8 Risk Management Points Every Broker Should Know
Mid-market is the most profitable and coveted segment, and therefore the most fiercely competed over. Medium-sized companies have the same problems as Fortune 500 companies, just on a smaller scale. The problem lies in risk solutions; these solutions don't scale and small companies are unsure of where they can turn for help. As a result, medium-sized businesses do not benefit fully from risk management.
Insurance brokers deal with these companies every day, sharing advice on one important aspect of risk: their insurance. Brokers specialize in helping these same companies use broader risk management resources, tools, and services. If the brokers do not provide risk management services, others will: accountants, lawyers, and OHS and WCC consultants. Insurance brokers should talk to their clients and prospects about risk management in a way they understand. Here are 8 points every insurance broker should discuss with their client:
- What is Risk Management ;
- What kinds of services and products brokers can provide for them;
- How risk management fits into their sales process;
- How the client can profit from risk management;
- How to train their staff in risk management;
- Promotion of risk management within the company;
- Using risk management to get better terms in the insurance market;
- Benefits of risk management, including: the ROI, better terms, fewer and cheaper claims, improved operational efficiency, greater profitability, and less downtime.
Risk management provides up sell opportunities; through identifying risk, brokers will help prospects and clients understand the holes in coverage such as Environmental Impairment Liability (EIL) and business interruption. If you are interested in learning more about how insurance brokers can offer risk management, you should view our webinar Risk Management Planning