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If you work for a carrier, are you frustrated that your annual meeting with the broker or agent seems to be an exercise in futility? Are you frustrated that the broker community you rely on uses spread-sheeting as its principal means to create value for the insured? If you work for a carrier, are you frustrated that the broker or agent seldom wants you to come with them on a sales call. If the answer to any of these questions is “yes,” you are not alone. Please download our white paper, Beating the Competition in Today's Insurance Marketplace. If you are a broker or an agent, are you frustrated that the renewals you depend upon are driven solely by the cost of the premium? Are you frustrated that a number of the costs and services that formerly were provided by the carrier have been downloaded to you, and you don’t know how to get paid for them? If you are a broker or an agent, are you frustrated that you think the carrier is not listening when you have the annual meeting to review next year’s performance? Is it difficult to attract new prospects? If the answer to any of these questions is “yes,” you are just like everyone else. In either case, to know how to be different and solve those puzzles, there is a specific tactical way to do it. There are two types of sellers in the insurance industry: those who sell insurance direct to the client, and those who represent the carrier and sell to brokers or agents. The success definition and the kinds of things that drive each sale are very different—and are on occasion in conflict with each other’s interests. Spread-sheeting creates a purely transactional relationship and destroys long-term value. In almost any insurance market, more than 90% of the revenue, or 90% of the income of the agent, or 90% of the premiums paid to the insurance company come from renewals. Value creation is of the essence. The great thing for the broker or agent is to help the client to understand risk and to understand the number of things that are mapped into unanticipated solutions or that solve unrecognised problems. The great thing for the carrier representative is to have the ability to distinguish between what’s good for the insured and what’s good for the broker or the agent. Too many sellers from carriers sell to the broker as though they’re selling to the insured. The annual meeting between carrier and broker needs to be a session about how the carrier can make that insurance agent or broker more successful. Huthwaite can help the carrier’s sales force understand how to create value for the broker and agent community, without losing sight of the fact that value is not created in the same way for the insured. For the agent or broker, Huthwaite can show you how to escape the spiral of driving premium down through spread-sheeting (which in essence means that you have to do more business in order to make the same income). Huthwaite can help you break that chain. Our Insurance clients include:
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