“I know I’m not my broker’s only or biggest client, but the teammakes me feel that way.” That’s the response you get from LoriSeidenberg, ARM, RF, senior vice president, risk management, forHCP Pacific Asset Management LLC, when you ask her about herrelationship with her broker, one that’s lasted for seven years.“My broker is there for the bad times and the good.”

Seidenberg’s comments echo those voiced in a recent study of large business commercial insurance customersconducted by J.D. Power and RIMS, published in December 2014. Thestudy found that most risk managers want to have a strategicrelationship with their brokers, not merely purchase insurancecoverage through them. The study also found that the most importantfactor in customer satisfaction among risk professionals was howeasy it was to contact the broker, followed by the broker’s abilityto understand the customer’s needs.

National Underwriter interviewed a cross section ofrisk managers and brokers to get their views on how to build astrong broker relationship and what they recommended as bestpractices. The risk managers and brokers NU spoke with allagree on the need for open and honest communication, from the timethe request for proposal (RFP) is issued throughout therelationship to its termination. They also agree that trust on bothsides at all levels is key to making the relationship work.