Broker: The Man Who Dared To Shop The Insurance Market
It was gritty era – a time when churches and nonprofits were afraid to get more than a single quote.
One bid is all they got, and they went with it – even if it gave them heartburn. They wrote the checks and nodded in obeisance to the one insurer to whom they gave their premiums and allegiance. And what did they get in return? It was a question no one dared to ask.
But one morning a bold newcomer strode into town, claiming there was another way – something beyond the “one and done” approach. “The name’s Broker,” he said. “I compare prices and coverage from multiple insurers, then you pick the company you want to do business with.” The townspeople didn’t know what to think. Wasn’t one option enough? It’s all they’d ever known. Besides, what if they had to tell their salesman they were changing companies? “He’s the brother-in-law of one of our member’s brother-in-law. It hits too close to home. It’s worth thousands of dollars in premiums to avoid that moment of discomfort.”
Uneasy eyes cast about the room, looking for clarity. Was there really only one choice?
“Hold on just a minute,” said the Rev. I.M. Frugal, pastor of Second Church. “If this Broker fellow is going to give us multiple options, and all we have to do is make a choice, how is that hurting us? If you ask me, it’s helping us. We’re not insurance afficionados. We’re ministry people. A little expertise and an unbiased proposal could do us good. Besides, this Broker doesn’t charge us for his services.”
The board collectively shrugged, then turned their glance to the Broker, who had just entered into the room. “Do you do anything besides sell insurance policies?” asked Sheila McSkeptic. “Don’t you just take our money and run – sort of like The Music Man?”
“Excellent question, members of the board,” said the Broker. “The sale is just the beginning of a broker’s relationship with the client. For example, if you need to file claims, I help you navigate that process. I also provide education to help you minimize risks so you don’t have to file claims in the first place. And, when your policy is up for renewal, I bid it out again for you. You don’t even have to ask. I’m here all the time – even on holidays and weekends. I understand you can’t schedule an emergency, so I’m here. Consider me your insurance concierge.”
The leaders around the table seemed satisfied – and a little surprised – with that answer. As the board meeting came to a close, its members decided to let Broker seek bids from competitors and to return with the results. The board, not Broker, would make the final decision.
“When you explain it like that, it makes a heck of a lot of sense,” said Trustee John Neverchange. “I wonder why we haven’t done this all along.”
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