MyNewMarkets Grows Exponentially, Adds New Features
June 20, 2007
SAN DIEGO - In the four short months since its inception, MyNewMarkets.com, an Insurance Journal product, has drawn nearly 10,000 members and already started adding new features.
A new search feature on the Web site opens doors for agents, brokers and others wishing to connect their business or their customers to available insurance coverage options.
Adam Dunford, vice president for new business development, said the Web site's new search capability is the "unknown gem" of MyNewMarkets.
"If agents are having trouble finding a market, they can post a request for a market on our public forums page," Dunford said. "This has become a very valuable resource to our members. We e-mail these requests and the responses to all registered members so everyone benefits from the information."
To date the MyNewMarkets request page has received 331 market requests and 1,177 responses to those requests.
Launched Feb. 12, the MyNewMarkets.com has drawn nearly 10,000 members and has harnessed a database of 25,000 listed companies providing markets, according to Dunford.
The service is free to users. The only requirement for access is a simple online registration. Surfers can access the search option without registering, according to Dunford.
Dunford said current membership consists mostly of retail agents and brokers, managing general agents wholesalers and carriers.
Dunford said the site is undergoing continual improvements, including recent updates to its platform that will enhance users' info-gathering experience. An advanced search capability is also available for those seeking specific categories or if the insurance carrrier's name is known.
Insurance Journal has also added training videos to MyNewMarkets where interested participants can gain education in such topics as "How to Write Professional Liability."
According to Dunford, the value of a database is determined by three variables: its comprehensiveness; the accuracy of its information; and the ease of access to the information.
"MyNewMarkets has all of that and we encourage everyone to take advantage of this valuable resource," he said.
Dunford said the database of listed coverages is controlled by members who "own the Web site's information." The number of coverages regularly fluctuates due to daily member postings and modifications.
"Members who submit markets can view, edit and delete their own markets," Dunford said. "The database continues to grow, however. Typically we receive on average about eight new market listings per day."
Insurance Journal has received a number of testimonials praising the free service.
Bryan Beeson, vice president for marketing, American Team Managers Insurance Services, says MyNewMarkets is unlike any other service he's seen.
"MyNewMarkets completely exceeds any expectations I had on placing a market listing. Rather than just placing a listing and waiting for business, you can actually be pro-active and search for it! I have not seen anything like this anywhere and it is a great service you provide for free. The MyNewMarkets site has really bridged a gap between carriers/MGAs and retail brokers. Thanks again for all of your help and keep up the great work," Beeson said.
Gary M. Pehaim, CIC, Pehaim & Snipper Insurance Services, also expressed his appreciation. "Thank you for putting together the MyNewMarkets.com Web site," Pehaim said. "Through your Web site I have gained the knowledge of available markets across the country and not restricted to brokers in my area. We are currently working on a difficult risk that a broker in Seattle is helping us place. I learned of this program through MyNewMarkets. I clicked on a link and within a day we had the applications in hand and already have our quote. Keep up the good work."
Vice President, New Business Development
Wells Publishing, Inc.