Peter Drucker, legendary management and marketing guru, oncesaid, "The purpose of a business is to create and keep acustomer."

I frequently travel across the country to meet with agents andbrokers who tell me about the increasing number of challenges theyface as they work to grow their businesses — businesses that servea vital role in their communities. I've had the opportunity tounderstand these issues first-hand, which is the first step increating stronger partnerships and helping agent and broker firmskeep their communities safer and more protected.

Based on what I've learned from leaders of firms across thecountry, there are four key ingredients to creating successfulrelationships in today's evolving financial servicesenvironment.

Responsiveness

Agencies, carriers and brokers alike know all too well thatcustomer retention in the insurance and financial services industryis becoming an increasing challenge. Carriers that promptly respondto the needs of a broker are carriers that grow with brokers. Astrong relationship is important, but this alone may no longer beenough to retain customers as their expectations for prompt,technologically driven solutions grow.

Moving forward, firms will need to meet and exceed thosechanging expectations. Carriers will also have an important role toplay as they translate purchasing preferences into truerisk-management solutions, competing to earn a spot within thelimited shelf space that firms have available in a competitivemarket environment.

Related: Your 'presence' is critical to the insurance salesprocess

Flexibility

The property casualty market is changing rapidly; risks thatwere routine only a few years ago have increased in complexity,requiring carriers to demonstrate more flexibility than everbefore. Firm consolidation trends are fostering the need for agentsand brokers to demonstrate a deeper understanding of customers'protection needs now more than ever.

Carriers are also being called on to provide greater flexibilityin identifying solutions and product offerings that allow agentsand brokers to provide their clients with options and choice insolving their risk management needs.

Related: 4 keys to sales meeting preparation for insuranceagents

Innovation

It goes without saying; insurance is undergoing massive change.Agents and brokers have long worked to build a stable foundationacross the industry to provide guidance and counsel to individualsand businesses with the goal of delivering both peace of mind andprotection. However, industry disruption driven by technologicaladvancements is triggering a change in buying behaviors.

Additionally, customers have more to protect and they want asolution that provides them with security in a high-techenvironment. This shift in consumer behavior is driving existingcarriers to double-down on technology to translate a consumer'spurchasing preferences into real solutions.

A tech-driven transformation is underway; new risks are beingintroduced into the market, such as autonomous vehicles (bothpersonal and commercial), smart homes and the concept ofride-sharing, to name a few. To address these evolving marketrisks, Nationwide recently launched a $100 million venture capitaloperation focused on customer-centric solutions that helpmembers:

• Live comfortably in retirement;

• Meet their insurance and financial needs in noveland digital ways;

• Protect their data and digital assets; and

• Protect themselves in the evolving area ofmobility.

This is no time for "business as usual." Innovation will createmassive value, and opportunity, in our industry going forward.

Related: A design-thinking approach to innovation forcreative insurers

Communication

Carriers that recognize these challenges are working to stay ontop of the trends and are listening to their partners across firms.Communication is key: With ongoing dialogue and collaboration, wecan design creative solutions like self-service options and quotingsystems that improve customer satisfaction and allow firms todeliver best-in-class service. This focus will allow firms tomaintain their reputation as valuable resources in theircommunities, exceeding customer expectations and ultimately drivingindustry growth.

Related: NU Agency of the Year Award, Town & CountryInsurance: Writing it right

I believe that the more successful carriers will bring togethersuperior service, creative customer options and a strong brand thatwill enhance customer retention. Carriers that offer expertise andbreadth of products and services will present firms with a distinctadvantage in serving their customers.

The broker's role is critically important in cultivatingcustomer loyalty. But success requires thinking differently.Investing in technological capabilities to stay current andallowing innovation to help drive creativity in the quote,decision-making and underwriting processes will be the signs ofprogress. And above all, firms that can evolve with customers togive them the breadth, depth, expertise and ease of doing businessas their needs change will be able to maintain strongrelationships.

Leading through this changing landscape and staying tuned intothe evolving challenges that follow is how, together, we willcreate great experiences for producers and clients. Nationwide iscommitted to listening to our brokers and their clients; we arecommitted to being the most responsive to the needs of ourproducers; we will demonstrate flexibility where value is createdfor all parties, and we will communicate through the process. Thishas driven our success for more than 90 years, and with our focuson innovation and evolving with the insurance consumer we areoptimistic about the future.

Mark Berven is president and chief operating officerof Nationwide Property & Casualty. Opinionsexpressed are the author's own.