Filed Under:Agent Broker, Commercial Business

R&O MGAs, Wholesalers and Program Administrators: Strategic Management

The continued soft market and economic changes are still forcing wholesalers to shift their business strategies. Read our panel’s insights on how to maintain stability, through industry specialization, training and development, investing and customer service.

What emerging opportunities is your company taking advantage of in 2012?

Jeremy Hitzig: The soft market has made it challenging for many companies to make investments in their businesses in recent years. We have reinvested in training and development as well as systems and technology. I am confident that these investments will pay dividends as the market begins to change in the next year or so.

Have you shifted your business strategy to accommodate economic changes?

Hitzig: We have focused more on “value” products rather than upselling. And we have developed products that thrive in challenging economic times (e.g., vacant property coverage). At the same time, we also have invested in new products that we think are well positioned for success when the economy recovers (e.g., builder’s risk). In short, we like to have a balanced portfolio that can ride through economic and insurance cycles.

How important are professional designations to your company's professionals?

Hitzig: We traditionally have not placed a heavy emphasis on professional designations as much of the educational content just is not applicable to our business and approach. That being said, we expect to strongly encourage our colleagues to participate in the recently launched Target University courses and ultimately complete their CPL designation as we feel that the content is tailored to the specific needs of our industry and business. 

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