Open for Business

Remote engineering servicing and financial stability drive new business

In recent months, we have witnessed our clients, broker-partners and so many others find exceptional ways to work around the hurdles that COVID-19 has introduced to the business world. At AFM, we are using our ingenuity, financial strength and technology to overcome these obstacles and meet our clients’ needs. This includes conducting remote engineering visits and leaning on our stable capacity to support new business quoting.

While many carriers are pulling back on capacity, AFM leverages the FM Global Group’s large surplus to provide stable capacity to the middle market. And while many carriers are not conducting engineering visits at all, AFM engineers are providing remote servicing by obtaining information from all available sources—like our global natural hazard mapping capabilities, fixed-wing and satellite imagery, knowledge of industries and facility contact reports—to conduct reasonable assessments of risk that inform policy negotiations. 

Real estate account seeks options

One example of how AFM recently leveraged its stable capacity and remote engineering capabilities to win new business involves a large real estate account whose incumbent carrier was willing to offer renewal, but at a fraction of the previous policy limit. The client was hesitant to do a shared program and requested options due within two weeks.

Not only did AFM face a time constraint, but due to the coronavirus pandemic, it was unlikely that we would be able to get a field engineer on site to fully assess the risk. So, we got creative. 

Creative engineering coupled with unique underwriting solutions

AFM leveraged previous reports from an engineer who visited the client’s other sites; reached out to our wind/flood specialists to assess the exposure; and reviewed drawings and specifications obtained from the corporate contact. This information was then combined with ISO reports for a few locations, and many online photos and videos that were available on the client’s website.

In the end, AFM considered the account a good risk if combined with some underwriting solutions to address concerns until we could complete on-site assessments.

The underwriter was able to put together a competitive quote that met the broker’s and client’s expectations by working closely with engineering to understand the risk, and with the broker to understand the client’s needs and pain points. While there was competition for the business, the broker recommended AFM’s bid because they preferred our engineering and our policy. 

Ready to help

While some in-person engineering visits are being done, most are being conducted virtually for various reasons including the need to adhere to local regulations. Contact your account team to discuss the many ways AFM can continue to provide service and value to you and our mutual clients.