Elevate Your Status While Discrediting the Incumbent

Successful agents practice a relationship-driven process to cultivate long-term client relationships that are resilient to low-cost competitors. They understand that their risk advisory process both elevates their status and leads to better outcomes for the insured.

Risk Management Service Plan. A Risk Management Service Plan sets the objectives, standards, and steps for the implementation of risk and claims management services. Importantly, the plan serves as the blueprint for the achievement of specific goals and holds you, the carrier, and insured accountable for commitments. Chances are that the incumbent has no functioning service plan that shifts the consumer’s focus away from the transaction to risk profile improvement. The Risk Management Service Plan is a tangible document that demonstrates your ongoing commitment to the client. It also gives the underwriter enhanced comfort and a reason to offer preferred terms and conditions.

Safety Committee Participation. Your prospect will typically have a functioning safety committee. Rarely does the incumbent participate. Your interest and enthusiasm in actively participating on the safety committee will set you apart from your competitors. It also enables you to build relationships, gain an appreciation for the corporate culture, and better understand the policies, procedures, and risk issues of the organization. Don’t be surprised if the committee asks you to share your wisdom and perspectives.

Stewardship Review. The dictionary defines stewardship as “managing for others, one who directs affairs. A guardian.” A Stewardship Review reaffirms your commitment to serve the best interests of the organization. Conducted away from the renewal process, the Review is a time to actively listen to the prospect speak about future goals, opportunities, and struggles. It also gives you the opportunity to accomplish the following:

  • Convey your knowledge of the prospect’s industry, business, and evolving risk issues.
  • Reinforce the quality and integrity of your work product.
  • Reaffirm the importance of your partnership.
  • Demonstrate the fact that you are delivering value-added resources as evidenced by the tools and tactics described above.

In the majority of cases, you will find that the incumbent has no formal Stewardship Review Process.