Broker Smackdown and the International Broker Challenge are three-day programs designed to give emerging leaders an in-depth understanding of how the insurance brokerage business works, how it makes money, and how strategies and decisions impact financial, operational, and sales results. Participants gain a deeper understanding of their role in the big picture of the brokerage business and develop an appreciation for senior leaders’ decisions. They also enhance their understanding of the metrics that are important to the bottom line.
In teams of four, participants compete in a computer-simulated insurance brokerage market to experience an elevated level of decision-making with a bird’s eye view on the brokerage value chain – from customer segment analysis and lead source management to financial management and producer competency.
Broker Smackdown helped me understand my own strengths and how to draw from the strengths of my team.
Haendel Conil, Frenkel & Company
UPCOMING BROKER SMACKDOWNS
2023 BROKER SMACKDOWN & INTERNATIONAL BROKER CHALLENGE WINNERS
Broker Smackdown helped me understand my own strengths and how to draw from the strengths of my team.
Haendel Conil, Frenkel & Company
The program focuses on developing eight core competencies in three important categories:
Business
Business Acumen: Concepts, tools and processes that are needed for making sound decisions for the company’s business
Business Markets: Knowledge of existing and planned markets and market related initiatives from the perspectives of the competition, the suppliers, the customer base and the regulatory environment
Leadership
Strategic Thinking: Understanding “big picture” thinking and planning, and identifying and maintaining focus on key success factors
Goal-Setting: Creating goals that stretch the team’s capabilities and support business strategies
Accurate Interpersonal Assessment: Understanding the interplay of personalities within a group, and assessing the barriers and opportunities that come from it
Relationship Building: Creating positive team relationships by valuing others’ concerns and contributions
Interpersonal
Oral Communications: Ability to express oneself and communicate with others verbally
Collaboration: Ability to promote a culture of information-sharing, work together to solve business problems and meet business goals
Participants make decisions in the following areas:
Finance
Financial Management: debt, accounts receivable, working capital, float
Financial Ratio Analysis: profitability, productivity, liquidity, EBITDA, ROE and loss ratios
Competition
Competition for policy sales and renewal
Competitive analysis
Customer Management
Service levels, staff training, marketing investments
Customer satisfaction
Customer segment analysis
Profitability of each customer segment
Sales Office Decisions
Lead source management
Production analysis
Producer competency development
Carrier management
2023 BROKER SMACKDOWN & INTERNATIONAL BROKER'S CHALLENGE WINNERS
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.