Every year, like clockwork, business leaders are bombarded with calls from insurance agents eager to “quote” their policies 90 to 120 days before renewal. Multiple agents enter the fray, each promising better coverage, better service, and, of course, lower premiums.
It’s a ritual as predictable as it is frustrating—and for many companies, it yields underwhelming results. At best, you get a slightly better rate. At worst, you’re paying more than you should while absorbing a risk you don’t fully understand.
That’s because the traditional insurance shopping process is fundamentally broken. This process was designed with insurance agents and companies in mind, not business leaders.
Enter the book The 10 Laws of Insurance Attraction. This book was written to help businesses slash premiums, boost profits, and break free from a broken system. It lays out a refreshingly logical approach to insurance that flips the outdated model on its head and helps businesses take control of their risk, their premiums, and their profitability.
The Fatal Flaws of the Traditional Quoting Model
Let’s be honest: the “quote-and-hope” approach isn’t working. Most businesses spend hours collecting payroll data, fleet information, property values, and historical claims—to send it to multiple agents. Those agents, in turn, rush to submit it to as many underwriters as possible, trying to beat each other to the punch.
Here’s the problem: insurance underwriters operate under the “first in, first served” model. Once one agent is assigned to a market, others are blocked from approaching the same carrier. The process becomes a race—not to deliver the best understanding of your business but to reserve a slot in the market. The result is a mishmash of inconsistent submissions, minimal strategic insight, and poor representation of your true value as a business.
Worse still, underwriters are not penalized for not quoting. They only get in trouble when they underwrite the wrong account—one that later results in big claims. This makes them risk-averse and quick to decline submissions that appear sloppy or vague.
The Laws of Insurance Attraction reveals the truth behind this model: underwriters aren’t betting on your business—they’re betting against it. Your premiums reflect not just your past losses, but their perception of your future risk. And if that perception is flawed because of rushed, inaccurate, or incomplete submissions? You’re going to overpay.
Why the “Multiple Agents = Better Deal” Myth Is Dangerous
Many business owners mistakenly believe that using multiple agents creates competition and drives prices down. In reality, it often backfires.
Here’s why:
- Agents cannibalize each other’s markets, limiting how many carriers will quote.
- Submissions are often inconsistent, leading to confusion and underwriter declines.
- Does the agent understands your full risk profile, so how can they advocate effectively for you.
- Underwriters spot a red flag: “If this client has multiple agents fighting for the same account, something must be wrong. Or they do not value a relationship.”
Instead of positioning your business as attractive, this approach raises concerns about management stability, risk awareness, and insurability.
There was a time when insurance companies treated agency appointments like exclusive partnerships—granting limited access to select brokers who truly added value. They believed in building what was known as “franchise value,” meaning they only worked with a small, trusted group of agents. Back then, if you wanted quotes from different carriers, using multiple agents made sense. But that era is over.
Today, most insurance companies will appoint any agency who can deliver a flow of submissions to them—regardless of expertise. As a result, many agencies now represent dozens upon dozens, sometimes over a hundred carriers. That means inviting multiple agents no longer expands your options—it just invites confusion and blocks the market before the right broker can even make your case.
To prove the point that the traditional 90-120 multiple agent process is flawed, insurance industry statistics show that when the “quote and hope” model is used, the current agent wins over 90% of the time and that the current insurance company wins almost 85% of the time.
The Power of Picking the Right Broker—and Letting Them Work
The Laws of Insurance Attraction advocates a far more effective approach: select a single, qualified broker based on their expertise, not their sales pitch—and let them go to the insurance marketplace on your behalf.
This broker should act as your strategic risk advisor, not a policy peddler. Their first priority should be to improve your Risk Profile—the combination of operational, safety, HR, and cultural factors that underwriters analyze when pricing your coverage.
As The Laws of Insurance Attraction makes clear, insurance companies today use hundreds of data points to assess your risk. It’s not just about past claims—it’s about:
- The frequency and severity of injuries
- Employee turnover and training programs
- Safety culture and management involvement
- Facility maintenance and housekeeping
- Legal claims, OSHA violations, online reputation
- Financial stability, MVR scores, and even your fire department’s response time
Unless your broker can communicate how you manage these risks—and prove that you are improving them—underwriters will price your account conservatively or not quote at all.
The right broker helps you proactively prepare your business for the market—not just collect quotes. They guide you through a five-step risk management process: identification, analysis, control, transfer, and continuous refinement. That process, which The Laws of Insurance Attraction outlines in detail, is what actually drives down premiums and attracts the right carriers.
A Better Way: Turning Risk into Profit
Here’s the crux of the book’s argument: insurance is no longer just a commodity. It’s a strategic lever—when managed well, it becomes a profit center.
In one example from the book, the author and his team helped a mid-sized company recover $86,000 in premium errors, reduce their workers’ comp premiums by 41%, and put over $200,000 back into their operations—all in just two months. These savings weren’t the result of shopping harder. They came from:
- Fixing operational gaps
- Improving hiring and training practices
- Repositioning the company to insurance markets
- Telling a more compelling story to underwriters
And this isn’t a one-time trick. Businesses that follow the process can unlock even more savings in year two, year three, and beyond—sometimes even qualifying for alternative risk financing strategies like captives, where you keep what you don’t lose.
How Business Leaders Can Start Winning the Insurance Game
Here’s what smart leaders are doing differently after reading The Laws of Insurance Attraction:
- They stop quoting and start qualifying. Instead of inviting multiple agents, they carefully vet and select the best risk management broker to represent their company.
- They invest in their Risk Profile. By improving safety, HR, training, and operations, they reduce their risk—and make sure underwriters see that reduction.
- They demand better from their broker. They expect more than renewals. They expect strategy, insight, and year-over-year improvement.
- They track performance. By treating insurance like any other financial line item, they monitor progress and hold stakeholders accountable.
- They play the long game. They understand that trust, consistency, and proven results—not price wars—build sustainable insurance savings.
Final Thoughts: From a Broken System to a Smarter Strategy
Insurance is the one area of your business where people regularly overpay for something they hope they never use. That’s why The Laws of Insurance Attraction is such a valuable resource: it reframes insurance as a manageable, measurable part of your company’s success strategy—not a painful annual event.
If you’re tired of wasting time, money, and energy on a broken system, there’s a better way.
Pick the right broker. Invest in your Risk Profile. Let them go to market with a powerful story—and turn your insurance program from a burden into a business advantage.