This is the first edition of what we are calling the ‘Young Analytic Broker® Series.’ From time to time we will focus an edition of the ‘Analytic Broker® Briefing’ to focus strictly on the things that Young Analytic Brokers need to know to further their production careers.
First a word about our definition of ‘Young Analytic Brokers.’ We consider this to define producers who have less than 5 years of experience as brokers, but at least 2 years of successful selling in another industry or 2 years of broker experience. So, while we know that even newer producers can gain insight, we are attempting to help those who already have a proven track record of success in selling and insurance brokerage.
Here is the purpose of the Young Analytic Broker Series… We know that you are being tested in ways that your older successful colleagues never were. The world you are in now moves much faster than it did 10 (or even 5) years ago, and many of the ‘old’ techniques just won’t work for you.
You need to get better quicker. You simply don’t have years to show your prowess or feed your family. You have to be able to velocitize your success by using techniques that are available now, and you don’t need to wait for some of your older colleagues with larger books to adapt. You already know now how to work at a higher level, and we will help you get better quicker.
Here is the bottom line. The insurance brokerage business involves a very highly technical sale and generally requires a deep product knowledge and coverage/marketplace expertise. Some younger brokers feel these requirements work against them.
So if you want to grow your book of business to its full potential, you need something else entirely. You need the ability to bridge your success around a prospect’s outcomes and your firm’s impact on their financial statement. That discussion spans the gap of age, geography and insurance coverages. It becomes about your differentiation where it matters . . . inside the client’s business performance.
By the way, I am not denigrating the need for technical expertise around the insurance. That will come with experience, so surround yourself with people who can mentor you and help you learn. But, here is a little secret that most successful brokers know: the buyer expects you to have that knowledge, it usually is not a differentiator. After all, you are not the only broker who represents the same carriers.
So for you to be successful, it will be critical that you understand data and how to use it to demonstrate your quantifiable impact on a prospect or client. That is selling at the highest level, and it’s just one of the things that’s changing the insurance brokerage business at warp speed.
One of our newest associates, Greg Dunn, recently wrote an article published by National Underwriter on some of the things that new brokers are now doing to improve their production on large accounts. You should read it.
Greg was a successful young producer himself and now works with C.R. Ekern & Company. We welcome him aboard and know that he will provide other Young Analytic Brokers with a tremendous perspective.
Watch for future editions of the Young Analytic Broker Series in upcoming editions of the Analytic Broker Briefing. We are committed to helping you attract and retain larger accounts. The information you receive here will be unlike anything else available to you as a Young Analytic Broker.
Best Regards to Analytic Brokers®
Rob Ekern, CAB (Certified Analytic Broker®)