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The Stewardship Review…An Amazing Strategy To Impact Your Bottom Line

January 4, 2012

beyond insuranceWelcome to 2012! Over the next 2 blog posts, you’ll discover the benefits of implementing a Stewardship Review, a process I first participated in early in my business career as an Account Executive with Johnson & Higgins (J&H) in Philadelphia.

The J&H model was built upon a foundation of intense customer intimacy, impeccable customer service, and a passion to deliver value added resources outside the boundaries of the insurance transaction. We took great pride in viewing ourselves as the Ritz Carlton of the insurance brokerage community.

J&H’s client centric service platform created a unique “customer experience”.  While each piece of the J&H service platform had a special purpose, the “jewel” was the Stewardship Review.

Purpose of the Stewardship Review:

The Stewardship Review was conducted six months after the inception date of the insurance program.  Its purpose was to confirm that J&H’s insurance and risk management strategies, goals, and objectives were aligned with those of our client.beyond insurance

Beginning 30 days prior to the scheduled Stewardship meeting, we would begin a labor intensive process of assembling and analyzing volumes of information ranging from claims management reports to risk mitigation initiatives to insurance program design accomplishments.

A few days before the presentation, the J&H Account Management Team met to make final adjustments to the report and rehearse our presentation.  This was our moment to shine as we knew that the Stewardship Review was our special weapon in communicating our value proposition, building enduring relationships and enhancing J&H’s brand identity.  Put simply, the Stewardship Review was a “big deal”!

Why was the Stewardship Review process so important? 

  1. The Stewardship Review demonstrated our knowledge of the client’s business and risk issues.
  2. It gave us the opportunity to reinforce the quality and integrity of our work product.
  3. We had a captive audience consisting of not only the Risk Manager, but also his or her Executive Management Team including the CEO, COO and CFO.
  4. The process was strategic, diagnostic and consultative – the Review reaffirmed our business partnership with the client.

The Stewardship Review improved retention, cross selling opportunities, referability, as well as our ability to charge more for our services.  The Review enhanced the organization’s brand, and value – an amazing strategy to impact J&H’s bottom line.

In our next post you’ll discover how the Addis Group later designed its own Stewardship Review formula, and how the review can become the first and most essential piece of the insurance renewal process. 

Scott Addis

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The author, Scott Addis is the President and CEO of The Addis Group and Addis Intellectual Capital, LLC (AIC). AIC is a coaching and consulting company whose purpose is to transform the process that insurance agents, brokers and carriers use when working with clients. Scott is recognized as an industry leader having been awarded the Inc. Magazine’s “Entrepreneur of the Year” Award as well as “25 Most Innovative Agents in America”. Scott can be reached at saddis@beyondinsurance.com or 610-945-1019.

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