Over three hundred insurance distribution leaders from across the country took time away from their business last week to work on the future of their business by attending MarshBerry’s semiannual Connect Network Summit.
With a schedule chock-full of industry benchmarking, peer exchange, and business planning, MarshBerry challenged its members and guests to focus on innovation. Featuring some of the most aggressively growing agencies and brokerages from across the country, New York Times Best Selling Author, multi-startup founder, and Keynote Speaker Josh Linkner set the tone for the activities of the week as he encouraged firm owners to start innovating before they’re ready, break things to fix it, and reach for weird.
Following the Keynote, MarshBerry’s Chairman and CEO John Wepler took to the virtual stage for the ever-popular State of the Industry presentation. Infusing his outlook on the insurance industry’s future, John delivered a passionate and thought-provoking argument for this message: the insurance brokerage business is the greatest industry in the history of mankind.
OUR TIME IS NOW
A picture of stars in unique alignment filled the screen, which John used as a metaphor for the strength, resiliency, and innovation present for the insurance industry. “Find a star that isn’t in alignment,” John challenged (and then countered) with over twenty points driving success today. For instance:
- 2020 was the highest level of financial performance that this industry has ever experienced on record- even during a pandemic.1
- While in a hard market- the rate environment is positive.2
- Valuations continue to climb.
- Capital is coming at the insurance industry from every possible angle. Special Purpose Acquisition Companies (SPACs) are looking directly at insurance, reinsurance, and insurtech firms for investment opportunities.3
A CHEAT SHEET FOR GROWTH
John encouraged attendees to adopt the revelation that if you run your business like it’s for sale, you won’t need to sell. To do so, MarshBerry provided a figurative cheat sheet of action items for firms to adopt and grow at >15% and create substantial wealth. Action items such as:
- Calculate your firms Predictable Profitable Organic Growth (PPOG)
- Commit to industry vertical specialization supported by data and analytics.
- Double down on hiring new production talent from outside the industry to support specialized verticals.
- Use a CRM, business intelligence, and mentor programs to enhance producer success rates.
Overall, MarshBerry Connect Network members were encouraged to use the stars in alignment for the insurance industry as a sign to find ways to innovate within their firms and make a commitment to the future. These messages set the tone for the balance of activities during the Spring Summit which included targeted benchmarking, resource sharing, and accountability-driving discussions with SIG peers and MarshBerry consultants.
Want to continue the conversation or learn more about the MarshBerry's Connect Network membership and semiannual summits? Contact Brooke Lugonjic, Vice President of the Connect Network, at Brooke.Lugonjic@MarshBerry.com or 616.828.0741.
1MarshBerry proprietary financial management system perspectives for High Performance (“PHP”); Historical EBITDA as a % of Net Revenue. 2Federal Reserve Economic Data as of February 16, 2021. 3Renaissance Capital, SPACInsider
MarshBerry continues to be the #1 sell side advisor in the industry (as ranked by S&P Global). If you're considering selling your firm, we are the best choice to help you through the complicated process. If you don’t hire MarshBerry, hire a reputable advisor that can help you navigate one of the most important business decisions you will ever make. You will be much better off having an advisor in your corner that knows the industry than trying to do this on your own.
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