STRIMA Conference

State & Broker Partnership

2P:graphics\ppt…

STRIMA ConferenceSTRIMA Conference

• Both sides pleased with the agreement• Thorough understanding of responsibilities and expectations

• Broker knowledge of state business • Broker knowledge of the marketplace• States understanding of the brokerage business

Tenets of a Successful PartnershipTenets of a Successful Partnership

3P:graphics\ppt…

STRIMA ConferenceSTRIMA Conference

• Broker awareness of the procurement process . . . ITB, RFP, RFQ as governed by procurement statutes and administrative codes

• Knowing who the state risk manager is serving – your clients/agencies

• Really good communication that clearly identifies broker and state responsibilities

Understanding of Responsibility/ExpectationsUnderstanding of Responsibility/Expectations

4P:graphics\ppt…

STRIMA ConferenceSTRIMA Conference

• Specialization & Leveraging Knowledge• Creativity/Alternatives• Solution Oriented• Services/Resources• Experience

Broker Knowledge of State BusinessBroker Knowledge of State Business

5P:graphics\ppt…

STRIMA ConferenceSTRIMA Conference

• Market Strengths• Market Weaknesses• Communication of market changes• Willingness to develop direct relationships with underwriters

Market KnowledgeMarket Knowledge

6P:graphics\ppt…

STRIMA ConferenceSTRIMA Conference

• Responsiveness in all matters – a two way street• Written service plans• Stewardship Reports• Compensation – Full transparency and understanding of what is behind the fee/commission

• Management sign-off on terms

Securing Value-Trust-CommitmentSecuring Value-Trust-Commitment

Other ThoughtsOther Thoughts

• Address service deficiencies head-on