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Where to start with Triangular Risk Management

March 26, 2013

triangleTRM begins with an open and honest dialog between the carrier and agent/broker concerning key accounts managed by both organizations.  The agent or broker must understand the benefits of having the carrier join them on the front line of the relationship.  Specific strategies include joint visits with the insured to formulate Risk Management Service Plans, conducting stewardship reviews, implementing claims management systems and engaging in a fun lunch , dinner or golf game.

TRM is sitting right in front of you and your team.  Why wait? 

Consider a joint meeting with your prized clients and insurance carriers to set the strategy in motion.  You will be astounded when you find out how much both parties value the experience and, that your key clients decline to take competitive bids from outside competition through one or more of the following statements:

  1. Beyond its underwriting capabilities, I have a firm grasp of the distinguishing characteristics of my insurance carrier.  My agent and I are very pleased with the performance of my insurance company and confident that my underwriter will treat me fairly on the upcoming renewal.
  2. I admire the proactive nature of my carrier in working with my agent or broker and me in designing risk management service plans.
  3. handshakingI have a meaningful relationship with my carrier’s underwriter, claims and risk control professionals.  Believe it or not, I receive personal notes from my underwriter, claims and risk control representatives congratulating me on my firm’s risk management progress.
  4. During the renewal process, I have the opportunity to interact with my underwriter to leverage the positive aspects of my business to achieve results in the marketplace.  This process gives me a competitive edge with insurance negotiations.
  5. I still remember my carrier’s New Customer Educational Program.  I visited its office to learn more about its claims underwriting management and risk control resources.

Triangular Risk Management.  Simple, high impact, unique, profitable.  Give it a try.  You will be amazed at the impact to your bottom line.

For more ideas on how to break the commodity trap connect with Beyond Insurance on:

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Scott AddisThe 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 atsaddis@beyondinsurance.com or 610-945-1019.

 

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