If you want to go fast, go alone.
If you want to go far, go together. – African proverb
Imagine living in the wilds of Africa many years ago when the most prevalent mode of transportation was your own bare feet and protection came in the form of a spear, a bow, or the friends and family in your tribe. In that environment, this expression makes an abundance of sense. But how relevant is it today
Consider Trisura. It is built on relationships, partnerships and teamwork. Although we only started our journey less than ten years ago we have gone far by going together with you.
However, given the rate of change in our industry, and the insanely competitive environment in which we all exist, we have also had to learn to be faster. Some companies, like direct writers, have elected to be fast by going alone. We won’t do that. We believe we can go both far and fast together.
Trisura is a broker company. We believe in creating exceptional experiences for our brokers. Our ultimate goal is doing everything we can to help you succeed. Our core values include caring about your needs and those of your clients, listening and appreciating your point of view, finding solutions, and being responsive, decisive and supportive. We believe in establishing long lasting and deep strategic relationships and partnerships where we can share expertise and resources and set ambitious mutual goals and objectives.
My belief is that insurance brokers and insurers alike can no longer be all things to all people. Both parties have to choose who they are going to try and go far with, and learn to be more selective in the future. We all have limited resources and in order to remain relevant and competitive we have to find ways to be more efficient and effective in utilizing them. Many of our industry’s products and services are becoming more and more commoditized and susceptible to the approaches of direct writers or digital giants with their locked-in ability to interact with consumers. These industry disruptors pose game changing challenges for brokers and the insurers who work closely with them.
Brokers need to up their game and get even better – to become trusted advisors for their customers and truly add value as consultative risk management experts. Specialization and expertise will separate the wheat from the chaff. Further, brokers will need to select and partner with the best insurers who can help them achieve their goals and then support them, eschewing those who are just average, or worse.
We believe we are an excellent choice for brokers as they head down this path. Our strategic approach is to better understand your needs, then work hard with you to deliver on them. We want to help you become more successful.
Part of this includes helping our brokers speed up and become more efficient. For example, in 2014, we processed over 20,000 transactions totaling nearly $12 million in premium through our online portal, predominantly in the program space, all with the involvement of our brokers. We are about to launch our one-off portal platform through which brokers can easily and quickly receive quotes, bind and then produce the policy or bond, as well as process commercial surety renewals. In the coming weeks, you will receive a communique outlining our automated commercial surety bond renewal system.
We have also saved you time in the contract surety renewal process, including the advent of our continuous working authority on many accounts. We are currently working on an automated process for small contractors and look forward to a 2015 launch.
Another example in contract surety is the Low Exposure Account Discretion LEADer Program for strong accounts that are fairly inactive and seldom accumulate much bonded exposure relative to their strength. Underwritten annually, LEADer accounts are permitted to forgo interim reporting provided the accumulated exposure does not exceed the established aggregate limit.
We have also introduced the Trisura Xpress Renewal process in our Corporate Risk division. This involves a large portion of our book that will receive automatic renewal quotes without needing to provide renewal information. For clients that are on a 3-year term, this will mean they go 6 years without our brokers needing to gather any renewal information, thus maximizing your efficiency and profit.
We are committed to helping you reduce costs by becoming more efficient in how we transact business, and would love to hear any suggestions you may have to increase efficiencies so that we can work faster together. I believe that to collectively ensure our future success, this is one of the best ways to effectively compete against the low cost providers who may choose to go it alone.
Brokers and insurers need to select who they are going to be able to go both far and fast with, and work to become more strategic in those relationships. Failure to do so will result in companies that go neither fast nor far, and in the insurance jungle where survival depends on both, they will eventually be someone else’s lunch. To add a twist to the proverb: If you want to go fast, go alone, if you want to go far, go together… but if you want to go faster and further, go with your partners.