When we speak about Brand Management, we hit on one of the most important aspects of insurance. What is your company’s brand as seen by the insurance industry? If your renewal process goes like this, then I would hazard to say you have brand damage:
Step 1 – You meet with your current broker to obtain exposure updates and discuss the market.
Step 2 – You decide to have other brokers shop your insurance so you meet with them where they ask you for copies of your policies, loss runs and exposure updates. They then talk to you about how great they are and how they can do a better job than your current broker.
Step 3 – The day before your renewal you finally meet with the last broker and have to make a decision to stay or go. Typically, your decision is based on whether another broker saved you about 10%.
What was left out of that scenario?
Do you have any idea what the various brokers (including your incumbent) are telling the carriers?
Do you have any idea what the insurance industry thinks of your company?
Do you have any idea why the carriers may have declined to quote or, if they did post a number, what that option looked like?
If you don’t have total control of the insurance process and clear transparency then odds are you are the puppet and the brokers are the puppet masters.
It’s time to cut the strings! Take back control. Learn how.