Consultative Insurance Broker
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Transcript of Consultative Insurance Broker
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CONSULTATIVE INSURANCE BROKER REDUCE FINANCIAL LEAKAGE | IMPROVE BOTTOM LINE
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PAY ATTENTION IF YOU WANT TO LOWER EXPENSES, INCREASE THE BOTTOM LINE AND GROW YOUR VALUATION
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4 WAYS TO BUY INSURANCE:
RELATIONSHIPS SPREADSHEET BROKER SELECTION BUSINESS KPIs
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METHOD #1 PEOPLE LIKE TO BUY FROM PEOPLE THEY LIKE!
RELATIONSHIPS
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TOP 10 CARRIERS WRITE 61% OF PREMIUM WRITTEN BY THE TOP 50 CARRIERS
61%39%
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TOP 10 GLOBAL REINSURERS WRITE 68% OF PREMIUM WRITTEN BY TOP 50
68%
32%
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COME ON, HOW LARGE COULD THE PREMIUM DIFFERENCE BE? WHY NOT BUY FROM A …
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CLUB MEMBER
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GOLF BUDDY
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FAMILY MEMBER
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QUESTION #1: DOES YOUR PERSONAL RELATIONSHIP PRODUCE THE BEST RESULTS FOR YOUR BUSINESS?
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METHOD #2 BID IT OUT!
SPREADSHEET
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DEVELOP BID SPECS COMPARE APPLES TO APPLES ASSIGN MARKETS OBTAIN QUOTES SPREADSHEET SELECT LOW PRICED CARRIER
13
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TOP 10 REVIEW:
61%39%
68%
32%
CARRIERS REINSURERS
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LOSSES
LOSS ADJUSTMENT
EXPENSE
EXPENSE
PROFITS
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LOSSES
LOSS ADJUSTMENT
EXPENSE
PROFITS
EXPENSE
NEGOTIATION AREA
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SAVINGS? NOT REALLY, UNLESS YOUR AGENT HAS BEEN SKATING AND NOT PAYING ATTENTION
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OR A NEW PLAYER DROPS INTO THE MARKETPLACE
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QUESTION #2: DO YOU REALLY WANT THE LOW COST CARRIER TO DECIDE WHO’LL BE YOUR BROKER?
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METHOD #3 EVALUATE AND DECIDE
BROKER SELECTION
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CARRIER SELECTION ABILITY TO NEGOTIATE KNOWLEDGE OF YOUR INDUSTRY COVERAGE REVIEW QUICK RETURN OF CALLS CONTRACT REVIEWS CERTIFICATES OF INSURANCE AUTO I.D. CARDS TIMELY RENEWALS POLICY ISSUANCE TEAM OF WELL DRESSED PEOPLE
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BEST IN SHOW
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QUESTION #3: AREN’T THESE “ME TOO” SERVICES
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AND SHOULDN’T THEY BE THE PRICE OF ADMISSION?
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METHOD #4 BUSINESS ANALYSIS LIKE ANY OTHER DECISION
BUSINESS KYI’s
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IT’S ABOUT THE INCOME STATEMENT! HOW WILL THE DECISION INCREASE YOUR REVENUE, DECREASE YOUR EXPENSE AND GROW YOUR BOTTOM LINE?
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LOSSES INDIRECT LOSSES ADMINISTRATIVE RISK FINANCING
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LOSSES
LOSS ADJUSTMENT
EXPENSE
EXPENSE
PROFITS
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LOSSES
LOSS ADJUSTMENT
EXPENSE
PROFITS
EXPENSE
AREA OF IMPACT
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DIRECT LOSS COSTS: DEDUCTIBLE EXPENSE SELF INSURED RETENTION ALLOCATED LOSS ADJUSTMENT UNINSURED LOSSES
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LOSSES INDIRECT LOSSES ADMINISTRATIVE RISK FINANCING
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DIRECT LOSS COSTS ARE VISIBLE ABOVE THE WATER
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MEDICAL COSTS INDEMNITY PAYMENTS
LOSS ADJUSTMENT EXPENSE
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THE REALLY SCARY THREATS TO YOUR BOTTOM LINE ARE INDIRECT LOSS COSTS LURKING BELOW THE SURFACE
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WORKER LOST TIME JOB ACCOMMODATIONS COWORKER & SUPERVISOR LOST PRODUCTIVITY TRAINING COSTS OVERTIME COSTS SCHEDULE DELAYS FOCUS AWAY FROM PROFITS TIME SPENT WITH LEGAL OSHA INVESTIGATION COMPANY REPUTATION
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OSHA: RATIO OF INDIRECT TO DIRECT COSTS
0
1
2
3
4
5
$0 - 2,999 $3,000 - 4,999 $5,000 - 9,999 $10,000 +
1.11.21.6
4.5
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HOW CAN A BROKER HELP?
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CLAIMS RESOURCES: CARRIER OVERSIGHT HANDLING AND RESERVES BENCHMARKING TRAINING PROGRAMS RETURN TO WORK MOD VERIFICATION PROPERTY LOSS SUPPORT COVERAGE ASSIST
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LOSS CONTROL RESOURCES: ASSIST WITH AVOIDANCE, THROUGH PREVENTION OR RISK TRANSFER, AND LOSS REDUCTION
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LOSSES INDIRECT LOSSES ADMINISTRATIVE RISK FINANCING
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WHERE CAN A BROKER ASSIST?
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ADMINISTRATIVE EXPENSE: HUMAN RESOURCES SAFETY SERVICE ACCOUNTING CLAIMS ADMINISTRATION CONTRACT REVIEWS REGULATORY COMPLIANCE SPECIAL PROJECTS
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LOSSES INDIRECT LOSSES ADMINISTRATIVE RISK FINANCING
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RISK FINANCING: PREMIUM TAXES DIVIDENDS RETRO ADJUSTMENTS BROKERAGE FEES
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LOSS COSTS INDIRECT LOSS COSTS
ADMINISTRATION EXPENSE RISK FINANCING
BOTTOM LINE
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RELATIONSHIPS SPREADSHEET BROKER SELECTION BUSINESS KPIs
QUESTION #4: YOUR DECISION?
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