Page 6 - Specialty Practice June Newsletter

Extra, Extra, Read all About it!

HUB’s Risk Services Aced it; Renewal & New Market Win

Producer Steve Morcos has a long term EB account that is one of Illinois’ largest school
districts. In spite of tough competition, Steve cross-sold the PC and engaged Matt
Gilmore of HUB’s Risk Services Division (and Specialty Practice Financial Institutions
Risk Lead) to round out the client experience. He had sold the deal partially on HUB
Risk Services’ capabilities and expertise.
Steve gave Matt some homework. He wanted Matt to work with the client to develop a
strategic service plan and leverage HUB’s capabilities to show value to the client.
‘We’re never going to get this done.’
For the first few years, there was a lot of frustration due to the client being
unresponsive and not committed to a plan. The entire service team was experiencing
difficulty with renewals and client engagement. Much of this was due to excessive
turnover within the client leadership and other pressing issues facing the client. Matt
said, “Several service planning meetings would occur with the client contact, and we
couldn’t gain any traction. One problem was limited access and engagement with the
District leadership and decision-makers. Another problem was that often the contact was
replaced or too much time passed, and we would need to restart from the beginning. I got to the
point that we were never going to be able to meet Steve’s expectations.”
What’s the problem?
Turnover in leadership, lack of focus on risk management,
and large losses created a problematic position for the district.
Their insurance carriers were having similar frustrations and
didn’t feel that the client was a good risk anymore. Things
got so bad, the incumbent carrier on the package policies non-
renewed the account, and the property carrier increased the
property insurance 75% due to a large fire loss and non-
sprinklered properties. Underwriters didn’t have enough loss
control information because their meetings were not
coordinated with HUB and often couldn’t get access to the
decision-makers on their own.
Things changed in early 2020...

Being Quarantined Started to Grow on Us…

Check out some more fantastic facial hair from some of our practice members before
barbershops and salons opened back up!

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