As nearly every sector has struggled in this rocky economy, one recurring thread that has tied them together is the value of good strategic partnerships. Knowing who you can trust in a tough economic market can be the difference between the growth and demise of a business–particularly when partnering with an employee benefits provider.

And yet, too often, critical elements of a business are outsourced to a vendor without an eye on the future and without full consideration of how their work will affect the long-term goals of the company. In a market where margins have been dwindling, finding vendors who operate as if they are partners is more important than ever.

While working with vendors who simply want to provide goods or services and get paid will meet most of your needs, finding a few strategic partners can be critical to your company's success.

This means finding the vendors who will move beyond basic transactions to share responsibility for achieving specific, mutually beneficial goals. These are the vendors who look beyond their own bottom lines and market share to help you grow your business.

In addition, they must work to provide relevant solutions to current business challenges–which starts by listening.

To be a good listener, sometimes you need to ask the right questions. We at Assurant commissioned a survey of insurance decision-makers, agents and brokers to identify the characteristics that make a valuable insurance partner and to rank the most pressing issues for an insurance partner in these difficult economic times. The findings revealed that:

o Customers expect unwavering commitment to their primary business objectives.

o Seventy-two percent of respondents expect partners to help them meet profitability goals as a measure of loyalty.

o Seventy-eight percent said they expect superior customer service during and after the economic recovery.

These findings were very telling of today's priorities and expectations for business partners. In addition, they were a great indication that in the future, more companies will likely reassess the metrics they use to evaluate whether or not existing partners are effectively working toward their strategic goals.

Finding the right partner who is invested in the goals of your agency is essential. Today, for all businesses–big or small–resources are increasingly limited yet expectations remain high.

Establishing a new relationship with a strategic partner and building trust will help to find that elusive resource that so often escapes companies–time to think about where they aspire to be. Partners will help identify ideal ways to deploy existing resources while allowing you the freedom to think about what you need to achieve growth and success in the future.

With a strong commitment from both sides to work together as seamlessly as possible, partners are better able to anticipate each other's needs and design efficient and customized solutions.

Much like the shoes on your feet, a one-size-fits-all solution cannot work for everyone and demonstrates a lack of strategic thinking. For example, an outfit with an aggressive growth track has a unique set of priorities that are different from that of a firm on a slower growth track.

Once again, it all comes down to identifying which vendors are prime candidates to become trusted partners. The key is to find vendors who have their fingers on the pulse of the industry and the market and have a proven record of providing practical and responsive solutions to your problems.

But remember, partnerships aren't built overnight. They require time, strategic thinking, a growth-orientation and working to feel like a natural extension of the team.

This is a long process of building trust, establishing personal relationships and identifying and tapping into each other's strengths to attain success.

In the end, substantial business relationships that deliver quality service will be relied upon and rewarded with return business and growth opportunities.

John Roberts is president and chief executive officer of Assurant Employee Benefits, which provides employee benefits products and related services, based in Kansas City, Mo. He can be reached at John.Roberts@assurant.com.

Special Reports /

Benefit Vendors Need To Be Your Partners To Assure Success

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