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Productivity separates the winners and losers in the ultra-competitive commercial insurance brokerage and agency marketplace. Strategies may differ, but the goal is the same—to grow market share and profit despite overall market conditions.
In this special annual broker supplement to Business Insurance titled, “Winning Ways: The Business of Better Broking,'' we examine what the most productive insurance brokers operating in the United States are doing to maintain their competitive edge. Included are exclusive charts ranking the most productive among all U.S. agents and brokers, the most productive among the top 100 producers of U.S. business and the most productive among the world's 10 largest brokers.
Market experts explain what they consider to be the qualities of winning brokerages and those of brokerages that lag their peers. As might be expected, there's no sole attribute that separates the broker leaders and laggards. In addition, there's analysis of pending federal and state legislation important to the brokerage sector, from streamlining the licensing process for brokers and agents, to terrorism insurance, to what continued implementation of the U.S. Patient Protection and Affordable Care Act means for the industry.
Brokerages and agencies that fail to produce robust financial results could find themselves on the selling block sooner than expected in a marketplace where top performers are hungry to grow via acquisitions. Profitable growth is something for which all brokerages strive. Although the winners may follow different paths, the end result is the same and may inspire other producers. We profile three recent success stories, so you can find out the winning formulas of three brokerages that were particularly productive last year.