We learn a lot by comparing how our distribution partners perform across a multitude of factors, and now they can benefit from these insights, too.
Earlier this year, our Home Office Marketing team embarked on a benchmarking initiative for our top broker relationships to help pinpoint precise opportunities for growth, as well as problem areas that need to be addressed. Currently the data is centered on homeowners performance, as it’s our leading product and a large factor for future growth.
To verify the approach, Alex Horowitz, National Marketing Director, and Scott McEuen, AVP, Senior Business Development Manager, hosted a pilot demo webinar for Hoffman Brown Company (HBC) in Los Angeles.
Prior to the webinar, HBC’s new business production was down precipitously. We were at a loss to explain why there was such a significant decrease in production compared to prior years. The benchmarking webinar revealed that the producers and account managers in HBC’s office had incorrect perceptions of PCG’s appetite and competitiveness at certain coverage limits, account sizes and geographic locations. Those incorrect perceptions were resulting in fewer submissions and binds.
HBC has since engaged in a discussion with us aimed at better understanding the data presented in the webinar. Their producers have also requested additional data points, and we plan to conduct the webinar again for their entire personal lines team.
A previously unexplained challenge to our results now seems manageable, and the spirit of cooperation between our organizations has greatly improved.
Alex has since presented our benchmarking capabilities to our National Strategic Producer Council at our Fall 2017 meeting, and plans are underway to help our field staff offer benchmarking at the local level. Contact him directly if you’d like to learn more.