At MarshBerry’s Connect Summit, leaders dove into transformative discussions about charting their path, cultivating growth, enhancing performance, gaining valuable insights on sales strategies, hypergrowth, and adapting to industry dynamics.
In the vibrant setting of Scottsdale, AZ, more than 350 insurance owners and executives convened for a momentous event that beckoned the industry’s brightest minds to engage in profound discussions and challenge their status quo. Their collective aim: to navigate the intricate terrain of insurance by focusing on best practices, benchmarking, and strategy. Connect, MarshBerry’s executive peer exchange, includes a semiannual Summit offering insurance leaders the opportunity to foster personal and organizational growth while elevating performance standards. The resounding consensus emerging from this assembly was crystal clear: in an industry perpetually in flux, every firm, regardless of its size or status, must act fast to chart its path, cultivate predictable and profitable organic growth, and improve its performance – or risk being left in the dust.
Chart your path
The Connect Summit fosters an environment where members gain valuable knowledge by collaborating with other industry leaders and MarshBerry’s experienced team of advisors. Complex issues facing business leaders can be less cumbersome by leveraging your firm’s financial data, assessing your sales culture, and crafting a talent strategy.
When considering your path forward, be sure to ask the following questions:
- Are we tracking sales velocity on a firm and individual level? How does it compare to the industry average, or better yet, the best 25% of firms?
- Does our sales team clearly understand individual and firm sales goals and how they impact the overall business goals?
- When was the last time we audited our sales technology? Does everyone use it and find it helpful in their work?
- Are we committed to addressing opportunities within our recruitment and hiring practices and forming a high-growth capable team?
- Have we considered leveraging AI to assist with routine or systematic tasks? Things such as job descriptions, candidate identification, and recruitment process communications can be streamlined through AI.
Cultivate growth
In her captivating keynote speech on hypergrowth, serial entrepreneur and hyper-growth expert, April Hansen, delved deep into the intricacies of accelerating success, unveiling the transformative power of three fundamental laws of growth: The Law of External, The Law of Internal, and The Law of Will.
Here are five highlights from her session:
- Companies need to flip the switch from cruise control to hyper growth if they hope to outshine the competition. Do not be afraid to disrupt things; “If it ain’t broke, break it!”
- Strategy is a continuous cycle. Set goals, establish checks and balances, achieve the goal. Then set more.
- Uncontrollable external forces can rock any business. A hypergrowth firm can identify those forces and prepare for how they will impact their business.
- People are the power of innovation. Make sure your dreams align and become a reality.
- Your intrinsic will empowers you during adversity and gives you the strength to motivate employees. Take time to nurture your own needs and spirit to ensure your will is strong when it’s needed.
Improve performance
MarshBerry’s Chairman and CEO, John Wepler, challenged leaders to continually reevaluate and adapt their mindset to improve performance and achieve predictable, profitable organic growth.
Below are highlights from Mr. Wepler’s highly coveted State of the Industry:
- The impacts of COVID are easing and a soft economic landing is looking very likely, possibly impacting the current favorable hard market. Don’t allow the calm before the storm to pass you by. Now is the time to choose preparation over complacency.
- Consider reverse plan road mapping and the mantra “define, believe, socialize, repeat.” First, define where you want to go and the steps to get there. Second, believe in the goal and your team that will get you there. Next, socialize it. Collaboration and teamwork would be nothing without communication. Finally, repeat the process to continuously adapt, grow and succeed.
- Weighted Average Shareholder Age is down for the third year in a row. Firms should view this as an opportunity to infuse fresh perspectives while striving to become a customer-centric strategic resource.
- Define what a producer is to your firm and enforce clearly stated sales goals. A “servicing producer” is not a producer but an “account manager” who is paid too much.
Taking time away from being “in” the business, to work “on” the business can offer a fresh perspective and challenge you to new heights. Empowered by the unity and knowledge of their peers, insurance executives work diligently to chart their path, cultivate growth and improve their performance.
