When I consider friends and family who have been blessed with happy partnerships, I realize there are many roads to establishing a successful relationship. Yet, I also recognize there are a number of common factors that exist throughout the process. Executive SummaryTensions between P/C insurance carrier execs and broker partners have been a hot topic on carrier earnings calls in recent quarters. Here, a broker representative gives his take on how both sides can work to create stronger, tension-free relationships with a list of 14 commonsense rules to follow.
The same, I believe, can be said for the underwriter/broker relationship. While there are many roads leading to success, there is a common set of rules to establishing long-term, productive relationships.
Following are a few observations I have gained during more than 20 years working on the insurance company and brokerage sides of the business.It is a relationship.
Try to find the human endeavor that does not include a relationship, and you are likely to be looking for a long time. The keys to success in just about any relationship also apply to the underwriter/broker relationship: respect, honesty, regard for each other’s abilities, an understanding of each other’s constraints, reasonable expectations, collaboration, communication and consistency.