Brokers who know how to improve productivity, growth and margins are the one's succeeding in today's dynamic insurance marketplace. This is especially true in the small business insurance marketplace, where profit margins are often slim and brokers are continually looking for ways to improve the efficiency of their transactions and margins, while effectively serving the needs of their policyholder clients.
To address the challenges of growth and productivity, brokers are implementing a variety of strategies to drive profitability, and they're actively measuring effectiveness and making adjustments along the way.
According to a survey of more than 250 brokers commissioned by ACE Commercial Risk Services, conducted in July 2014, a significant number of brokers have developed specific growth strategies for their specialty small commercial business portfolio, while others are implementing productivity enhancement strategies and have profit margin improvement strategies.
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