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Four Reasons to Work With a Wholesale Insurance Broker
Try not to become a man of success, but rather try to become a man of value. Albert Einstein.  
Here’s a question we hear all too often: why would a company seeking insurance want to work with a small, specialty broker rather than a large firm? It boils down to that word “specialty.” But what does that look like in practice?

You work with the A-team every day. As with many professional services, larger firms often bring out senior specialists (or the A-team) for new business presentations. However, a less experienced B-team delivers day-to-day services. Smaller firms specializing in one niche provide the expertise of a team of specialists led by an executive who directly manages the client’s business. Plus, many small firms offer direct access to upper management and CEOs that larger firms cannot offer. That is, rather than getting funneled through call centers and administrative assistants, you can get the person you need on the phone directly.

Smaller companies answer to clients first
. Because they specialize and handle a more manageable volume of accounts, smaller, specialty firms can concentrate on details and customer service. These companies are usually privately held, which means they are accountable to clients, not shareholders. Placement teams are afforded the ability to focus on the needs of the client and answer only to them.

You’re more likely to have a long-term relationship. Boutique firms tend to provide a more personalized touch with their clients. It’s natural to create long-term relationships, through mutual trust and respect, with customers. Important to note is that customers tend to more readily respond to the direct face-to-face interaction a smaller firm cultivates rather than trying to maneuver through the compartmentalization of the larger firm.

Unbiased professional options for loss control, TPAs and other ancillary services. Large firms often have these services in house. But small firms often have a pool of third-party service providers who specialize in the same niche they do. Plus, there are marketing benefits to working with independent third-party providers. For example, consider the value of engineering reports from an independent contractor versus information from large broker’s in-house loss control—underwriters are far more inclined to use the independent’s report when considering capacity availability and pricing. Albert Einstein once said, “Try not to become a man of success, but rather try to become a man of value.” In that same sense, specialty, wholesale brokers are primarily focused on creating value for their clients. Success is a happy side effect of a job well done.
Samantha Kimball
Other articles by: Samantha Kimball
Categories: agents/brokers, wholesale
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