An Interview with Premium Member
Shawn Knechtel from Widerman Insurance
 
How did Widerman and Company begin and when?

Widerman & Company has been in business for more than 32 years.  Bob Widerman (our current President and majority owner as you know) and his Father, Bill, went into business together in 1976.  Bill was a retired engineer and Bob was just out of college looking for a career.  They incorporated as Widerman & Company and the rest is history.  What began as a small family operation has grown to a 23 person firm managing in excess of $24,000,000 in annual premium for businesses, professionals (physicians, physician groups, attorneys and other professional services organizations) and individuals with regard to their personal exposures.

Describe your work. 

As an independent insurance agent it is my job to design the appropriate insurance program for my clients based on exposures that are unique to a business, professional or individual.  Each business or individual has a different tolerance for risk, so no two insurance programs are the same.  As a result, it is critical that our clients spend time with us explaining what their business is all about, what exposures they feel they have and to what level they are looking to protect the organization's or individual's assets.  Once an insurance program outline is prepared, we seek out the appropriate insurance company for that business or individual.  We are problem solvers.  Solving problems is a big part of our daily work... Not everyone wakes up in the morning deciding it is time to review their insurance.  Generally speaking, something happens that creates an issue for our client where they need answers or help in resolving.  It is much more preferable to address the insurance and risk management programs and processes prior to a claim.  However, that is not always a reality for our customers.  Either way, we are there when they need our services.

What changes are happening in the industry pertaining to the current economic status? 

Property & Casualty Insurance tends to be countercyclical to the rest of the economy.  While the stock market is currently having its challenges and the country is focused on inflation, high gas prices, political uncertainty etc., insurance costs have been decreasing steadily for the last few years.  This is as a result of relatively few severe natural catastrophes that have had a direct effect on the property & casualty insurance market place.  I do not intend to minimize the horrific experiences that many have had to deal with as a result of recent wild fires, flooding and other natural disasters nationally.  However, the insurance market has not felt the large hit of what would be considered a major natural catastrophe in several years (think Hurricane Katrina, Hurricane Andrew or 9/11).  Insurance company executives reported record industry profits over the last 2 years, and as a result, pricing reductions have followed for buyers of insurance.  The more you spend for insurance the more relief can be felt (not just in pure dollars, but in reduction percentages as well).  The real question remains "when will this change?".  That I do not know, but one thing is very important....make sure your independent insurance agent is taking advantage of the current market conditions on your behalf. 

What is your background and what is your position with Widerman? 

Bob Widerman & I are partners.  I have been with the company now for 10 + years and work continuously to promote our strategic plan.  I very much enjoy what I do and consider it my professional mission to help educate consumers on how best to manage their insurance programs.