Delivering Outcomes: Analytic Brokers®
- Who are Analytic Brokers?
- Traditional vs. Analytic Broker
- Decision Support (You Need)
- 5 Reasons to Choose an Analytic Broker
- Current Broker Assessment
- How to Choose Your Broker
Analytic Brokers® are among the top performing insurance brokerages in North America. Their ability to impact, quantify, and improve the financial outcomes of their clients sets them apart from traditional insurance brokers. Analytic Brokers understand true value does not reside in the pricing of insurance, but in the ability to understand a specific business model and apply the programs and resources needed to directly lower overall cost structures within it.
Armed with cutting-edge business intelligence, analytics, and specialty resources, Analytic Brokers are considered trusted partners in helping their clients achieve their most important business goals.
Whether it's growth, improving profitability, hitting your EBITDA goal, or increasing your ownership equity and stock valuation...Analytic Brokers are uniquely-qualified to assist your organization.
Unlike traditional insurance brokers (who focus solely on the pricing and placement of insurance policies), Analytic Brokers go two steps further.
Utilizing business metrics and key performance indicators, Analytic Brokers are able to to measure the financial impact of their services on your business model. By quantifying results, they are able to make data-driven recommendations to maximize cost reductions.
Secondly, Analytic Brokers® have access to business intelligence and industry-specific benchmarks that help identify areas of cost leakage you may (or may not) be aware of. By targeting these areas, and applying specialty resources to them, business outcomes may improve.
Stopping at the pricing and placement of insurance policies doesn't go far enough. Analytic Brokers seek to not only give you competitive insurance pricing, but also to leverage business insight and analytics, to help your organization become the best it can be.
For decades, the Insurance Brokerage Industry’s delivery of risk financing and risk management services has not changed. Every professional brokerage firm attempts to demonstrate their expertise and client “advantages,” but It’s becoming evident that only Analytic Brokers are capable of truly showing how their organization has improved a buyer’s business outcomes. This allows the buyer to finally have the 'Decision Support' they've long needed to measure the effectiveness of their current broker (and the future potential of a new broker).
Most businesses have indicators and benchmarks from which to judge the merits of their resources, programs, personnel and partnerships. Isn't it time that your current insurance broker be held to the same standard?
Analytic Brokers® believe in the power of transparency, accountability, and that providing their buyer's with true outcomes relies the production of data. They are the only insurance brokers in existence with the capability (via TCORCalc®) to quantify and project their performance. Now, you can finally gain access to the data required to make the best decision possible on who will be your next broker. Liberating, isn't it?
- They are focused on improving your business model. This includes understanding your KPI’s and desired business results.
- They continue to work with you during your partnership, showing how they will provide you with an improved business result.
- They are able to provide you with credible data that puts their outcome in financial terms that go well beyond simple risk financing placements.
- During the course of partnership, they use their resource capabilities as vehicles to reduce your costs, and they are able to quantify and demonstrate that impact.
- They have access to materials, resources and data that their competitors do not possess, making it virtually impossible for the competitors to compete on their level.
So here are some questions that you should ask your current broker during your next assessment of whether or not you are being under-served:
- What contributions have you made to our EBITDA, Shareholder Value and Capital Expenditure Budget in the past 3 years?
- Aside from insurance transactions and claim payments, how have you improved our quantifiable results and KPI’s?
- What was our controllable Financial Leakage over the past 36 months and how have you helped us recapture it?
- What do you predict our cost structure to be over the next 24 months using your current client results?
- What financial metrics will you provide us on an ongoing basis that translates your representation into a quantifiable impact on our financial statement for us to use as decision support?
If your broker can’t provide you with succinct answers to these questions, you are being under-served. You should look for an Analytic Broker who can give you these answers. You can’t afford not to. The financial impact you are probably absorbing is too great.
The Insurance Brokerage Industry is evolving rapidly. In fact, there is a monumental shift taking place now in the the insurance brokerage world that is turning the traditional sales model upside down. As a result, you, the Buyer, have more power and options than ever before as you choose your Insurance Broker.
Virtually all brokers now have access to the same insurance carriers. Most have in-house resources such as Claims Management and Risk Control specialists. And most Brokers can handle the placement and management of your insurance program.
So how do you Choose an Insurance Broker that will help you reduce your total insurance costs, maximize your operational productivity, and deliver quantifiable reports to demonstrate your Financial Leakage and true Total Cost of Risk?
We have provided the information below to help you Choose Your Insurance Broker. After all, it's your insurance program. It's your choice. You deserve legitimate information and data. Take your power back and choose a Broker who will serve you well AND help you achieve your operational goals.
(click to view/download the PDF's below)
(Stay tuned for more updates...)