“I know I'm not my broker's only or biggest client, but the team makes me feel that way,” says Lori Seidenberg, ARM, RF, senior vice president, risk management for HCP Pacific Asset Management LLC (the affordable-housing subsidiary of the Hunt Companies, a tax credit investor/sponsor and asset manager based in Denver), when asked about her seven-year relationship with her broker. “My broker is there for the bad times and the good.”

Seidenberg's comments echo those voiced in a December 2014 study conducted by J.D. Power and RIMS of large business commercial insurance customers, in which risk managers revealed they wanted a strategic relationship with their brokers, not just purchase insurance coverage through them. The study also found that the most important factor in customer satisfaction among risk professionals was how easy it was to contact the broker, followed by the broker's ability to understand the client's needs.

Risk managers and brokers who spoke with NU all agreed on the need for open and honest communication. A broker who understands both the client and its industry does a better job of representing the client in the marketplace; the broker can use that knowledge to present a more complete picture of the client to the underwriters, explaining any past losses and risk factors.