raney, Senior Vice President of Construction Surety at Travelers Bond, gave a review of Travelers’ construction services.
The NASBP leadership is very appreciative of these opportunities to specifically engage with its affiliates. “Hartford and Travelers really provided a wonderful day for us in Connecticut,” stated NASBP President Larry McMahon.