Relationships are crucial to the wholesale insurance business. Building lucrative relationships with insurance producers is a key part of driving the success of your business. Here are a few things producers look for in their wholesale partners—and how to make sure they see those things in you.
Your expertise in the line of coverage they need. As a wholesale insurance broker, your expertise is what you’re selling. Be sure that your online presentation effectively demonstrates where your specialized knowledge is the strongest. Offering a blog or article library, videos, question-and-answer sessions detailing little-known aspects of specialized insurance lines, and other content on your website will go a long way to showing off what you know.
Special relationships with certain insurers. If you have a strong relationship with a certain insurer—one the producer thinks is a perfect fit for their client—then you have an in. Make sure that insurers you have a strong connection to are featured prominently on your website.
Your customer service. Insurance agents need the specialized expertise of wholesale insurance brokers—but they also need to know that you’re a proactive partner who will be responsive to questions and work to find them the exact coverage they need. You can demonstrate your commitment to customer service early on by always responding promptly to contact and queries. This is an easy way to signal your dependability—and suggest you’re someone who can be relied on.
Your patience. For many wholesale insurance brokers, new producers submitting business to you without the required underwriting information can be a major pet peeve. Instead of getting impatient or avoiding doing business with them, help new producers get it right. It’s possible that today’s new producer could be tomorrow’s very loyal, very lucrative partner.
While every insurance producer is different and may have different needs, many of them look for speed and responsiveness as well as in-depth expertise in the wholesale partners they work with. Do your best to demonstrate both in the interactions you have with producers, and you’ll be likely to strengthen your business.