Page 25 - Summer 2025-Final_Neat

Top 3 Benefits of Using an

Insurance Broker

BY IL GROUP

with your team to implement your new policies and train your staff
When it comes to insurance, lenders have on them. For example, they’ll make sure your team is using the
plenty of op�ons. In fact, almost too many. We o�en hear of proper reports and understands how payments will be made.
lenders that s�ck with the same carriers and policies year a�er year
because they figure it’s easier than finding a new provider.
While the benefits of using a broker are pre�y obvious, the reality is
there are very few brokers that specialize in lender-placed
This strategy has drawbacks, though, especially since a lender’s insurance. As a ma�er of fact, we believe IL Group is the only one.
insurance needs inevitably change over �me. When they do, the
same policies no longer offer adequate protec�on—and what
seemed easy at the �me suddenly becomes really expensive. As a broker, our team of cer�fied insurance counselors has
provided banks, lenders and servicers with every type of insurance
product you can imagine for the past 30 years. We offer a wide
It’s true that finding the right provider for lender-placed insurance, range of addi�onal services, too—including loan tracking, tax
risk management coverage and other types of insurance can be services, flood zone determina�ons, borrower verifica�ons,
hard work. Fortunately, there’s a be�er way: using an insurance cybersecurity coverage and much more.
provider that is also a broker. Below is an explana�on of why it ________________________________
makes sense to use an insurance broker.
1. You’ll have more choices IL Group is a leading third-party provider of customized insurance
products and services to financial ins�tu�ons and independent
agents na�onwide and an ACB Associate Member. They may be
It’s pre�y simple. With one insurance provider, you’ll always have a reached at info@ILGroup.com or at 866.300.7020.
limited number of policies and services to choose from. With a
broker, you’ll have many.

A broker’s job is to find the best coverage for your needs, spanning
different insurance carriers and service providers. As an
independent agent, the broker’s goal is to understand your
insurance needs, iden�fy the right coverage, bring in several
different bids and let you compare them side by side.

There’s more. A good broker is staffed with experienced, licensed
property and casualty insurance agents who have deep
rela�onships with different insurance carriers and are current on all
the different products and policies that are available. With such a
broker, you’re even more likely to find the policies that work for
your specific needs.
2. You get better value

Because they have rela�onships with different carriers, a broker is
be�er able to find you the best coverage at the best price. They’ll
do it at no extra cost, too. By taking the �me to understand your
goals and find the op�mum carriers and policies, a broker can also
help you significantly reduce risk and save money over �me.

A good broker also keeps abreast of your needs and constantly
monitors rate and policy changes to ensure you always have the
best coverage possible. They can even customize policies for you
when needed, so you get exactly the protec�on you’re seeking.

3. They’ll stick by you

The typical insurance agency will sell you an insurance policy and
move onto the next sale. You may not hear from them un�l the
next �me you need insurance. A broker, on the other hand, is
commi�ed to finding you the best coverage, regardless of which
company provides it. As a result, they have an incen�ve to ensure
your needs remain met.
How does this happen? A�er a master policy is signed, for instance,
the broker acts as a liaison between the insurance carrier and you.
The broker’s dedicated client service team then works hand in hand

Arkansas Community Banker | 25 | SUMMER 2025