Engaging with brokers looks a bit different these days but when partners have innovative strategies that allow them to take their business to the next level, fostering relationships becomes an organic process.
Peter Foy, CEO of PCF Insurance Services, spoke to Insurance Business about the importance of having an entrepreneurial environment and high levels of support to enhance the broker experience.
“We’ve had many great opportunities to engage with potential broker partners, reaching over 80 partnerships in 2021,” said Foy. “We have a tremendous platform that allows us to bring partners on and have them continue to grow and prosper.”
The CEO explained the company’s hybrid model that works in tandem with brokers, elevating and accelerating performance levels.
“We take the octane fuel they have in their tanks and replace it with rocket fuel,” he said. “Brokers are business builders, entrepreneurs that have established a name in their communities. We want them to keep that autonomy and provide them additional tools that could take some work off their plates.”
Foy highlighted the importance of providing brokers with the time needed to focus on delivering great service to existing clients and the opportunity to onboard new ones.
By relieving some of the administrative burden such as payroll, employee benefits and other HR or accounting pressures, brokers can focus on growing a big book of business and with the right partnerships, cross-selling opportunities are endless.
“Having all these different experts coming together makes us a better team,” he said. “If someone is working on property, another on employee benefits, we bring those people together and write business as a team.”
“That’s what excites brokers and we’ve seen so much growth over the years as partners work together,” he added.
Facilitating a cohesive culture is invaluable. Foy mentioned that they have new partner meetings on a quarterly basis, so brokers get to know each other and the PCF team, but it does not stop there.
“We also bring all our partners and their spouses together, so everyone knows the group of people running the businesses,” he said. “It’s more than purely growing the business, it’s about building relationships as well.”
Establishing transparent relationships within an organization is critical for long-term success and talent retention.
“A lot of our partners are 35 to 40 years old because they see the value of repositioning for growth, and everyone has equity which is really exciting,” Foy noted. “We push that equity, so all employees have the opportunity to participate in our employee appreciation pool or to buy in.”
When all levels of employees come together, they will succeed together, which is key to the PCF culture. Foy said that to establish a cohesive culture, a lot of personal contact is required to understand each person’s unique needs.
“You don’t want to be 100% digital,” he added. “Having a relationship where you blend both personal and digital communication saves time, energy and money.”
Technology is extremely beneficial but, at the end of the day, a face-to-face interaction and shake of the hand helps form a deeper connection - making them more open to explaining what they need and what their goals are for the future.
“To us, it’s all about people not just their business,” said Foy. “When you bring quality people together, it’s amazing what you can accomplish.”
