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Dynamic duo: Top strategies for creating stronger risk manager/broker relationships

A recent survey of risk managers revealed they desire a strategic relationship with their brokers, not just purchase insurance coverage through them. Here's how to forge that bond.

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“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.

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