Willis Towers Watson Broker Kara Patterson Recognized as a 2023 Real Estate Power Broker
Kara Patterson, Senior Broker, Willis Towers Watson
It has been a challenging time in the real estate market, with brokers and their customers facing non-renewals, double- or even triple-digit premium increases, carriers reducing their involvement in excess towers and waves of fresh exclusions.
In such an environment, simply mitigating negative changes and providing stable renewal programs is a major win.
But when one incumbent carrier on a program indicated that they would be reducing their $25 million lead capacity, Kara Patterson was able to negotiate another year of the $25 million limit, avoiding what would have surely been a significant premium increase to the client.
She managed to do so while negotiating a 20% reduction on their initial rate projection.
“She was instrumental in getting the pricing that we were looking for,” said one client. “We had to push back a couple times, and so she was working with us to help us get what we needed.”
And while cost and coverage are important things, communication is also critical for a successful client-broker relationship, especially when there is bad news coming.
Patterson’s emphasis on timely communication means she is there when her customers need her and that they have as much time as possible to plan for things like large increases or limit reductions.
“She was awesome,” said one client. “Always available when we called or emailed. She got back to us right away … She knew exactly what we needed.”
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they have 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.