CASE STUDY
Partnership, not Competition.
TSIB regularly partners with other brokers in pursuit of new business opportunities.
Usually this happens when that broker has a client that wants to deploy a Wrap-Up for one or more of their projects, but they do not have the expertise nor the administrative staff to place and manage a Wrap-Up on behalf of their client. As a result, there is a risk they lose that placement opportunity. Since 2006 TSIB’s extensive experience placing and administering Wrap-Ups has created an opportunity to alleviate that burden from the partnering broker. The partner remains the broker of record on the placement; while TSIB acts as consultant as well as utilizes its Wrap-Up administrative staff to manage the placement once it is bound. The partner broker now gets to retain the placement fees it would have otherwise lost to a competitor and TSIB is paid for the Wrap-Up administrative services.
THE
CHALLENGE
Consider the Case of Broker A. They had a client interested in taking advantage of the pricing and coverage benefits from utilizing a Wrap-Up on an upcoming sports complex project valued over $200M. Unfortunately, Broker A did not have experience placing Wrap-Ups. Like many brokers, they were aware of Wrap-Ups and understood their concept but had never placed one themselves. Even though they had a very good working relationship with their client, they were at risk of losing this placement to a competitor simply because they lacked experience with Wrap-Ups.
ENTER TSIB
For most brokers, bringing in a second broker to meet with their client can be a risky proposition. Will the new broker try to steal the business? Will the original broker appear inadequate in the eyes of the client and lose the client anyway? Therefore, a great deal of trust needs to be built between the two partners before this happens. Thankfully, TSIB and Broker A had been in talks for several months about TSIB’s co-brokering model for Wrap-Ups and this seemed like the perfect project to assess the concept.
FEASIBILITY
STUDY
TSIB was given information about the sports complex project and conducted a feasibility study. This is a study that is done on most Wrap-Up projects. It measures the anticipated cost to the project—using a Wrap-Up versus not using one. The result of the feasibility study is a major determining factor in whether a client will move forward with a Wrap-Up.
TSIB briefed Broker A on the study and assisted in presenting it to the client. In less than one month, TSIB helped Broker A fully quote the Wrap-Up and launched the project with TSIB’s Wrap-Up administration services team. The client was thrilled with the seamlessness of the process despite having two different brokers in the mix. They kept working with Broker A with whom they had a long-standing relationship and now had the benefit of TSIB’s Wrap-Up administration services without any disruption.
THE CHALLENGE
Consider the Case of Broker A. They had a client interested in taking advantage of the pricing and coverage benefits from utilizing a wrap-up on an upcoming sports complex project valued over $200M. Unfortunately, Broker A did not have experience placing wrap-ups. Like many brokers, they were aware of wrap-ups and understood their concept but had never placed one themselves. Even though they had a very good working relationship with their client, they were at risk of losing this placement to a competitor simply because they lacked experience with wrap-ups.
ENTER TSIB
For most brokers, bringing in a second broker to meet with their client can be a risky proposition. Will the new broker try to steal the business? Will the original broker appear inadequate in the eyes of the client and lose the client anyway? Therefore, a great deal of trust needs to be built between the two partners before this happens. Thankfully, TSIB and Broker A had been in talks for several months about TSIB’s co-brokering model for wrap-ups and this seemed like the perfect project to assess the concept.
FEASIBILITY STUDY
TSIB was given information about the sports complex project and conducted a feasibility study. This is a study that is done on most wrap-up projects. It measures the anticipated cost to the project—using a wrap-up versus not using one. The result of the feasibility study is a major determining factor in whether a client will move forward with a wrap-up.
TSIB briefed Broker A on the study and assisted in presenting it to the client. In less than one month, TSIB helped Broker A fully quote the wrap-up and launched the project with TSIB’s wrap-up administration services team. The client was thrilled with the seamlessness of the process despite having two different brokers in the mix. They kept working with Broker A with whom they had a long-standing relationship and now had the benefit of TSIB’s wrap-administration services without any disruption.
SUCCESSFUL PARTNERSHIP
Since that first project, Broker A has partnered with TSIB on 6 additional project opportunities totaling nearly $1B in construction volume with more on the horizon. That’s $1B in construction placements that Broker A would have lost to a competitor if it were not for their partnership with TSIB. Just recently in summer of 2023, Broker A announced that TSIB would be their sole partner in all future Wrap-Up opportunities that come their way.
TSIB is attempting to create a new culture in insurance with our co-brokering model…one of cooperation and partnership.
For more information, please visit tsibinc.com
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