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.
8 risk management points Every Insurance Broker Should Know
- What risk management is
- 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.
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- Part 3 of 25 Quick Tips To Get Started With Your Risk Management Planning
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- Part 1 of 25 Quick Tips To Get Started With Your Risk Management Planning