Stand Out from Large Brokerages

The real takeaway from this trend is the emergence of large insurance brokerages that can leverage their scaled resources to compete with smaller local competitors.

Five actions firm owners should take to stay competitive

With the increasing M&A activity in the insurance industry, it is easy for firm owners to focus solely on their firm’s value. However, the real takeaway from this trend is the emergence of large insurance brokerages that can leverage their scaled resources to compete with smaller local competitors. In this post, we will discuss the five actions firm owners should take to survive and thrive in this competitive environment.

1. Refresh Technology

One of the crucial steps in staying ahead of large platform brokers is refreshing your technology. Make sure your brokerage is running on the latest software, has modern hardware in place, or is partnering with a technology service outsourcing provider who can bring the latest insurance technology to the forefront for your team. This way, you can engagingly present real-time information and stay ahead of competitors who may still need to work with outdated technology. Insurance outsourcing providers who can bring strong AI (Artificial Intelligence) platforms to the forefront for your team, such as PolicyChecking.AI, can give you an incredible advantage in ensuring you are using industry-leading, best-in-class workflows to ensure the accuracy and quality of bound policies. 

2. Build a Strong Brand

Strong branding is essential for your firm to stand out. Whether creating a unique logo or developing a memorable tagline, your brand should accurately reflect your brokerage’s persona. A strong brand can help establish trust with your clients and set you apart from your competitors. This means focusing on building relationships in the community, being forward-facing, and finding opportunities for partners to augment your team’s operational needs. Insurance is the business of reducing risk through relationships; be present with your insureds.

3. Develop niche expertise

With large platform brokers competing for a broad audience, developing niche expertise that can differentiate your firm can be crucial. Develop deep expertise in a few specific areas, whether cyber insurance or flood insurance. Doing so will help you attract clients with unique needs and stand out from larger competitors.

4. Focus on customer service

While larger platform brokers may have the advantage of scale, they often need a more individualized touch from working with a smaller, local competitor. Focusing on exemplary customer service can help you build client relationships and differentiate your agency. Remember, people do business with people they like and trust. Doing so may also require you to partner with an outsourcing partner who is also 100% focused on the insurance industry and has years of experience working within your technology and workflows.

5. Invest in your team

Finally, investing in your team is a fundamental way to stay ahead of the competition. Hire the best talent you can find and give them the necessary resources to succeed. Provide ongoing training and support to ensure they stay current on the latest insurance trends and regulations. Doing so will help you build a team of experts to help you stand out from larger competitors.

Amid the current M&A activity, the insurance industry can seem overwhelming to many smaller local competitors. However, with the right strategies in place, smaller firms can not only survive but thrive. By refreshing technology, building a solid brand, developing niche expertise, focusing on customer service, and investing in your team, your broker agency can stand out from the competition and remain a leader in the industry.

About Patra

Patra is a leading provider of technology-enabled insurance outsourcing. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers through our PatraOne platform. Patra’s global team of over 6,000 process executives in geopolitically stable and democratic countries that protect data allows agencies, MGAs, wholesalers, and carriers to capture the Patra Advantage – profitable growth and organizational value.

William Wagner, VP of Marketing

About The Author ...

William Wagner
Vice President, Marketing

William Wagner is responsible for Patra's Global Marketing and Inside Sales organization. With over twenty years of marketing and product management, William ensures that Patra's services, technology innovation, and brand are closely aligned with Patra's prospects and customers' needs to bring forth transformative change in how insurance solution are delivered, supported and managed.