Prime Insurance Company, led by founder and CEO Rick Lindsey for the past 40 years, was built on a common-sense approach that is anything but old-fashioned – and served both company and clients amid the chaos of 2020.
The surplus lines property and casualty carrier has offices and eligibilities in 50 states, and a team of nearly 200 employees committed to transparency and partnership, upholding an AM Best A (Excellent) rating.
At a time when most companies are canceling coverage due to increased risk, Lindsey suggests going against the grain and enduring through crises, from the pandemic to the major weather incidents that have become commonplace in the United States.
“Everybody is canceling because they didn’t think there were going to be wildfires in California,” he said.
“There have always been fires in the west, so the problem is they didn’t get enough premium.”
He notes that there is an industry trend toward lowering prices and compromising the quality of coverage.
“It’s up to us to raise the bar and do a better job of telling people things they don’t want to hear and providing them with the coverage they really need,” he said.
Lindsey has never canceled a class of business, thanks to Prime’s record of high-quality coverage at realistic prices.
The company’s success in writing comprehensive policies for a wide variety of risks that others won’t touch helps producers, too. They have the security to expand their portfolios and embrace opportunities they might otherwise have turned away.
An insurance veteran, Lindsey has worked in claims management and underwriting, and developed an invaluable perspective that supports every stakeholder, including the many employees who enjoy long-term tenure at Prime.
His straight-talking approach helps build honest relationships with the insureds.
The client-producer partnership is initiated even before providing a quote so Prime’s in-house underwriting and risk management teams can work with the insured to write flexible, customized policies
Prime has a similarly unique approach to insureds with a history of losses.
“This kind of insured must be pretty smart by now, and he should be pretty upset and want a good insurance partner who will do the job they need done,” said Lindsey.
In many cases, those clients are unable to purchase insurance at the bargain pricing of other companies, but Lindsey sees the silver lining of opportunity for both parties.
“If we write a brand-new trucker at $20,000 a truck, my goal is to get them down to $10,000, but he has to perform. That doesn’t mean I don’t want him to make any claims, it means I want him to report incidents,” he said.
“I tell them that if I take their money that includes them having claims, so they have to report them to me and let me do my job – which is to manage claims efficiently.”
If those claims are taken to court, Prime will back them with a team of in-house attorneys. If an insured is at fault, the company will push to pay the claim early so as not to force a lawsuit, reflecting Lindsey’s commitment to transparency.
This focus on honesty and partnership has produced over 70,000 claims – and counting. The Prime CEO’s leadership exposes the human side of an often-misunderstood industry, leading to better service and longevity.