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Brokers value feedback

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Several brokers that are active in the mid-market space discussed the ways they measure their performance in servicing their midsize property/casualty accounts, as well as the changing nature of evaluations and feedback they've received from those clients.

How have clients' expectations and evaluations over the past several years informed the brokerage industry in the services it provides and its perceived performance in delivering those services?

John Griffin, senior vice president, Aon Risk Solutions: “A client giving you feedback is a gift, whether it's in the form of an assessment, a survey or face to face. They're telling you what you're doing well and what you're not doing well, and it's a wonderful opportunity to address it. “

John Chaney, executive vice president, Hylant Group Inc.: “The work of an insurance broker can be measured financially based on a client's desired outcomes, whether daily services are rendered in a timely and accurate fashion, and then by ... whether we understand their business and we're tracking with them in more of an enterprise risk dialogue.”

How have expectations changed among midsize property/casualty clients in terms of the scope of services requested and their evaluations of those services?

Eric Joost, chief executive of North American specialties, Willis Group Holdings P.L.C.: “Mid-market clients are leveraging these relationships more and more. It's more about whether the broker is able to become a deeper extension of what the client is already doing. Five or 10 years ago, it was more of a transactional relationship. Today ... I find that our advisory work is deeper, and the speed of the work has changed, and the expectations around that speed are very different.”

What advice would you offer a mid-market risk manager looking for a more comprehensive evaluation of their property/casualty broker?

Glenn Spencer, chief operating officer, Lockton Cos. L.L.C.: “Make sure your broker knows your business, meaning both your industry and your specific company. Tie your risk management objectives to your broader business objectives in a way that advances the company as a whole. ... Make sure the chemistry is right between your team and the broker's team. You'll do better work together if the teams mesh well ... That's a subjective measurement, but it's very important.”

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