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Cliff's Insights Playbook # 5: Know Your Broker

Who is your "best" broker? Are you sure? Have you based that on feeling or facts? Having a 360-degree view of your broker – market presence, new...

CM
Cliff Murch
Sep 4, 2024
SalesDistributionStrategy

Table of Contents

Who is your "best" broker? Are you sure? Have you based that on feeling or facts? Having a 360-degree view of your broker – market presence, new business generation, and relationship strength – is essential for making informed distribution decisions.

The Critical Question

Many carriers rely on gut feelings or incomplete data when evaluating broker relationships. This approach can lead to missed opportunities and inefficient resource allocation.

The key is to develop a comprehensive, data-driven understanding of each broker's true value and potential.

Comprehensive Broker Analysis

To truly know your broker, analyze these critical factors:

  • Market presence and territory coverage
  • New business generation and growth trends
  • Client portfolio quality and retention
  • Relationship strength and communication
  • Competitive positioning and market share

Key Performance Metrics

Focus on these measurable indicators:

  • Revenue growth and premium volume
  • Client acquisition and retention rates
  • Market penetration and share growth
  • Relationship longevity and stability

Strategic Implementation

To successfully leverage broker knowledge:

Action Plan

Develop a comprehensive broker evaluation system, establish regular review processes, and create targeted support strategies based on data-driven insights. This approach will help you optimize your distribution network and maximize the value of your broker relationships.