Aon Broker Alyssa Montgomery Recognized as a 2019 Pharmaceutical Power Broker
Alyssa Montgomery, Broker, Aon
In 2018, one of Alyssa Montgomery’s pharmaceutical clients officially transitioned from the research and development stage to receiving FDA approval for a revolutionary treatment. However, the client’s policy at the time did not contemplate any sold-product exposures, only clinical participants.
Montgomery and her team arranged client meetings with underwriters to educate insurers about the management of the company, as well as the product itself, and also conducted peer benchmarking and policy language negotiations.
Montgomery implemented a full marketing effort, approaching eight different markets for competition on both primary and excess layers while honoring the client’s long-term relationship with their incumbent carrier.
She also presented the client with options for extending the current program, placing a new annual program and placing a long-term policy.
Two carriers, including the incumbent, provided extremely competitive primary options with the same policy limit/deductible structure on the expiring program.
This forced the incumbent carrier into an even more competitive position, decreasing their rate on all three program options and allowing the client to save roughly $15,000 in annual premium spend based on return premium.
The annual approach sets everything in place for a year with a consistent retroactive date in the excess and allows more flexibility in negotiating future audit provision. The broad marketing effort also forced excess carriers to quote below minimum premiums.
What is a Power Broker?
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by Risk Managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.