QUARTERLY REPORT - Q3 2011
2011
Q3 QUARTERLY REPORT
Dear Assurex Global Partners:
What a memorable Global Partners’ Conference we just enjoyed in Berlin. My personal thanks to the Assurex Global meeting planners and to all who joined me on the
Conference Planning Committee to make it such a success:
• Gautam Boda, J.B. Boda & Company Pvt. Ltd. (India)
• Enrique Acevedo, Correcol - Corredores Colombianos de Seguros S.A (Colombia) • Matt Donnelly, Griffiths & Armour (United Kingdom)
• Jim Kapnick, Kapnick Insurance Group (Michigan, USA) • Nicole Schroer, Leue & Nill GmbH & Co. (Germany)
• Andy Sloan, The Magnes Group, Inc. (Toronto, Ontario, Canada)
• Bob Cawley, Riggs, Counselman, Michaels & Downes, Inc. (Baltimore, Maryland, USA) • Charlie Rosson, Woodruff-Sawyer & Co. (San Francisco, California, USA)
• And from Assurex Global -- Jim Hackbarth, Toni Gambonini, and John Rodwell
My sincere hope is that attendees left with a renewed dedication to our organization and an expanded appreciation for the tools and services available to every Partner. And of course, I hope attendees had an opportunity to see some of the wonderful sites in my beautiful Germany!
I left Berlin with real optimism for the future of independent brokers, who continue to push for innovation, client service and global partnership to grow their firms. Assurex Global Partners repeatedly impress me with their enthusiasm and open communication with each other.
As I begin my term as Chairman, I anticipate an emphasis on maintaining financial stability and a particular focus on compliance, as that remains important to both Partners and clients. We will continue to seek strategic alliances with global carriers, who have already noticed our increased visibility worldwide and responded accordingly. Our program with Chubb is very successful, and their Foreign Voluntary Workers’ Compensation policy is highlighted in this edition of the Quarterly Report. We fully anticipate additional carrier programs moving forward.
The impact of technology on all our firms persists. In response, Partners can expect new IT solutions to support business growth. I am particularly pleased with the ongoing improvements made to XpertConnect and I am convinced it will prove a powerful tool for accessing and leveraging the expertise and knowledge existing within our organization. Be sure to read the article about XpertConnect in this edition to learn more about this unique Assurex Global tool.
We’ve made tremendous strides in developing our global reach in all four of our regions. Under the leadership of our regional chairs, this should only accelerate. Please join me in thanking them for all they’ve accomplished already. If you are unaware, regional chairs include:
• APAC—Gautam Boda from J.B. Boda (India) • EMEA—David Rodriguez from GPA S.p.A. (Italy)
• LAC—Anselmo do O’ de Almeida from Interbrok Group - Adams & Porter Sociedade de Corretagem
de Seguros Ltda (Brazil)
• NA—Bob Cawley from Riggs, Counselman, Michaels & Downes, Inc. (Baltimore, Maryland, USA)
Moving forward, the board and regional chairmen will continue to work diligently to find the world’s best possible Partners. The sheer number of inquires about becoming a Partner serve to illustrate how Assurex Global has truly become the most desirable independent network around.
I feel confident speaking for all when I say we welcome your input, rely on your participation and look forward to an impressive future for every firm in Assurex Global.
With appreciation,
Stefan Nill
Assurex Global Chairman of the Board
A message from our Chairman, Stefan Nill
Dear Assurex Global Partners:
Every two years I transition to a new boss (the new Chairman of the Assurex Global Board of Directors). It has been a unique experience for me during my eight years at the helm of Assurex Global and I have been extremely fortunate to have reported to some amazing individuals. I’ve learned from their respective leadership styles, and developed strong friendships with all of them. Most importantly, I have seen first hand the values that drive them personally and professionally and the passion they have for Assurex Global.
Thank You Tom Cornish
During our recent shareholders conference in Berlin I had the opportunity to recognize
Tom Cornish (Seitlin) for his contribution as our Chairman the past two years. During
Tom’s tenure he pushed the organization forward in four distinct areas.
First, he established the appointment of Regional Chairman. This placed the autonomy, creativity and decision making power into the hands of the four Regions that comprise our network. Stefan Nill recognized these individuals in his letter and I want to thank them in advance for their commitment. This fundamental change puts substance behind our tag slogan, “Our Partners are Our Power.”
Second, Tom was paramount in supporting the establishment and launch of one of our most important initiatives—the launch of XpertConnect. Just as Passport has had (and continues to have) a profound impact on Assurex Global and your firms, so too will XpertConnect as it continues to evolve. This system allows our Partners to have immediate access to the wide variety of experts in our network across the globe, searchable by industry and vertical markets. This capability will pay many dividends in support of your business plan for years to come, which is also very important as we continue to build upon our carrier initiatives.
This leads to the third area where Tom brought vision and focus. Our carrier relations under Tom’s leadership took us to the next level. In particular he brought substance to our growing relationship with Chartis, the recently announced opportunity with HCC Specialty (HCC), and influenced carriers like CNA and Hanover to be investors in Assurex Development Corporation (ADC). Last but not least, Tom continued to lead the direction that we must leverage
our strengths and grow as an international organization. His ongoing support of our first international office in London has set the direction for furthering our strong international presence. Stefan Nill, our first international chairman, further underscores the significant progress we have made as a Global organization.
Appreciation for Two Former Board Members
In addition to Tom’s contributions, I also want to recognize two additional board members whose terms expired at this last shareholder meeting. Tomas Lorant (LorantMS) has served the Assurex Global board for
8 years. He, along with others, were instrumental in establishing our international footprint. His leadership in the LAC region has been substantial, and he continues to be one of our strongest supporters. His
contribution to our organization is immeasurable.
Joining Tomas in the completion of his term as a board member is Mike Ross (INSURICA). Mike’s guidance
and contribution to the Board kept our focus on the issues we deal with in perspective. Mike will continue on as a board member of the captive, AGP LLC, and we look forward to his candidness and perspectives with this important subsidiary.
Welcome New Board Members
With the leaving of board members, I want to welcome two new board members—Anselmo do O’ de Almeida (Interbrok Group) and Glenn Horton (The Horton Group). Both of these gentleman have much to
contribute and we look forward to their service to the board and shareholders.
It is only through the dedicated service of our Board of Directors, the subsidiary Boards (ADC, PAR, AGP LLC), our numerous committees and the hours given by so many of our Partners that we continue to lift our organization to new horizons. Being “Partner driven” has served us well for the past 57 years and will continue as such for many years to come.
Regards,
Jim Hackbarth
President and CEO of Assurex Global A message from
Assurex Global President & CEO,
REVIEW
GLOBAL PARTNERS’ CONFERENCE
Meg Allwein CQO
Assurex Global BERlIn 2011 –
ConnECtInG And CommunICAtInG Some conference planners intentionally organize their agenda around a theme; others choose to formulate an agenda which covers a wide variety of topics relevant to the intended audience – this is the approach that is often taken for Assurex Global conferences and meetings. The agenda for our 2011 Global Conference (held in September in Berlin) addressed topics as varied as the current state of the global markets, recovering from disasters, retaining independence, and sales tactics.
However, as I listened to the various presentations and panel discussions on these and other topics, a theme did rise to the forefront – the importance of Connectivity and Communication.
Global Market Update
David Myers of Allianz SE launched the conference with a Global Market Update, during which he purported that “insurance is the oil in the engine of the global economy” due to its role as both a protection mechanism and a change agent. In order to maintain that important position, we must be very cognizant of the world’s changing demographics and its continued digitalization. As David put it, “the world is online and going mobile” and “broad and efficient connectivity” will be key to the success of any initiative, organization or industry.
Facing Disasters
As four Partners shared their stories of facing disasters, effective communication clearly emerged as a common thread. Randy Schuler of Wortham (Houston, Texas, USA) and Paul Atkinson of Cornes
& Co. (Tokyo, Japan) both stressed that proactive communications – with employees, clients, carriers and service providers – are critical to rebounding quickly from a disaster of the magnitude of Hurricane Ike in 2008 or the March 2011 earthquake and tsunami in Japan. Walid Nehme of Associated Insurance Consultants (United Arab Emirates) raised the important issue of having a variety of alternative communication mechanisms as part of your disaster plan. When the recent unrest in Egypt prompted the shut-down of
internet and mobile services in order to cripple the protesters’ main organization tool, this, of course, also eliminated those services as vehicles for communicating with AIC’s stakeholders. Renato Lilienfeld of Lilienfeld Corredores de Seguros (Chile) also shared his insights from the 2010 Chilean earthquake, voicing a key stance to communicating with clients facing disastrous claims – “Approach each loss as a business problem, not just an insurance problem.”
Unbundled Loss Prevention Services
Rolf Schreckling of AXA MATRIX Risk Consultants presented the capabilities of his firm for loss prevention services. For those in attendance that were listening closely, some of what Rolf communicated should have sounded very familiar (see sidebar). I honed in on his description of AXA MATRIX offering “one seamless global team” –
any such team must be able to connect effectively and communicate clearly in order to meet client needs and expectations.
How Technology will Transform How an Agency/Broker Functions in 2020 John Love of Cazador Associates closed out the first full day of the agenda
speaking directly to communication issues and the technology tools that can help brokers communicate and connect with clients and prospects in more efficient and effective way; ways that address the demographic and digitalization issues raised by David Myers at the beginning of the day. In addition, John challenged the Assurex Global Partners to connect with each other to use data more effectively. As the client demand for benchmarking and insight on future trends increases, it
becomes more and more critical that Partners find ways to pool resources and share information. The Challenge of Remaining Independent The “unintended” theme of connectivity and communication continued as the second day got underway with a four-Partner panel discussing the challenge of remaining independent. Whether it’s connecting with like-minded future owners with a commitment to independence as the owners of Insfield (Malaysia) and Woodruff-Sawyer (San Francisco, California, USA) had to do or communicating the value proposition to potential investors as MAI (Hungary/Central Eastern Europe) did, perpetuating an independent brokerage is never an easy task – even if you are truly a family-owned business. Enrique Acevedo of Correcol (Colombia) shared some very fascinating and valuable research and first-hand experience about managing and perpetuating family-owned firms – open communication and clear ground rules are a must. I encourage any of you in that environment to connect with Enrique for further discussion! Insurance Company Panel
A very well-rounded carrier panel – with
representatives from Beazley, Chartis, Chubb, CNA,
and Zurich – engaged with the attendees in open dialogue about the market and the role of the independent brokers. What I found most engaging was the segment where each participant extended their best advice to the Assurex Global Partners. A common thread in the responses was to capitalize on the advantage independents have in their flexibility and empowered decision-making. If we think about this in the context of Assurex Global, what helps us maintain these qualities? Effective mechanisms for connecting to and communicating with one another. Another piece of advice was to use specialization as a differentiator. As each firm hones its specialties, Assurex Global Partners can still live up to the claim “Any Business. Any Location. We Have the Expert” because of the connectivity of the network as a whole. Multinational Compliance
The issue of compliance has been taking on more
prominence over the last few years, particularly as it relates to managing multinational insurance programs. It’s an issue that’s difficult to stay on top of, yet it is crucial to truly helping manage your clients’ risks. Kristy Furrer of Woodruff-Sawyer joined with Suresh Krishnan of ACE and Philippe Gouraud of Chartis Europe to raise the awareness of the attendees on why compliance matters and how to approach it. Again, Assurex Global Partners can benefit greatly by connecting with each other to share information about compliance and collaborate on communicating information to clients effectively and appropriately.
Sell More by Saying Less
Finally, Andy Bounds brought it all home (see article on the next page for more detail). To communicate effectively, you have to know your audience. To know your audience, you have to connect with them. Ask questions and truly listen to the answers – communication is not just about talking and delivering information – it’s a two-way street. Takeaways
So what does all this mean to Assurex Global? Why did connectivity and communication resonate so strongly with me throughout the entire two-day conference? It could be because I’ve spent a lot of time lately with Passport and the new and improved XpertConnect Quick Search – two tools that contribute greatly to connecting Partners and supporting effective communication in our increasingly digitalized world. But each and every Assurex Global Conference also reminds me of one of the greatest strengths of our network – the real, human, face-to-face connections that are made between us. We know each other – not just as a name on an email or a voice on the phone, but as true partners and colleagues that strategize together, learn together, dine & drink together, and win business together. So I challenge you to keep making those connections with your Partners and strengthening them with honest and open communication.
What comes to mind when you read the following descriptors?
• Client-oriented
• Innovative, state of the art solutions to meet the evolving needs of customers
• Highest level of quality • One seamless global team
If you said “Assurex Global Partners”, you’d be right…almost. These actually came from the AXA MATRIX presentation as descriptors of their own company. And while they may be true for both firms, we may want to consider if they are the most effective way to communicate the value of Assurex Global, if they are phrases that could apply to any number of businesses. In the words of Andy Bounds, we need to take a hard look at the AFTERs for our clients and prospects and craft our brand and our messaging accordingly.
mAkE tuEsdAy Count
Our keynote speaker at the Global Partners’
Conference in Berlin was Andy Bounds, CEO of Andy Bounds Ltd., who helps companies, teams and individuals transform performance by helping them communicate in ways that cause their stakeholders to buy-in, engage and act. Andy’s presentation was generously sponsored by Chartis.
As a dynamic speaker who wants to help companies improve their communication skills, Bounds
noted on his website, www.andybounds.com, “Communication often dictates how successful your company is.”
One of the services he offers is Tuesday Tips, which you can sign up to receive each week by requesting such on his web page. Why not visit his site and sign up today…it could deliver a real return to your sales success!
Tuesday Tip #1:
Use the 4 Ws to Secure Engagement in One Sentence
When you communicate with others, you want them to engage immediately to maximize the chance of their attention and – ultimately –
acceptance. This Tip will help you achieve this. Let me explain ….
Imagine that you work in Marketing and want to share your new strategy with a Manager of 50 salespeople. Which introduction would the Manager prefer?
“Here’s our Marketing Strategy for next year.”; or “I know you are keen to improve the performance of every one of your team, to reduce your
dependence on the handful of superstars. We can help ensure this happens. I want to show you how, by running through our Marketing Strategy for next year.”
Obviously, the latter will be more compelling. It starts with her agenda, not yours. It is much more likely to secure her buy-in.
The simple technique to achieve the above effect is the 4 Ws ….
• What you want – to improve every person’s
performance
• Why you want it – to reduce dependence on
the superstars
• We can help – “we can help”
• What we will do – here’s my strategy
Does it work? Well, check out the first sentence of this Tip…
Action Point
For your next communication today, maximize your chance of early engagement by using the 4 Ws to create your introduction.
Tuesday Tip #2:
Overcoming Stakeholder Objections
Stakeholder objections are not objectionable. They’re real to them. You must proactively address and resolve these objections, in ways that make both you and the stakeholder feel comfortable. The first step is to focus on the value your
proposition will bring to the stakeholder. The more they see the value to them, the more likely you’ll get that ‘yes’.
The second step is to remove their objections… Create a 2-column table. List all their likely objections on the left-hand side, and – on the right – your responses to them.
Pre-empt and remove their key 1-2 objections, by including them in your communication. So, you bring them up. Don’t wait for them to… “If I was you, I’d be concerned about the high level of investment, given how tight budgets are. Well, let me outline why the return from this proposition outperforms our other options.”
For all other objections in your table, prepare and practice persuasive responses. This is better than the only alternative: making up your response on the day, before your stakeholder’s eyes.
Action Point
Identify your next key communication where it’s important you get a ‘yes.’
Structure your content, so it makes it clear how your proposition brings value to your stakeholder. Ensure you finish with a persuasive BO (Benefits/ Options).
Tabulate their likely objections to your content, together with your responses. Incorporate the main 1-2 in your communication, using “if I was you…”. Practice your responses to the other objections, should they raise them.
Finally, remember the Golden Rule of Selling : when they do say ‘yes’, stop talking!
sEssIon
GLOBAL PARTNERS’ CONFERENCE
As a 25 year veteran of the insurance industry, I am always amazed by the struggle to attract talent to our industry. We hear about how the insurance industry is like a great novel that never makes it off the shelf because of a poorly designed cover. We all read about the impending talent shortage largely caused by the looming Baby Boomer retirements--it can become quite depressing. However, every once in a while we run across some up-and-coming stars that give us a sense of hope for the future. In June, I had the privilege of attending the Lloyd’s North American Broker Program in London. “Impressive” would be the key word here. Talent abounds in London, thanks mainly in part to Lloyd’s of London and their commitment to training. For more than a decade, the North American Broker Program has exemplified the spirit of Lloyd’s, a 323 year old insurance market whose success depends on the mutual support of its many stakeholders in London. For one week in June each year, a variety of syndicate underwriters, Lloyd’s brokers,
and representatives of the Corporation of Lloyd’s join hands to deliver what one US broker referred to as a “once in a lifetime experience.” Their passion for Lloyd’s ensures that the retail, wholesale and reinsurance brokers participating in the program return to their offices in the US and Canada with the knowledge and new relationships that can only be gained by face to face interaction with “the Market.”
According to Lloyd’s America President, Hank Watkins, interest in the 2011 program was significantly higher than previous years. He attributed the increase in applications to a
renewed effort by his team to market the program and greater awareness among brokers of the benefits to be gained by a closer relationship with Lloyd’s.
Lloyd’s America Communications & Marketing manager, Kiran Bhovan, notes that “we’ve already received requests for applications to the 2012 program, most of them from firms who’ve not participated before.” Looking ahead to next year, Watkins anticipates an even greater interest among
middle market brokers as they continue to pursue solutions for clients and prospects beyond the markets traditionally available to them. Assurex Global was very well represented at the annual broker program. Participants are hand-picked by their companies, and they gain experiential learning of the Lloyd’s market, which can deliver great value to sponsoring firms. This year, 30 brokers attended the week long training program that
includes time in Lloyd’s on the trading floor with both brokers and underwriters. Participating from Assurex Global North American Partners were
Wesley Bryan and Chris Liddell of J L Wortham
(Houston, Texas) and Noelle Rodier and Matt Gauen of Woodruff Sawyer & Co. (San Francisco,
California).
miller Insurance services limited
Assurex Global’s London, UK Partner, Miller Insurance Services Limited, has enjoyed a front row seat to Lloyd’s history. Miller has supported the program from its inception 12 years ago and this year, hosted a welcome lunch and ‘shadow broking’ for six of the course members, involving “hands on” exposure to broking real business in the Lloyd’s market. Additionally, John Eltham of Miller gave a presentation on a “Day in the Life of a Broker” and also chaired a discussion panel made up of senior market brokers and underwriters.
The programme has proved to be a great success in demystifying the workings of the Lloyd’s market while simultaneously highlighting how dynamic the trading environment can be in helping win new business. New opportunities and deals were being negotiated even while the programme was running. Mission accomplished.
John Eltham, Miller Insurance (UK)
I now have a much clearer understanding of the Lloyd’s offering, inner workings and how to access the market. The contacts made on both the brokerage and carrier side were invaluable, and the benefit to myself, my agency and my clients is a whole new market has opened up to offer coverage.
Matt Gauen, CPCU, CIC, Woodruff-Sawyer & Co. (California, USA)
Ric Mazon Vice President Assurex Global
tAlEnt ABounds At lloyd’s noRth
AmERICAn BRokER PRoGRAm—And AssuREx
GloBAl Is WEll REPREsEntEd
The recent spate of natural disasters has led many to evaluate their own preparedness. Those at the Global Conference in Berlin heard from other Partners about their own personal experiences with disasters and the lessons they learned. Presenters and the crises they faced included:
• Randy Schuler, John L. Wortham and Son
(Houston, Texas, USA) – Hurricane Ike – 2008
• Renato Lilienfeld, Lilienfeld, Corredores De
Seguros Limitada (Santiago,Chile) – Chilean Earthquake – 2010
• Walid Nehme, Associated Insurance
Consultants (Abu Dhabi, United Arab Emirates) – Political Unrest – 2011
• Paul Atkinson, Cornes & Company Ltd. (Tokyo,
Japan) – Eastern Japan Earthquake – 2011 The presentation was led by Matt Donnelly of
Griffiths & Armour (Liverpool, United Kingdom) and each Partner provided an overview of what happened during the disaster, their response, client issues and lessons learned.
Given the tremendous scope of recent natural disasters, it is interesting to note the world’s 10 most expensive insurance claims on record (according to Swiss Re: Sigma Catastrophe Database):
• World Trade Center - 9/11 (2001) • SARS (2003)
• US/Canada Power Outage (2003)
• Indian Ocean Earthquake and Tsunami (2004) • Hurricanes Katrina, Rita and Wilma (2005) • Financial Crisis (2008)
• China Earthquake (2008)
• H1N1 (Swine Flu) Pandemic (2009)
• Eyjafjallajokull Icelandic Volcanic Ash (2010) • Floods in Europe and Pakistan (2010)
Although none of the specific disasters discussed during the Berlin presentation even made the list, they were overwhelming and noteworthy in their own ways—and certainly provided opportunity for tremendous Partner insight to the impact disasters can have on communities in so many ways. Each presenter provided an overview of their individual efforts, but all emphasized the importance of an effective business continuity plan, including secure IT backup, strong employee communication, off-site office space (even if it’s limited to tent or trailer space), and access to specialists in other
fields including security evacuation & assistance, security firms, IT specialists, power generators, doctors, etc.
Even if your particular region has not been directly hit by a disaster, the impact is felt industry wide, from higher premiums to new claim definitions. Carriers have narrowed coverage--for instance, they have added specificity to tsunami versus earthquake coverage and flood versus hurricane coverage. Companies have come to expect increased loss prevention expertise and new laws appear after each disaster, including those related to telecom, mandatory insurance and claims. As every firm should now be aware, the time to plan is before a disaster, any disaster, invades your space and turns your daily business upside down. If you’d like to see the Partners’ complete disaster presentation, simply log onto the private Partner portion of the Assurex Global website (www.assurexglobal.com) and click on Meetings & Education, where you’ll find all the presentations from Berlin.
sEssIon
GLOBAL PARTNERS’ CONFERENCE
dIsAstER RECoVERy –
Hurricane Ike
• 3rd costliest hurricane in US history • Damages estimated at USD 30 billion • 200 people died, over 110 in US and
over 70 in Haiti
• Largest evacuation in Texas history LEFT:
Pictures from Wortham’s 24th floor office
Chilean Earthquake
• Nearly 100 seconds of the 5th largest earthquake ever measured up until that day – 8.8 on Richter Scale
• Chile has the record of having the largest ever measured earthquake, magnitude 9.5, in 1960 – Valdivia (south of Santiago) • Earthquake main section: 450km x 150km • Several tsunamis hit Chilean coast
and Pacific Chilean Island after the earthquake
• Largest catastrophic claim for Chilean insurance market
Middle East Unrest
• Beginning January 2011-present • Widespread
• Tunisia Revolts
• Syria: Violent Civil Unrest • Libya: War & Civil War • Egypt: Revolts
• Yemen: Civil Unrest, Terrorism • Bahrain: Riots
The Great Tohoku Earthquake
• Magnitude 9.0 earthquake occurred at 2:46pm on Friday 11 March 2011 • Underwater quake, 70km east of Tohoku
coast, followed by over 1600 powerful aftershocks
• Most powerful earthquake ever in Japan • Japan moved 2.5m (8ft) eastward
as a result
• Tsunami up to 40m (132ft) generated as a result
• Human catastrophe: 20-25,000 dead or missing
• 125,000 buildings damaged or destroyed
AssuREx GloBAl PARtnER dIsAstERs
OAMPS and several Assurex Global Partners worked together to win appointment for the global
insurance arrangements of Volex Group plc. The company is a leading provider of interconnect solutions and power products with turnover in excess of GBP350 million and operations in over 20 countries across Europe, Asia, South & North America.
The Volex account had been placed through Aon and its global offices for nearly 10 years. The OAMPS Special Risks team in London was introduced to the Volex management team only 6 weeks ahead of the global insurance renewal date. To ensure the Volex team had the confidence to change brokers so near the renewal date, it was vital that OAMPS
demonstrate access to a global broker network with particularly strong representation in Asia and South America.
OAMPS’ presentation to Volex focused on several key areas:
• In-depth knowledge of global programs for Property, CGL and D&O
• Identification and risk solutions for key uninsured areas
• Strong local service delivery across all
territories through the appointment of Assurex Global Partners.
The Volex management team was delighted with the solutions OAMPS proposed, in particular the ability to deliver local service in all territories of operation. Once the global appointment had been received, the hard work began! With very little time to the renewal date, OAMPS worked with each broker to ensure they were appointed in each
country to replace Aon and to introduce themselves to the local Volex management. In total, OAMPS appointed 14 Assurex Global Partners. The response from each was tremendous. Introductory meetings were promptly arranged, insurance cover details for local and global policies were professionally explained, and any local issues or questions were communicated back to OAMPS as the controlling broker.
OAMPS credits their appointment to a truly global organization like Volex to their Assurex Global association and says it would not have been possible without the assistance of their fellow Partners including:
• J B Boda & Company
(India)
• Interbrok Group
(Brazil)
• Continental Insurance Brokers
(China)
• Acclaim Insurance Brokers
(Singapore)
• Insfield Insurance Brokers
(Malaysia)
• Asian Alliance Risk Services
(Taiwan)
• Trafalgar International
(Thailand)
• Gotuaco del Rosario Insurance Brokers
(Philippines)
• Trafalgar International
(Vietnam)
• Cornes & Company
(Japan)
• Arachas
(Ireland)
• MAI Insurance Brokers
(Poland)
• Lorant MS
(Mexico)
• PT Mitra, Iswara & Rorimpandey
(Indonesia)
nEWs
PARTNER / REGIONAL UPDATES
oAmPs RECEIVEs AssIstAnCE fRom 14
AssuREx GloBAl PARtnERs to lAnd A
lARGE IntERnAtIonAl ACCount
During the Asia-Pacific Regional Partners’ Conference in Mumbai this February 2011, the region’s Partners agreed to work together to pursue multinational accounts domiciled in the region. Houlder Insurance Brokers Far East Ltd, one of Assurex Global’s Partners in the People’s Republic of China, had developed a strong relationship with one of Asia’s largest suppliers of wooden pallets. After much
work, Houlder was successfully appointed as exclusive broker for the pallet account worldwide. Louis Au from Houlder then introduced the client
to OAMPS Insurance Brokers Ltd. when program renewal was coming due in Australia.
Led by Nick Harvey, OAMPS was asked to compete against a local broker in Australia, and by carrying out a detailed review of the Australian company’s risk management and insurance needs--which included looking at broking services, program
structure, and premium levels within Australia — OAMPS was able to beat the competition and was appointed broker in Australia due to their risk management services, which the client valued based on the inherent risks of the timber industry and increased flood risks in Australia, improved program coverage and significant premium savings. As part of OAMPS’ broking strategy,
Chartis provided significant support to OAMPS in Australia and highlighted their commitment to Assurex Global Partners.
After OAMPS’
appointment, Houlder then introduced its client to subsequent Partners in Malaysia, Indonesia, Thailand, and Singapore, leading to additional business for each of them. Overall, this account win highlights the collaborative spirit of Assurex Global and the ability of Partners to deliver a global service. Houlder and OAMPS continue to explore further opportunities throughout the Asia-Pacific region.
David Clem of Senn Dunn arranged a meeting with the CFO of a large US company involved in the textiles business. During the course of the meeting, he discovered that the US company was part of a larger German corporation and that the CFO in the US was the group CFO reporting into the CEO in Germany.
The current broker in the US and in Germany was a large global broker, and it became clear that one of their offices
in the US had put together a global insurance program centered
around the US, with the majority of premium being paid in the US--although the larger physical assets and the group head office were in Germany. Clem started to explore the option of having the program based out of Germany instead of the US to see if this would provide a better solution to the client. He talked to various people at Assurex Global’s German Partner, Leue & Nill, particularly Nicole Schroer, and he arranged a meeting between Leue & Nill and the American CFO as part of the CFO’s next trip to Germany. It became apparent that placing the program with German insurers
would potentially result in significant cost savings for the client, so Leue & Nill and Senn Dunn were asked to review the entire program and obtain formal quotations.
After fighting off some tough competition from an insurance company direct writer, Leue & Nill was able to save the client approximately $1MM USD in premium, while lowering their deductible, broadening their coverage, and providing improved
risk management services through the Assurex Global Partners and Passport. Leue & Nill was appointed as broker for the main lines of business. Senn Dunn and 6 other Assurex Global Partners are now involved in servicing the account.
According to Schroer, “This success was only possible as David Clem of Senn Dunn started an innovative approach to this client and really thought cross border. At the same time, the network proved how strong cooperation between Partners really is.”
houldER (PR ChInA) And oAmPs (AustRAlIA)
sECuRE mAjoR ACCount WIn
lEuE & nIll (GERmAny) / sEnn dunn (usA)
nEWs
PARTNER / REGIONAL UPDATES
PARtnER PRofIlEWith their tagline, More than Insurance™, the Assurex Global Partner in Pittsburgh, Pennsylvania, USA, The HDH Group, positions itself as a true full-service broker. Highlighting their Human Capital, Risk Management and Alternative Risk offerings, the firm strives to deliver “business solutions that contribute to our clients’ improved business performance.”
History
Since just 1982, HDH has grown from 6 employees and now stands as Western Pennsylvania’s largest privately-held insurance brokerage firm with over $300 million in premium and claims under management. The firm’s main Pittsburgh office is augmented by additional locations in Harrisburg and Erie, Pennsylvania.
Client Testimonials
HDH includes client testimonials on their website to demonstrate service capabilities.
Included is a quote from Kelley Lynch, CFO of Taggart Global, an international engineering and construction firm: “In very short order, HDH
identified our gaps and helped us to secure the right international insurance policies. The new plan not only provides expanded coverage – it gives us the right coverage, and is less expensive than what we previously had in place. And through its international network of insurance contacts, HDH was able to coordinate an on-site benefits briefing session for the employees in our Beijing office, so they could meet in-person with insurance support contacts located in China. This premier level of support and guidance was exactly why we made the decision to work with HDH.”
Another client testimonial features the comments of Dan Brailer, Vice President and Treasurer of WESCO Distribution, Inc.
Brailer says: “When WESCO established operations
in China and Australia in 2008, HDH and its Assurex Global Partners helped by identifying country-specific insurance requirements and exposures and securing the right coverage for WESCO’s international operations. As the company
contemplates continued international growth and expansion, HDH’s international insurance services will continue to be an important service for WESCO.”
Capabilities
HDH’s full service capabilities are strengthened by specialty expertise in construction, healthcare, municipal, technology, and transportation.
In addition, the firm touts its Human Capital Management (HCM) approach, which combines two principal service areas, Employer Solutions and Workforce Solutions, along with HCM Technology Solutions, which helps clients realize increased productivity, reduced costs and improved compliance by integrating and streamlining HR, Benefits Administration and Payroll processes and technology.
With regard to risk management, HDH offers:
• Risk Exposure & Coverage Analysis • Program Design & Implementation • Insurance Program Audits
• Risk Retention Feasibility & Analysis • Mergers & Acquisitions Due Diligence • Alternative Risk Funding Feasibility/
Cash Flow Analysis
• Contract Review Loss Forecasting, Trending & Development
HDH provides alternative risk programs such as captives, risk retention groups and qualified self-insurance plans that considerably lower clients’ cost of risk over time. With 1,100 clients in 50 different captives under management, this Assurex Global Partner is one of the most experienced captive service providers in the industry and currently manages over $45 million in premiums across seven different domiciles, both on and offshore.
Learn More
To learn more about The HDH Group, begin by visiting their website at www.hdhgroup.com.
“Assurex Global resources have made it
possible for us to not only sound smart,
but to be smart about placing and
servicing international business.”
James Roskopf, Vice President Commercial Lines Sales at Guaranty Insurance Services, Inc., Plano, Texas, USA
Following its purchase by INSURICA (Assurex Global’s Partner in Oklahoma City, Oklahoma, USA) the Guaranty staff was able to access the full breadth of research and client
service tools available to all Assurex Global firms. Mr. Roskopf gave these tools an initial “test drive” after one of his accounts, a high-tech account in Richardson, Texas, USA, acquired another telecom competitor that was three times its size.
The client, with expanded global locations and over 400 employees outside the United States, now faced significant international exposure and the opportunity to pursue significant new sales with existing accounts. Although Guaranty had proven its ability to handle domestic placement since the client’s inception 5 years previous, it now needed to demonstrate its international capabilities related to both P&C and Benefits to expand account responsibilities. Mr. Roskopf was directed to the online resources accessible through the Assurex Global website by John Rodwell, Assurex Global’s Vice President of
International Business, and quickly discovered all he needed to build his case. “I was able to show that we have every capability the well-known “big three” public firms possess and found the chart showing Assurex Global premium volume and listing of worldwide offices to be particularly helpful,” he explains.
“The more I searched through the web portal, the more excited I became. The RFP Response
Guidelines gave me so many concrete suggestions that I was able to create complete, detailed answers for all the client information requests.” Mr. Roskopf says he also appreciated the benefits of Advisen’s benchmarking reports for existing coverage limits, retentions, and premiums. He found AXCO to be a real advantage as he worked to demonstrate specific knowledge about markets in China and India, two regions particularly important to this client.
He has since leveraged the Assurex Global tools and services with other clients as well. Having access to the rules, regulations, and experts in other countries enables him to tailor RFP responses with the kinds of “buzzwords” and business terms that
clients consistently see from other brokers. This has more than leveled the playing field— it has created an advantage that Mr. Roskopf says he doubts he would be able to create without Assurex Global. Further exploration of the Assurex Global web portal led to valuable information on human testing (via Miller) for a client manufacturing cardiac stents. Chubb’s sponsorship of AXCO led him to information about Chubb’s coverage options for shipping electronics and technology. “All these tools have made it possible to really demonstrate that we have the answers. We have both breadth and depth of services. It makes us as internationally
competitive as anyone,” he explains. Take the time to investigate
what’s available for servicing your own clients by visiting www. assurexglobal.com. After you sign in, tabs for Generali Benefits Database, Uniworld, AXCO, Passport and XpertConnect run across the top of the page for easy access, but be sure to explore the additional tools
available throughout the website and organized by category: AG Offerings, International Resources, Department Resources and Meetings & Education. If you have questions about any online resources or need assistance getting started, please contact John Rodwell at [email protected] or +1.614.734.6072.
InsuRICA fIRm (GuARAnty InsuRAnCE
sERVICEs, InC.) lEVERAGEs AssuREx
GloBAl’s IntERnAtIonAl CAPABIlItIEs
WIth CuRREnt And PotEntIAl ClIEnts
If you haven’t been to the Assurex Global Partner Web Portal (www.AssurexGlobal.com), you’re missing a lot.
The Partner Web Portal is the repository of all things that are available to our Partner firms including: exclusive Assurex Global offerings; Carrier Programs; Partner Programs; Strategic and Preferred Provider programs; prospecting and lead generation tools, international business tools; and a whole lot more.
If you are new to the network, I encourage you to
check out our Quick Start Guide to accessing and
using the Web Portal which can be downloaded from www.assurexglobal.com/Meetings/Web/ WebPortalGuide.pdf.
See below for a brief overview of the new user interface. Hopefully you will log-in to the site and begin to explore the many tools and resources that are available to you.
If you should have any questions, please contact Rob Krohn, Director of Marketing & Communications, [email protected].
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Easier Access to key services Increased provider exposure
Single-click access to regional offerings Single-click access to provider services New, plain-word navigational links New XpertConnect collaboration tool
InsuRAnCE ExChAnGE IntEGRAtIon The integration of Passport with the LexisNexis Insurance Exchange, a P&C submissions engine endorsed by The Council of Insurance Agents and Brokers (CIAB), is currently being tested and scheduled for release soon. Available to US Partners, this upgrade will allow Passport users to send submission data from Passport directly into the LexisNexis Insurance Exchange.
The Insurance Exchange is a new business and renewal submission placement platform that enhances the flow of application data between insurance agents, brokers and carriers. The platform reduces workload, facilitating access to markets, and improving collaboration between distribution partners. Assurex Global is currently in discussion with other technology vendors to explore additional system integrations with Passport. EntERInG thE Cloud
In addition, Passport recently transfer to a “Cloud” environment. The Assurex Global Cloud initiative with Passport increases the reliability, security and almost unlimited storage capacity of the system— meaning that to the more than 15,000 users of Passport—they can feel confident that the system will be able to support whatever demands they require from Passport.
PAssPoRt stEERInG CommIttEE
Passport’s evolution continues under the guidance
of the newly formed Passport Steering Committee. The committee provides guidance for the strategic direction, future enhancements, testing and planning for a Passport User Group Meeting. The Passport Committee consists of: Committee Chairman, Jason Baltazar, Bolton & Company
(Pasadena, California, USA); Tod Ashby, Van
Gilder Insurance Corporation (Denver, Colorado, USA); Jerry Chow, Woodruff-Sawyer & Co. (San
Francisco, California, USA); Sharon Brawley,
Fred C. Church Inc. (Lowell, Massachusetts, USA); and Andreas Kasper, Leue & Nill GmbH & Co.
(Dortmund, Germany); Jim Haun, Assurex Global.
usAGE InCREAsEs
All of the recent improvements are intended to increase the capabilities of Passport and provide Assurex Partners with a solid platform for collaborating with their clients. Passport continues to grow rapidly and has added 2,000+ users and 500+ insured accounts in the past 4 months. QuEstIons?
If you have not yet looked into Passport benefits for your own firm, you can learn more by signing into the Partner-only portion of the Assurex Global website (www.assurexglobal.com) and clicking on the Passport tab at the top of the page. If you have questions or need further assistance, contact Jim Haun at [email protected] or at +1.614.734.6065
WhAt Is xPERtConnECt?
XpertConnect allows Assurex Global Partners to search for and connect with the over 1,500 “Xperts” identified in the Assurex Global network, searchable by geographic location, industry or line of business expertise.
WhAt Is An “xPERt”?
An Xpert is any identified specialist in the Assurex Global Partner network.
hoW do I GEt lIstEd?
Getting Listed is easy! Assurex Global is asking each Partner firm to have its Specialists complete a Profile form. This information will enable Partners to find and collaborate with you on new/renewal opportunities where your expertise could be helpful. Our goal is to increase our collective success in writing new business and leverage our carrier relationships more effectively by maximizing our collaboration as Partners.
Please visit this web page to complete your profile:
http://www.prospx.com/getconnected/xc
QuEstIons?
If you should have any questions, please contact Rob Krohn, Director of Marketing & Communications,
xPERtConnECt mAkEs CollABoRAtIon A snAP
PAssPoRt EntERs thE Cloud, IntEGRAtEs WIth
lExIsnExIs InsuRAnCE ExChAnGE
During the August Marketing & Commercial Lines Meeting in Phoenix, Arizona, USA, attendees heard a dynamic presentation highlighting the impact of technology on traditional sales approaches. The presenter, John Love—who also spoke at our Global Conference in Berlin—brought unique perspective, as his extensive experience includes insurance-specific digital marketing.
Love began by reviewing the traditional sales approach which involves broadcasting your marketing message to a wide audience and facing significant rejection. Using technology, agents and brokers are now able to convert a much higher rate of prospects by narrowly targeting their message and attracting incoming enquiries. Targeted messaging allows firms to bypass commodity traps and cost-focused buyers. With any technology development, Love emphasized that a positioning statement is key in developing a
differentiated website and overall firm profile. In addition, carefully crafting your brand niche enhances a firm’s ability to change the public perception of “insurance agent.” While an agent or broker’s overall job remains the same: identify prospects; become an expert in
an industry, coverage, or both; set appointments and manage meetings; and make final proposals and close business, the clients they are servicing have changed. Clients are under macro-economic pressure, as never before. At the same time, the internet makes information easier to obtain-- including pricing, which ultimately lowers the high end of the pricing range. Add to that the fact that clients demand more transparency, faster turnaround, more value, stewardship reports, and help in keeping their job--that’s a lot of pressure for any broker!
Fortunately, there are new tools available to help with this new level of expected service.
Buyers are connecting online with their peers for greater collaboration. Affinity groups and informal clusters of peers allow more aggressive price checking and benchmarking reports add an additional layer of comparison. Love also noted another important evolution to selling: social networking. He contends that social network rating will drive 50-80% of a broker’s new business
opportunities, so it’s an area all must become savvy at managing.
Is your firm addressing these issues already? Following are ideas Love presented which any agency or broker can work on in the next 24 months to evolve and improve:
• Review the quality of your website. What message does it convey? Does it present your firm positioning clearly?
To serve as more than an “online brochure,” consider adding:
• Clear communication on how a client will benefit from doing business with you • Testimonials and success stories
• Real connection to your valued human assets using video
• Clear, simple transaction tools and contact • Compelling evidence of your technical
strengths, unique offerings and the value of your website to visitors
Individual brokers interested in leveraging the power of technology might consider:
• A dedicated individual page on the agency website
• A personal blog for text and video • An active campaign to repost and share
relevant articles, white papers and links • LinkedIn pages for groups to share questions
and information
• A Facebook business page
• Joining relevant Facebook groups
• Monthly publishing of explanatory videos and an active campaign for back links from authority sites
Of course, this new approach to technology requires weekly discipline, so Love suggests developing a planned schedule to be sure all communication avenues are maximized. Using an imaginary broker, “Bob,” Love created a schedule for tackling this seemingly overwhelming task. Broken down to literal minutes in a day, Love recommended the following for Bob:
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• Review Google Alerts emails from prior week, catch up on other newsletter emails and select 3-5 items for use (45 minutes) • Confirm appointments for the week (10
minutes)
• Email team members for anything needed for upcoming appointments
Tuesdays
• Check LinkedIn profile and look for additional contacts that can be made. Clear out all emails and invites (20 minutes)
• Outline 3-5 new pieces of information to share from research the prior week. What can be re-used with minimal effort? What is worth spending more time on? (60 minutes) • Monitor questions in online forums and
respond appropriately (20-30 minutes) • Make posts and re-posts of the content built
last week (45 minutes) Wednesdays
• Email or call other sites and organizations to let them know about his recent postings, white papers, or to ask for permission to use their content (30 minutes)
• Schedule presentations with other influencers (30 minutes)
• Monitor questions in online forums and respond (20-30 minutes)
Thursdays and Fridays
• Write or edit pieces for next week (60-90 minutes)
• Work over the long term on scripts for upcoming “expert” video posts (30-60 minutes)
Such a structured schedule ultimately leads to 7-9 hours invested a week on an individual online presence – it’s essentially a replacement for prior prospecting and cold-calling time and still provides plenty of remaining time for internal, carrier, client and prospect meetings.
And all this effort is targeted to help Bob meet some very specific goals: convert his new business efforts from 90% outgoing to 50%+ incoming; increase credibility and improve close rates. Love recognizes that many brokers still struggle to embrace the full power of available technology, so if you truly “don’t get” the social media world, he recommends, at a minimum, focusing on the quality and content of your website, use of a laptop or tablet to make your client testimonials and success stories come alive and disciplined use of more traditional touches to impress prospects and build relationships.
In the end, however, Love emphasizes that the only dynamic “growth” market over the next decade will be with those buyers who start their selection of a new agent online. Social media and technology provides incredible possibilities. Even if you start with only a few tactics listed above, it’s sure to provide results.
For a copy of Love’s presentation and biography, go to the Assurex Global website (www.assurexglobal. com), sign in to the Assurex Global Web Portal and visit the Meetings & Education section.
AGu/unum offERs nEW
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PRoduCER sChool
The third annual AGU/Unum New Employee Benefits Producer School was recently completed and students felt the program was very beneficial to their becoming a successful benefits producer. Twenty two of our Partners’ brightest professionals participated in the free, one-week, total immersion sales and technical product training program. The program featured: a comprehensive training agenda on individual, group, and a variety of voluntary benefit coverages provided by the professional team at UNUM; a special session on cold calling and a thought-provoking day on healthcare reform provided by Dale Rehkamp of Consortium Health Plans; a session on selling tips, by Dan Duhamel from The Rowley Agency, which gave some terrific insight on how producers can “get their foot in the door” with prospects; and Austin Madison from The Crichton Group shared his brokerage experiences conducting research and applying it as a differentiator in the overall sales process.
We would like to offer a special thank you to Darlene Scamman, Linda MacDonald and all the folks at Unum who planned the producer school and hosted the event. Without Unum’s continued support, AGU would not be able to offer these high-quality programs to our Partners for free.
Front Row: Morgan Virgillio, Linda MacDonald, Richelle McCullough,
Lance Wallace Center Row: Andrew Agress, Stephen Pasdiora, Kim
Force, Liz Gibson, Kim Lane, Melissa Nelson Back Row: Ryan Holden,
Rob Waters, Bob Bair, Stephanie Fisher, Joe Lacher, Ian Henry, Zak Buth, Rebecca Bagot, Jeff Richied, Dustin Terrell, Dan Mongoven, Robin Bettenhausen, Jennifer Schneider, Mike Mack
Fuel and energy costs are a major expense for many of your clients. To manage this cost, your clients must actively monitor market conditions to decide when and how much fuel
to buy. Furthermore, the traditional bulk purchasing process can
be slow, complex and difficult to manage. To remain competitive in today’s challenging economic climate, it’s crucial for your clients to streamline their business processes and get the best prices available. Pricelock Marketplace is a new online energy auction platform designed for large buyers and sellers of fuel, natural gas and other energy sources. Leveraging technology and energy market expertise, Marketplace is proven to streamline the process and reduce a multi-week purchase process into an efficient, transparent and fully auditable auction in as little as ten minutes. Marketplace also delivers competitive prices by connecting your clients to a robust and diverse network of marquee sellers all competing for your client’s business.
PRoVEn to sAVE tImE And monEy Pricelock recently helped one company conduct a $400 million auction on Marketplace. The company was able to reduce its RFP time from four weeks to two days. And compared to its previous auctions, the company was especially surprised with the increase in the number of suppliers who competed for its business on the Marketplace platform which resulted in significant cost savings.
Clients get the best prices from increased supplier competition
Marketplace delivers a robust network of quality energy and fuel suppliers to enable your clients to instantaneously request bids from multiple suppliers instead of notifying suppliers one by one.
Consolidated purchasing reduces prices
Energy and fuel acts like most purchases; the larger the quantity, the lower the price. If your clients have multiple locations, they can easily combine their total fuel usage at all locations into one aggregate purchase on Marketplace.
Long-term purchase agreements offer greater savings
Marketplace supports index based pricing. With index based pricing, a supplier commits to providing fuel at a price that is a specified amount above or below a known index typically published by a third-party such
as Platts or OPIS. Marketplace enables your clients to define which index they wish to use (e.g., index price from the fuel rack nearest to their location).
EAsE And EffICIEnCy foR EVEn thE most ComPlEx tRAnsACtIons
Marketplace provides an online platform to easily and quickly publish requests for bids to multiple fuel, natural gas and other energy suppliers across many locations. Documents are stored and the auction process is captured so clients have the information and reporting they need for internal and regulatory purposes.
Marketplace makes even the most complex transaction easy to execute. It supports large volumes, complex delivery requirements, flexibility for custom terms and conditions and a wide variety of product features such as index pricing, peaking and weather contingent options.
hElP ClIEnts CAP thEIR fuEl Costs Fuel prices have become increasingly volatile, frequently increasing or decreasing as much as 10% in a few weeks. Pricelock’s fuel price protection is a financial risk management product that makes it easy and cost-effective for companies to reduce the risk of fluctuating fuel prices by capping their fuel costs. When the national average gas or diesel price—as measured by the U.S. Dept. of Energy–goes above your client’s set protection price, your client receives a payment for the difference enabling the company to accurately predict its maximum fuel cost during the term of its protection plan.
With this financial arrangement, your client does not pre-purchase fuel from Pricelock and continues to purchase gas and diesel as they normally do. If fuel prices drop, your client can take advantage of cheaper prices at the pump without any penalty. PRICEloCk WoRks WIth you to hElP youR ClIEnts
With fuel and energy prices a material cost for many businesses, you can now help your clients get an edge in their energy procurement with Pricelock Marketplace and ensure the continued health and growth of their business. For more information, please visit www.pricelock.com/marketplace, www. pricelock.com/assurex or email Tripp Dunman at
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sEll And ContRol fuEl And EnERGy Costs
By Paul Areida, Vice President, Vertafore
Effectively increasing sales is critical for independent insurance agencies to compete with direct and captive insurers, and remain relevant in today’s changing market. To be effective and meet revenue goals, your producers need more engaged selling time in the field and the ability to cross-sell, efficiently manage leads and nurture opportunities, so producers can maximize the potential of every client.
We all know that insurance is relationship based, and that producers need to get out of the office to meet with clients face to face. But how do producers remain effective, organized and focused while they are out of the office with only a limited amount of time in the day? For agencies to grow, it is critical for producers to be able to maximize their time in the field, without worrying about staying organized.
ARE youR PRoduCERs sPEndInG EnouGh tImE sEllInG?
Recent research indicates that to be successful,
producers should be generating new business 60 percent of their time.1 In reality, the best producers spend less
than 40 percent of their time soliciting new business.2
Producers are managing their contacts, opportunities and leads in spreadsheets, email, and on post-it notes and business cards, without real tracking, accountability or visibility to agency management. With no way to manage their leads and opportunities and X-dates, even the most successful producers could be losing business. In addition, agency management and leadership doesn’t have visibility into the opportunity pipeline for forecasting and planning purposes and managing sales performance.
The most successful producers are not only using technology to create more time in the day to sell, they are also using that extra time more effectively. Observing the most successful producers, there is a common thread—producers that are utilizing true sales automation technology are able to quickly create an overview of a prospect’s full buying potential. During a conversation with a customer, they are able to casually discuss the full needs of that client, and record all of this information instantly and—more importantly— permanently; rather than writing it on paper or some other medium where it inevitably gets lost. They are able to then see at a glance what lines of business are in play, and are able to understand where they can engage this customer in the future to sell additional business. If your producers can’t find enough time to sell net-new policies, they must rely on inaccurate data when they do attempt to cross-sell or are unable to rapidly identify opportunities within the existing customer base, it’s time to take a hard look at automating your sales management platform.
WhAt Is A sAlEs PIPElInE?
While many insurance agencies have processes in place to move a sale through the appropriate steps to issuing a policy, they lack the technology to effectively manage the sales process. This deficiency may not immediately seem critical, but it is only when agencies are able to track and manage the sales processes that they are able to understand their strengths and weaknesses as an organization and influence future sales performance.
Effective sales management begins with a sales pipeline. An accurate pipeline of qualified opportunities offers the best insight into an agency’s future sales performance and can add value to your organization with immediate ROI and increased sales. At a time when leads are scarce and new business is harder to come by, it is vital to measure the activities that turn leads into sales, identify all available opportunities, and define the clear steps of sales momentum.
mAnAGE lEss, sEll moRE And foRECAst ACCuRAtEly
Vertafore® has addressed this need to increase agency sales productivity with Vertafore Pipeline Manager, which is uniquely designed to enable producers to manage their prospects and close business faster. Pipeline Manager provides accountability to agency management and clients in a platform that is easy to start using right away. With built-in dashboards and reports, automated task workflows and a simple interface, agencies can rapidly deploy Pipeline Manager to capture maximum ROI.
With simple, easy to use lead, contact and opportunity management tools, Pipeline Manager allows producers to focus more time on actively selling to prospects, and use that extra time more effectively. It includes hundreds of lines of business, intuitively built for the way producers sell, making it easy to use without customization. With Pipeline Manager, you can see your agency’s sales activities and pipeline in a new and exciting way. With rich graphical content at your fingertips, it is easy to identify significant trends and create accurate forecasts. Agency leaders can better manage and plan with dramatic increases into pipeline and activity visibility and producers are more accountable to their clients with improved lead management—neglected leads are a thing of the past.
suPPoRt thE nExt GEnERAtIon of PRoduCERs
While positioning for a more efficient future, agencies must also prepare to meet the new needs of the next generation of producers. Pipeline Manager provides mobile access to view contacts, opportunities and activities so producers can be productive, regardless of their location. Using their smartphones or iPads, your producers can call a contact or map an address with the tap of a finger. Mobile access to relevant data means your producers have more opportunities to be in the field, generating sales.
thE ultImAtE PAyoff: ClosE moRE BusInEss
With effective pipeline management, the next generation of independent insurance agencies is poised to compete in a changing business climate and positioned to succeed. Pipeline management can give your agency a competitive advantage and the tools you need to compete—and win—in a changing market.
1 Published in the 2010 Insurance Agency Sourcebook 2 Published by the IIABA Council for Best Practices, 2009
Paul Areida is Vice President of California Markets for Vertafore, and is responsible for sales and marketing strategy for rating and sales management solutions.
Businesses rely on senior management, sales executives, and other senior leaders to sustain their growth and profitability. That can mean requiring them to travel frequently, domestically and internationally.
Overseas travel presents greater risks than domestic travel—due to unfamiliar roadways, language barriers, exposure to infectious diseases, and other unique hazards—that can be managed through insurance. Chubb provides Foreign
Voluntary Workers’ Compensation coverage through their three multinational products, World Network, Exporters Package Portfolio, and their globalized domestic policy, Customarq Global. In an effort to better understand the protection that insurance carriers such as Chubb can provide to our clients and their employees, John Rodwell, Assurex Global’s VP of International Business Development, interviewed Chubb’s Foreign Voluntary Workers’ Compensation Claim Manager, John Jaroncyk. Each of Rodwell’s questions, in bold typeface, are followed by Jaroncyk’s response.
Suppose our client’s employee was injured while on a
business trip outside the United States. Should the claim be submitted to the U.S. Workers’ Compensation carrier, to Chubb as the Foreign Voluntary Workers’ Compensation carrier, or to both?
Chubb’s Foreign Voluntary Workers’ Compensation policy is primary and designed to respond regardless of whether any other insurance applies. As such, it is a voluntary policy and must be elected by the employer to respond. The Foreign Voluntary Workers’ Compensation policy provides the same state-of-hire benefits as those offered under a US Workers’ Compensation policy. If another policy is utilized,
the Foreign Voluntary Workers’ Compensation policy would not provide benefits in excess of those offered by the selected state on the policy’s Declarations page.
Does Chubb’s Foreign Voluntary Workers’ Compensation policy cover U.S. expatriates while in the country they are assigned to? For example, will it cover a U.S. citizen who is on an expatriate assignment in the U.K.?
Chubb’s Foreign Voluntary Workers’ Compensation policy provides benefits on an employment-only basis to US nationals while they are assigned to a country outside the United States. If the US national was to leave the long-term assignment to travel short-term on business, the policy would respond to injuries on a 24/7 basis during that travel. The policy does not supplant any compulsory insurance requirements for the assigned country. Does Chubb’s Foreign Voluntary Workers’ Compensation policy cover medical costs for illness, or does it only cover accidents and injuries?
As long as the injury or illness/disease (including endemic disease) is related to the business travel, the policy can respond and offer benefits. Generally, most losses are accidents or injuries,
but illnesses contracted during the business travel may also be insured.
Are there any country exclusions?
Except to the extent there are any trade or economic sanctions or other laws or regulations that would prohibit us from providing insurance, there are no standard country exclusions in Chubb’s Foreign Voluntary Workers’ Compensation policy. Consider a case where our insured’s employee extended a business trip in Shanghai to travel to Beijing to do
sightseeing for a few days. She was injured while crossing the road in Beijing. Will Chubb’s Foreign Voluntary Workers’