There are industry winners, and then there's everybody else. The characteristics of today's top insurance brokerages are well documented, but not easy to achieve.
Whether the focus is on property-casualty, employee benefits or multi-lines, firms that set the pace maximize value to clients, invest when times are tough and deliver creative solutions on a global scale. They are consultative and strategic instead of only focusing on transactions. These firms are led by highly talented people who are hungry to grow through multiple revenue channels and possess the know-how to groom sales talent that can move the needle forward.
It used to be enough to be friendly, understand products and have good technical skills. That's not the case anymore. Don't get me wrong: This is still a people business, and building and maintaining long-term strategic relationships with good business acumen and strong communication skills remains a critical piece of the puzzle. But today's broker must be creative and analytical, understand technology (internal and external), and show exceptional expertise in the areas that they serve. The best brokers are working on the business, not just in the business. It's an important distinction.
The Council of Insurance Agents and Brokers is working on the business, too. Home to 45 of the top 50 U.S. brokerages, The Council is a community of leading brokers talking about leading issues. We recently hosted our annual Employee Benefits Leadership Forum and a CFO/Finance Managers Workshop immediately after.
At the forum and workshop, top executives from our firms vetted and validated current paths and were exposed to ideas and questions including, "What are the implications of private exchanges on brokers?" and "What's the best way to obtain financing for agency acquisition and perpetuation?" It's this kind of thinking and these kinds of conversations that enables The Council to collectively zone in on the challenges and opportunities ahead.
I see a healthy role for brokers going forward. New risk means new ideas and new business. I'm confident that the winners will keep finding ways to win—on the business, not just in it.
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