When you’re a broker, any risk management tool you offer your clients needs to serve two purposes:
- Minimize your clients’ liability
- Help you attract and retain business
Too often, brokerages and providers focus solely on the second element. They forget that the risk management tool should, first and foremost, actually improve a client’s situation.
It’s not surprising that the industry has lost its way. Brokers are inundated with marketing proclaiming that a given platform will drive business growth, make conversations with prospects easier, boost renewals, and so forth. The key to standing out in a hypercompetitive field, these companies declare, is to embrace technology. It’s all about the shiny, feature-rich software suite… rather than the underlying issues. Indeed, many risk management providers originated not in property and casualty, human resources, or environmental health and safety, but in tech. They view their solutions as insurance software and believe their ultimate clients to be brokers.
The problem with this mindset is it overlooks the people whose experiences matter most: employers. Your clients and prospects don’t care about what you can do or promise to do, but the results you deliver.
It’s nearly 2020. By now, most brokers have some kind of software in place. Employers have encountered countless tools and programs that can supposedly reduce liability and create better workforce environments. Frequently, these solutions fall short—because they were created for brokers, not for the insured.