Written by Buckner Marketing
At The Buckner Company, we believe the best client relationships are built through trust, transparency, and expertise. In this edition of our “Meet the Expert” series, we’re featuring Taylor Romrell and his perspective on one of the most common, and misunderstood questions business owners ask about insurance: “Are my rates competitive?”
Looking Beyond the Premium
According to Taylor, the answer is rarely as simple as comparing one number to another. “Insurance pricing isn’t a price tag sitting on a shelf,” Taylor explains. “What you pay is a carrier’s best estimate of your risk based on the information they’ve been given, the assumptions they make, and what they believe the next 12 months could cost them.”
Rather than relying on guesswork, Taylor focuses on helping clients understand the bigger picture behind their insurance costs. By analyzing data, reviewing operations in detail, and identifying factors that influence underwriting decisions, he helps business owners see where they truly stand in the market.
Taylor’s Approach to Evaluating Insurance Costs
- Benchmark against comparable businesses and real market data
- Review classifications to ensure operations are accurately represented
- Analyze claims history and loss trends
- Evaluate hiring standards, driver records, and safety practices
- Strengthen communication between clients, carriers, and underwriters
Why Details Matter
One of the biggest opportunities Taylor sees for clients is improving the quality and accuracy of information shared with carriers. Small details can have a major impact on pricing. “A roofing contractor focused on residential re-roofs is a very different risk than one doing commercial new construction, even if they check the same box on an application,” Taylor says. “Getting the classification right is often more valuable than simply shopping the market.”
Taylor also emphasizes that claims frequency, driver records, employee management practices, and a company’s overall approach to risk management all play a role in how underwriters evaluate an account. Businesses that actively engage in safety and operational improvements often create better long-term outcomes.
The Human Side of Insurance Still Matters
While today’s insurance market is heavily driven by data and analytics, Taylor believes relationships still carry significant weight. “Underwriters are people too,” he explains. “A business owner’s willingness to work collaboratively with the carrier’s risk management team can absolutely influence how an account is viewed.”
He also points to the importance of having an experienced broker who maintains strong relationships with carrier partners and understands how to advocate effectively for clients.
What Business Owners Should Remember
- Insurance pricing is based on risk, not just market shopping.
- Accurate business classifications matter.
- Claims history and operational practices influence premiums.
- Strong relationships with carriers can create opportunities.
- A proactive broker can help identify what is truly driving costs.
A Trusted Resource for Clients
Taylor is committed to helping clients make informed decisions by providing clarity, data-driven insights, and personalized guidance. His approach goes beyond simply comparing premiums. It’s about helping businesses understand risk, improve outcomes, and build stronger insurance programs for the future.
“Give me a 20-minute conversation, your declarations pages, and five years of loss runs,” Taylor says, “and I’ll tell you exactly where you stand and what’s actually moving the needle.”
Connect with Taylor Romrell and the team at The Buckner Company to start the conversation.