Propel provides innovative insurance solutions to thousands of companies across the country. We make it our business to know your world inside and out.
Insurance brokers are often placed in a position to review an existing insurance relationship. It provides a unique opportunity to peek inside a particular company and objectively assess.
The beginning of every relationship, personal or professional, is a motivating time of intrigue and discovery. It is fueled both by the apprehension of the unknown, as well as the excitement and curiosity of something new. Quick to answer the phone, we promptly reply to a text and repeatedly check email as we are eager to talk and share. This initial period is stimulating and generates a high level of interaction as fresh thinking is engaged and ideologies introduced. This time is often referred to as the Honeymoon Phase.
What does this have to do with insurance? Insurance brokers are often placed in a position to review an existing insurance relationship. It provides a unique opportunity to peek inside a particular company and objectively assess it. Good brokers recognize and capitalize on these opportunities as it presents a chance to point out differences in claims handling services, identify coverage gaps, expose servicing issues and, of course, challenge pricing. Market clout, industry expertise and a few third party stories highlight a broker’s accomplishments and place the nail in the coffin for the incumbent.
Wait a minute. Why is there an opportunity to start with? One of the main drivers of opportunity for a broker is the complacency of a competitor. Over time, the level of interaction, the new ideas, and the innovative forward-thinking that drove a client to work with particular broker tires and wanes. Employee workshops, stewardship reviews, meetings with underwriters and peer grouping analysis are replaced with lunch and a round of golf. Fatigue and complacency set in and the ecstasy of the Honeymoon Phase becomes a distant memory.
Now what? The shift from intellectual contribution to relationship continuity has the potential to stifle the value by which brokers are measured. Fighting this trend is a major investment and heavily influenced by personal and cultural factors. However, a strong broker remains relentless in the fight to bring new and innovative ideas to light. At its best, a broker is persistent, proactive, visionary, and steadfast; a trusted advisor that continues to help the client find the best way to achieve goals. The best broker remains passionate and actively engaged in the relationship refusing to let the Honeymoon Phase end.