Good is no longer good enough
...that was the message received from insurance buyers. Being a good listener, possessing an operational understanding of the customer's business, delivering a prompt service, having specialist product knowledge, and a good day-to-day claims service is no longer enough. Asked what distinguished a Great Broker from a Good Broker, the respondents highlighted the following attributes:
Business awareness and a strategic understanding of a business are the traits that lead to true partnership.
Examples of an existing strategic relationship were cited as being invited to take part in pre-merger & acquisition activity, and contributing towards strategic decision-making. Visibility at Board level was also cited as a key aspect.
Anticipating problems and the ability to manage expectations were key skills that buyers looked for in their provider.
Not surprisingly, expertise was highlighted as a key decision factor. However, a broker who innovates, drives new capacity and creativity to programme design was more likely to become broker of choice. Thought leadership was also a differentiator.
Strong presentation skills and the ability to articulate the value proposition were key considerations when appointing a broker.
Governance was stated as an increasingly important area for clients. A number of respondents stated that quantitative guidance would create a competitive edge.
Transparency and integrity scored high on the clients' agenda and those who pro-actively disclose earnings would be regarded as trusted.
Energy and delivery
Finally, enthusiasm, a strong desire to deliver, and feeling appreciated was described as influencing factors when choosing a broker.
The results reinforce the increasing level of engagement that insurance clients are demanding. It re-iterates the need for continuous investment to up-skill the broker workforce and to improve methods of delivery if brokers are to match future expectations.