Are You Smart or Old?

We’re directing this edition of the Analytic Brokerage Briefing to one specific broker type: Those of you who are serious about picking up new clients and building your book of business. Here’s a universal truth right now: You will never have a better time to attract new clients. That’s right, I said NEVER. This is a once in a lifetime opportunity for those of you who are smart enough to seize it. If you or your firm are stuck in the “old” ways, you’ll have a difficult time. In fact, you might actually be opening up opportunities for your competition, as there are many more “old style” firms and brokers than there are smart ones. Here’s the good news: There is an increasing pool of larger prospects looking for the smart ones that can deliver something different. How do you know if you are part of a smart brokerage firm or an old one? Just answer these five questions:

1. Do you and your firm understand your impact on a client’s business results and KPI’s? Or, can you simply talk about rates, coverages, and the marketplace?
2. Do you know how to use the resources that your firm offers to reduce a client’s costs? Or, do you simply show them to buyers as features?
3. Do your new business presentations show a buyer how your firm utilizes its intellectual capital to improve a buyer’s position. Or, do you simply rely on the insurance placements to do that?
4. Do your Stewardship Reports feature the financial impact of your services and projects? Or, do you simply lump them into a list of meaningless “Value Added Services?”
5. Is your management team smart enough to provide you with the tools and training you need to accomplish all the above? Or, are you being left alone to compete against others who are already working the smart way?

If you answered positively to the first part of each question, you’ll be in the sweet spot of what buyers are looking for right now. On the flip side, each positive answer to the second part will drive you further away from what your clients need and value, and you’ll miss out on the best new business opportunity of your life. A smart broker knows there’s a better way and doesn’t resist learning something new. Heck, if it were easy, everyone would be doing it. Remember, your best clients and top prospects expect you to do more than sell protection. If you can’t or won’t do more, you’ll be part of the old school and watch your business suffer significantly over the coming years. Our clients are thriving despite the Hard Market as they take market share from their commodity-based competition. If you want to move upstream, increase your sales pipeline, and gain sales techniques and insights to navigate the Hard Market with your own growth strategies, you can learn more here.

All the best to Analytic Brokers,

Rob Ekern Chairman, Analytic Brokerage™ Platform   Make more money on Larger accounts - Let's get started