An insurance broker’s financial survival is dependent upon monthly residuals built over time. Winning business is only good for as long as its kept.
The following is a survival guide to maintain the win:
- Control claim data. “He who has data wins. He who has good data wins a lot. He who has real time data wins all the time”
- Control the market, block competitors by way of an all powerful Agent of Record letter.
- Build a wall between the plan sponsor and vendor preventing any chance of a dominate relationship forming at your expense leading to loss of control and relevancy.
- Keep clients ignorant. Create dependency.
- Always buy lunch
These well practiced strategies are employed religiously within the insurance brokerage community. They are de facto standard operating procedures. The key is control by keeping plan sponsors docile, ignorant, and dependent.
