Analytics Are For Selling

Those of you who have written large accounts, as I have, know that you are always under the sword of proving your value. Whether it’s a new member of the C-Suite, an investment banker or change of ownership. And that doesn’t include the competitive pressures your fellow brokers exert when they want your position on the account!

For decades you have worked under the banner of “Value Added” services, showing clients how you have done an excellent job in reducing placement (insurance) inefficiencies, improving coverages and compressing losses.

But here is the truth (and you know it.) If push comes to shove, you really are hard pressed to answer the question: “How have you improved our business model?”

Now look, let’s not kid each other. If you actually believe you are in the selling business, shouldn’t you be able to show a buyer how much better off they are by doing business with you? Isn’t that an essential component of any selling strategy?

For years you have talked about the importance of differentiation. But then you go back to the same strategy that was developed 327 years ago at Lloyds Coffee House (circa 1688) and talk about coverage, terms and price.

And speaking of coffee, it's time for the insurance brokerage industry to wake up and smell it!

You now have the ability to actually call on a client and show them how your firm will impact their cost structure, earnings, ownership valuation and productivity, to name a few. Isn’t this what you have always wanted to do?

Imagine the power of calling on a new account and KNOWING that your firm will improve their outcome and business results. How does that change your entire new business approach? What about your hit ratio and income?

Now you would say, “How is that possible? Because, if that is true, I want it on every new business call I make!”

Not only is it possible, but it is currently being done by selected Analytic Brokers™ across North America.  

So, if you want to not only smell the coffee, but be able to make it, here is what you must accept RIGHT NOW:

  1. The world of Analytics is changing business at a speed that we have not seen since the adoption of the computer.

  2. Your Analytics must be around your impact for clients and include much more than simply the insurance costs and loss ratios.

  3. Your Analytics must be in real-time and change with the improvement of your results for clients.

  4. Your Analytics must be attached to the actual results of the prospect with their current broker.

  5. Your improvement must be translated to the buyer’s Key Performance Indicators (KPI’s) - They all have them.

  6. You must have the ability to replicate this method with all clients and prospects.

Notice I said RIGHT NOW. That is because if you don’t, the industry will pass you by. As will your clients. They want you to work this way, as they have set up their business to measure results with dashboards that keep them advised in real-time. They are looking for brokers who can help them impact these results and help them measure them.

Analytic Brokers™ are now providing their clients and prospects with all that I have mentioned above. Through TCORCalc®, they have the client data they need in real-time to ALWAYS compete on a basis of Broker of Record. They know their own Metrics and Analytics and are able to project and present them to a new prospect. They are guaranteed a future in the large account buyer’s world, while their competitors move into obsolescence.  

Best Regards to Analytic Brokers™

Rob Ekern, CAB (Certified Analytic Broker™)

Chairman, TCORCalc®