How to Weather the Hard Market: Getting Ready for the Storm

Many of you are experiencing the early stages of a hard market. For those of you who have not yet felt its sting, don’t worry, you’ll soon get your chance.

The worst is yet to come, especially for your year-end renewals. You better get ready now while the eye of the hurricane passes. Come October, you’ll be up to your eyeballs in client placement problems.

While some pundits are telling you the hard market is a good thing for your income, many of them have never been brokers. As the great radio personality Paul Harvey used to say: “Now you’re going to hear the rest of the story.”

The time, effort, and expense you will burn while maintaining your renewals will greatly outweigh the financial gain of the increased rates. Your new business production time will be eaten up as you continually put out the fires of your clients’ programs.

You’ll need to find a different way to demonstrate why you should continue to be their broker, as the old ways will fall short in this Black Swan environment.

Here’s the game plan you must follow on your top tier accounts to help you weather the hard market:

    1. Update Your Client’s Financial Information. Why? You’ll need to provide your underwriting entities with the answer to these crucial questions: “Why should they provide your client with the best terms possible?” and, “What makes your client a highly effective business organization?”
    2. Update and Analyze Your Loss Data. Now I know this seems obvious, but it’s critical that you get out in front of any existing problems as part of your pre-renewal analysis. Ask yourself the question, “Why did these results occur?” (both good and bad.)
    3. Get a Handle on Your Client’s Projects and Services. Look at the services and projects you have provided your client throughout the past year(s). These have a value to your buyers and are measured in two ways: 1) The financial value of the project or service itself, and 2) The manifestation of the results inside the client’s results.

This game plan is just the start, and we’ll be providing your next steps in our upcoming installments. Rest assured, if you wait until September to begin this process, your December will be VERY stressful as you experience heavy pressure from three sides: your competitors, the marketplace, and YOUR unhappy clients.

So, keep an eye out for our next installment of our How to Weather the Hard Market series that will focus on the Keys to Your Client Pre-Renewal Meetings. But for now… get the data. We’ll show you what to do with it next time.

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


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Leading brokerages and producers across North America choose the Analytic Brokerage Platform to maximize their large account profits, revenues, and growth.

Utilizing the latest KPI’s, client metrics, and business intelligence, the Analytic Brokerage Platform is the only system in existence that helps brokers:

  • Quantify a buyer’s financial leakage and true Total Cost of Risk
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  • Attract and retain larger accounts

The Analytic Brokerage Platform is currently embedded inside many of North America’s leading brokerages who control over $2,000,000,000 of annual revenues.

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