2016 ICTA Nomination. Technology by Zywave, Inc.
Recognizing that most brokers are presenting a value proposition story relating to the same three competencies; knowledgeable staff, excellent service and fair pricing, CSIB is leveraging Zywave’s Broker Briefcase to change the conversation with their clients and prospects, allowing them to win more new business, and lock down account retention.
CSIB does this by using the content and automation within the solution to focus on the client’s total cost of risk and where they can impact the client’s bottom line outside of simply providing the best policy wordings at the best price. CSIB began implementing the Broker Briefcase solutions in Q4 2014, with a full roll out to their sales team in Q1 2015.
By giving their producers immediate access to risk insights within Broker Briefcase on a wide variety of industries and emerging risks, their team is able to pick up on additional considerations relevant to their client/prospect. For example, CSIB is able to not only suggest that a client/prospect should have a safety manual in place, but actually provide the client with said safety manual complete with related workplace policies ready for employee sign-off.
More than just a knowledge repository, CSIB can also create custom content groups to set up drip marketing campaigns within the Broker Briefcase solution. For example, the Broker Briefcase cyber liability series can be set up in January to then deploy monthly newsletters across all contacts within that group. Zywave’s dedicated team of Writers, Content Attorneys and Graphic Artists produce these resource materials and the Canadian Market Analyst ensures all information is timely and relevant for Canadian insurance brokers. This allows CSIB to commit to a higher than average level of proactive client service and automate a large portion of execution.
The “Broker’s Assistant” within Broker Briefcase is also used by CSIB as a prospecting best practices guide. It is a start to finish, step by step resource breakdown, of what types of questions to ask, what documents to share and with whom and how to better demonstrate value proposition. They also routinely call on Zywave’s Partner Relations Consultants via the solution’s built in chat feature for quick answers on suitable resources. These strategies together result in shorter sales cycles and greater new business wins.
CSIB is able to track and report both internal and external resource downloads. This information is then used to complete a Stewardship Report (also included in the Broker Briefcase) showcasing what additional value CSIB brought to its client, outside of policy and pricing, demonstrating that they do more than just call once a year and collect a renewal cheque. This moves CSIBs relationship from that of “trusted advisor” to “indispensable business partner” thus positively impacting account retention.
Over the past year CSIB has been able to generate increases in both personal and commercial lines new business sales using the content generated by Broker Briefcase. On the commercial lines side of the business they have generated increased referral traffic and an increased closing ratio on new business, increasing our overall sales for October 30th by a significant amount of DWP, and of revenue. On the personal lines side, their use of Zywave content has helped them to increase digital sales from year over prior year as well. With two months to go to complete the year they already have a net growth in new business written and are looking at a larger increase by year end.
Peter DaSilva of CSIB offered this comment: “For an investment that was not large we have generated additional revenue from all sources – with still two months to go – that gives us a good return on investment in just the first year.”
CSIB is a top tier brokerage headquartered in in Woodbridge, Ontario with branch locations in Barrie, Markham and Aurora. Led by a strong five member executive team, Cornerstone Insurance is a company built on trust, understanding, passionate advocacy and responsive advice that combined provides an outstanding customer experience for all of their clients. They work diligently to meet and exceed their clients’ expectations each day as they continue their quest to be the broker of choice. They adopt and deploy cutting edge technology wherever it serves their clients’ best interests, often ahead of their peers.
Source: Cornerstone Insurance Brokers Inc.