Richard Perrott’s Post

After completing 1000 renewal strategies, here are 7 steps to a system that wins every time… Most brokers start renewal 30 days out. That's not a strategy. That's a scramble. (And not like a fun golf scramble) Here's how to build a renewal strategy system that wins: 1. Start Day One Post-Binding • Create a renewal timeline • Set key milestones • Schedule quarterly check-ins 2. Conduct Ongoing Market Analysis • Monitor industry trends monthly • Track carrier appetites • Identify emerging risks 3. Implement Continuous Policy Optimization • Review coverage gaps quarterly • Benchmark against industry peers • Proactively enhance terms and conditions 4. Build a Claims Strategy • Analyze claims data bi-annually • Identify loss trends • Develop mitigation strategies 5. Create a Data-Driven Approach • Collect relevant data points throughout the year • Use analytics to inform negotiations • Present compelling narratives to underwriters 6. Foster Carrier Relationships • Schedule bi-annual meetings with key underwriters • Share positive company developments • Build trust and rapport year-round 7. Prepare Your Client • Educate on market conditions quarterly • Set realistic expectations early • Position renewal as a strategic opportunity This is our standard. It's how we turn renewals from a deadline into an opportunity. Want to implement this system in your business? Book a 1:1 call with us today. Let's make your next renewal your best one yet. Mark Flippen LION Specialty ps. My favorite person to strategize with… come talk to us!

Does a process win business? YES! 3 stories as to how our process won us business: 1) A client we called on for two years at a major broker eventually fired and hired us because they hadn't received their policies 6 months after binding. We set a service standard that we would lose compensation if we delivered them later than 30 days post binding. 2) Called on another client that had a major broker sitting on their board, fired them, and hired us because we identified key coverage gaps during our policy review process. 3) Prospect hired us after walking through our on-boarding, next steps, go-to marketing strategy, and timeline because their broker hadn't showed them anything but a quote from their current carrier. Any of these pain points sound familiar? We are here to help! Repost ♻ if this is helpful! Reach out to Natasha I. Kiemnec, ARM or Mark Flippen. #simplifyinsurance #bestinclass #insurancebrokerage

Improve your business strategy with these key steps: - Ensure clear contracts with advance payment terms, deadlines, and penalties. - Automate payment reminders for a streamlined process. - Consider escrow or phased payment systems for added security. Invest in insurance for port damages and establish inspection protocols to prevent disputes. Strengthen client relationships through a CRM system, transparent communication, and effective dispute resolution clauses. To drive growth, focus on market research, digital marketing, and networking initiatives. Establish strategic partnerships and maintain a strong reputation with reliable delivery, client testimonials, and referrals. By following these strategies, you will establish yourself as a top expert in your field. #BusinessStrategy #Growth #Expertise

To escape the VENDOR TRAP and START GETTING HIRED You must learn how to position yourself properly. Steal our Positioning Statement for your next new biz meeting: …….. I’m not a fit for everyone. The purpose of this call/meeting is not to convert you in to working with me or even discuss taking next steps, but instead to learn about your company, your insurance experience, and share a different approach with you that’s helped a lot of people. If at the end you don’t want to move forward, that’s completely okay. If you do, that’s fine too. No pressure either way. Sound good? …….. You’re an established pro, not a needy vendor.

"Let's keep improving our own house first before we get into this marriage and start throwing dishes at each other because it's not working as fast or as well as we want." I just got off the phone with a brokerage leader who is being extremely thoughtful as he evaluates the tech roadmap. These are the business' main points of consideration right now, and I thought they were worth sharing: 1. Our solution design team did a full current state workflow mapping with them, and it uncovered many broken and inefficient processes on both the load coverage side and on the pricing side. To summarize, they're very much a "one-off" brokerage when it comes to booking carriers. It turns out that the problem is much larger than the President originally thought, and they want to fix those processes before adding technology. I have my own thoughts about this: sometimes a complete process transformation is needed, and tech can be one part of that. Add tech + stir seldom works. But new processes and new tech needn't be mutually exclusive, especially if you don't want to rebuild twice. 2. They did their due diligence in speaking with other Parade customers whom we did not introduce to them; they networked to find these customers, which is a great way to get unfiltered feedback. They met two tremendously successful customers and even visited one of these customers onsite (I told you they were diligent). They also talked to one customer who frankly didn't see the results they were hoping for. This leader wants to understand what the key differences were in how they implemented, what the goals were, etc. 3. They want to better evaluate their spot pricing method because they suspect that using a market benchmark tool alone isn't accurate for all markets. Given that they're trying to be a niche player, they want to further analyze how they perform against the market in general and then decide if more software is warranted. 4. Like most brokers, they're operating in a thin-margin environment. If they had buckets of cash, they wouldn't mind diving into this. But that just isn't the case. So a deeper analysis is especially important with existential risk to the company for any wrong moves. I am bullish on this brokerage. We're extremely well-aligned on vision and goals. I know they can be wildly successful and build a first-class carrier sales organization, just like they've done with shipper sales. Both sides will improve each other. I would rather they implement in a month rather than right now, if it means they're really sure they want to use the platform and have a game plan.

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Discover the key to a successful channel partner rewards program! Learn how to choose between cash incentives or points-based rewards at https://okt.to/VcA5a7 #RewardsProgram #BusinessSuccess

For sustainable small business growth, it’s important to leverage a combination of effective sales strategies. #smallbiz #salestips #businessdevelopment https://ow.ly/T8Ks50SGfyA

Dominate documentation this summer with these 4 hot tips #Agent #Brokerage #Columns #NewAgent #Select

The Importance of Client Retention 🍯 Data shows that retaining existing clients is equally, if not more, important than acquiring new ones. The cost of acquiring new clients is five times higher than the cost of retaining existing relationships. While acquisition allows you to increase the number of clients you have, client retention allows you to maximize the value of customers you have already captured. Creating a positive experience is vital to your book of business. Not only can you maintain current customers, but they will be more likely to organically refer your services to others. The most effective (and least expensive) form of advertising is word-of-mouth. At True Captive, our primary focus remains centered on meeting and exceeding our clients' expectations. We understand that satisfaction stems from a combination of factors, including personalized service, efficient processes, and reliable outcomes. Are you looking to build partnerships in the insurance industry? 👀 Contact one of our experts today! #retention #captiveinsurance #partnership #stoploss