Vital Insurance Partners, LLC
Vital Insurance Partners, LLC is an intermediary and insurance consulting firm that was founded by Brian Molusis in 2008. Vital works with Program Administrators, Managing General Agents, Wholesale Brokers, Specialty Retail Producers and Insurance Carriers. Our primary services can be broken out into two categories; Program Placement and Insurance Consulting.
Description of Product or Services you would like to promote in the Association:
Program Placement
Vital works with Program Administrators, Managing General Agents, Wholesale Brokers and Specialty Retail Producers that have a dedicated focus and expertise in niche books of property and casualty business. Vital specializes in developing, implementing and monitoring customized insurance programs. We assist our clients in developing long-standing profitable programs. Vital is instrumental in aiding the negotiation of exclusive program relationships with top rated specialty insurance companies that have the risk appetite and resources to enter into those market segments. Our objective is to align the best Program Managers with the best Insurance Carriers. This benefits our clients by reducing the “Wheel spinning” on program placement so prevalent in the past. Included in our program placement services are:
- Development of a comprehensive overview/program proposal for presentation to the market
- Refining and Developing supporting materials such as underwriting guidelines, applications, forms, rating/pricing manuals and other marketing materials.
- Managing and coordinating the due diligence process.
- Program Build and Launch – coordinating the efforts of all parties during build and launch.
- Compiling and organizing all of the supporting data.
- Recommending and approaching the best carrier options to maximize client requirements.
- Assist with review and execution of contracts and agreements.
- Aid, facilitate and attend regular touchpoints during launch and ongoing underwriting audits
- Ongoing relationship and program maintenance and management services to ensure the program continues to be successful
Insurance Consulting
At Vital Insurance Partners, we understand the competing priorities associated with how firms deploy their resources. Speed to market on new product and program offerings is critical and timelines don’t always coincide with available product development staff. Additionally, projects that are key to strategic planning don’t necessarily require a full-time employee. That’s where Vital Insurance Partners can help. Our goal is to help Insurance Agents and Carriers maximize their product line. Included in our consulting services are:
- Assist with market analysis to identify the most attractive customer segment of a given industry type.
- Perform regulator analysis – review industry specific issues related to current regulatory climate as it impacts coverage, risk, and loss control needs, and the necessity for admitted or surplus lines status
- Draft coverage forms specific to the industry
- Research and develop custom applications for the industry and exposure
- Perform underwriting audits - analyze book strength, identify gaps and explore opportunities for growth
- Compile, organize and analyze data and other similar books of business to identify strengths, weaknesses and trends.
- Provide carrier and competitor analysis
- Explore distribution channel options to determine how similar products are being delivered.
- Create underwriting guidelines for the specific industry and lines of business.
- Provide underwriting training and materials.
- Perform due diligence – provide comprehensive review of existing books of business for potential acquisition or sale.
- Develop and provide underwriting training to educate underwriters.
How does your product or service specifically target/benefit Program Administrators:
The majority of our clients have the knowledge and expertise to manage a program or develop a product but generally don't have the resources and time to spend putting together all of the information needed to bring a great program opportunity or new/enhanced product out into the market. Vital brings those resources to our clients either on a fee basis or an hourly or project flat rate basis and on an "as needed" basis.
What differentiates your product from others in the marketplace?
Vital provides comprehensive program placement services for entities that are either not yet program administrators or that are exploring a new idea. Other insurance placement firms in the marketplace only want to work with entities that already operate as a program administrator and have an existing program.
Our comprehensive product development services, based on an hourly and/or more often a flat project rate basis, can provide carriers with much needed resources only as they need it.
Our staff’s combined knowledge and expertise in the industry in both of our primary service areas is a valuable asset to our clients.