Today's Viewpoint: A MarshBerry Publication

Join Others at the Top: Benefits of Peer Exchange

Traversing today’s challenges in the insurance brokerage world is not easy. But it can be even harder going at it alone.  Participating in executive peer exchange allows top industry leaders to come together to harness the power of teamwork and collaboration.

Let’s face it, leading an organization is not an easy task. In fact, each year brings on new challenges that continuously test your ability to lead and aspire others to embrace the mission. Between the economy, managing talent, developing a culture, and navigating operational effectiveness, the demands can leave many leaders feeling overwhelmed and even isolated. As the market continues to consolidate through increased acquisition activity, competition between firms has gone into overdrive, putting pressure on organic, non-rate driven growth. The resulting arduous environment is leaving many leaders lost for how to keep a competitive edge.

As GDP growth remains unstable, and economic uncertainty warns of an upcoming recession, firms must focus on what they can do to encourage organic growth without purely relying on economic tailwinds. In today’s economic conditions firms must do all they can to support growth.

So, where do leaders turn today? How can leaders find support to accelerate growth consistently year-over-year? Fortunately, the right peer exchange membership can provide the needed insight and resources to benefit a firm now and in the future. The Best 25% of MarshBerry Connect members generate organic growth over double that of non-Connect members.

The benefits of joining an executive peer exchange

The power of peer exchange allows leaders to leverage an external board of likeminded executives to help make strategic decisions or solve challenges. If you’re evaluating a peer exchange, here are three key benefits you should ensure are offered:

  • Peer Networking: By expanding your network with industry professionals, you can increase the time you spend working on and discussing your business. Increasing the brain power and communal dedication to the business can increase the odds of your success and future growth.
  • Accountability: Does your peer exchange offer an opportunity to share solutions and strategies that go beyond the surface to deeply examine financial indicators for the success of your business? Having a peer exchange that creates a system of accountability, keeping your company’s leaders and yourself honest about performance, outcomes, and goals allows you to focus on growth. The influence from executive peers allows you to drive performance and make you a better business leader.
  • Benchmarking: Does your peer exchange offer your firm an apples-to-apples financial comparison to firms of the same size? Members that leverage proprietary data, benchmarking, and advanced analytic tools to formulate action plans are able to challenge business practices, drive strategic decisions and achieve intentional growth.

Don’t navigate today’s business challenges alone. The right peer exchange can help your firm reach its next destination of growth.

If you have questions on Today’s ViewPoint, or about how an executive peer exchange can drive enhanced value for your firm, please email or call Don Folino, Vice President, Growth Advisory, at 440-220-4105.

MarshBerry 360 Forum – Registration Now Open!

NYC 5/9 | CHI 5/11 | LV 5/18

Chart your path for success in 2023 by understanding the full view of insurance industry M&A market trends and organic growth best practices. At MarshBerry’s 360 Forum, you’ll join other insurance agency and brokerage executives, along with MarshBerry advisors, to understand the various strategies to help lead your firm to growth and profitability, as well as how to maximize shareholder value. 

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Contact Don Folino
If you have questions about Today's ViewPoint, or would like to learn more about how MarshBerry can help your firm determine its path forward, please email or call Don Folino, Vice President, at 440.220.4105.

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.