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.