Give yourself a round of applause.
I mean it—just a few claps for yourself as you sit at your desk. As an insurance broker in today’s world, you deserve congratulations. Your market is tighter and more commoditized than ever. Your client acquisition costs are higher than any other industry. The fact that your agency has survived up to this point proves that you’re extraordinarily resilient and that you’ve made some very smart strategic decisions.
But your work is far from over.
You now have a pivotal choice.
You can lead your industry in a race to the bottom, seeking to win and retain clients through price alone. Of course, that would mean continually lowering your prices and diminishing your value every year in order to avoid getting undercut by the competition.
Or, you can shift from a price-only mindset to a deeper, more sustainable, and truly growth-oriented business model. You can embed your agency in the insurance process and become something more than a commodity seller—not just a broker, but a problem-solver.
Growing from Broker to Problem-Solver
Imagine you receive an email from an insured:
“Hi there, I need some information on my requirements as an employer to do my OSHA 300 submissions. Can you help?”
What’s your next move?
You can do some Googling or make a few calls, and then simply tell the client what to do or where to look for more information. But what if you could go a step further and actually solve the issue? What if your agency became the means for the insured to complete their OSHA 300 submissions?
By embedding yourself in a key business process—be it OSHA reporting, employee training, harassment prevention, tracking certificate of insurance, inspections, or something else—you become an indispensable partner for your clients. You transform yourself into an expert they can trust to handle their critical areas of risk and answer their most important questions.
All of which makes it a lot harder for those clients to drop you during renewal. If they leave your agency, they’d have to find someone else to help with OSHA reporting, training, anti-harassment, COI tracking, inspections, and more.
KPA’s Risk Management Center Makes It Easy
Solving problems may sound like a ton of work. And it is—but that work doesn’t have to fall on you or your brokerage. Here at KPA, we’ll do the work for you. We’ve developed a platform that empowers brokers to become experts overnight. You don’t need to spend hours a week self-educating, hunting down answers, or managing a patchwork of disparate systems and workforce compliance professionals.
The Risk Management Center is the comprehensive toolset you need to become a problem-solver and accomplish real change at the employer level. It’s not only about reacting to issues as they arise, but driving down frequency and severity of incidents, and reducing your insureds’ cost of doing business. It’s about proactively simplifying compliance from a policy perspective and a training perspective.
Brokers who use the Risk Management Center are able to sit across from a client or prospect and engage, real-time, in a trusted advisor role. You can confidently initiate the conversation—“Tell me about your business. What do you need?”—and then actually address the employer’s issue directly with the Risk Management Center. As you might imagine, it’s a powerful asset at the time of engagement and at the time of renewal.
For brokers, the primary benefits of the Risk Management Center are growth and retention.
When you use the Risk Management Center, you have a solution in your back pocket that differentiates you from the competition. You can sweeten the deal and create additional value when selling an insurance policy. That helps you attract new prospects and new business.
But, more importantly, you’re better equipped to retain that business. The Risk Management Center is not just a document library, but a toolset your agency and your clients can use to minimize incidents and increase visibility. The Risk Management Center is installed with an organization from an operational standpoint, helping them facilitate audits and inspections, perform workplace training to track and manage incidents and accidents, investigate incidents and accidents, and more. It’s ingrained in day-to-day operational processes, making it difficult to give up at renewal time. After all, if a client leaves you, they lose the Risk Management Center, which means they lose a system they’ve been relying on to safeguard their employees and their bottom line.
The Risk Management Center gives you an opportunity to have a consultative approach to selling—to escape the commodity trap of competing on price—and position yourself as an advisor who cares about your client’s business and can solve the problems they face. Ultimately, that puts money back in your clients’ pockets—more money than you could have by simply cutting rates upfront.
Before you know it, your insureds may be the ones applauding you.