From an Insurance Broker to an Insurance Consultant/Advisor..

[DHK]

Did anyone answer this poor saps questions? Sometimes i think all you people "yes, i said it, you people", do is mess around & make sophomoric jokes & never answer

I tried...

 

[Lee Vena]

Hello!
I’ve been a (mostly) P&C broker (some H&W/Benefits) for a long time. I’m researching how to become an insurance consultant/risk management consultant.
I’d really appreciate any advice, ideas, resources , etc that you would share with me , please?
Thank You!
IC2B

First, I do not know what you mean by becoming an insurance consultant/risk management consultant. However, I assume you mean that you want to move away from being seen as a salesman to being seen as a consultant. After all, saying you are a consultant sounds better. If not already done, suggest you understand the difference between a salesman and a consultant, it is significant. Do not be fooled or swayed by people who tell you that since you are already a salesman you are also consulting with them. This is not true. From that you can start to build your plan.

You also mention risk consultant, which to me is different. A risk manager is not a salesperson, rather it is a person who assists companies in determining and remedying different risks the company faces. With your background I assume this means financial risk management.

 

[PrivClientSG]

Hello!
I’ve been a (mostly) P&C broker (some H&W/Benefits) for a long time. I’m researching how to become an insurance consultant/risk management consultant.
I’d really appreciate any advice, ideas, resources , etc that you would share with me , please?
Thank You!
IC2B

I've worked with a few IC/RMC's before. All of them were true consultants -- they did not sell, place, secure, etc., any coverage. None! They no longer "sold" insurance. Most of the clients were large, major buyers of insurance, well into six digits of commercial/business insurance premiums. Their role was several-fold. During the renewal, all they did was negotiate -- everything -- on behalf of the client, with the carriers. Prior to the renewal, they prepped the client for the renewal process, prepared for it, etc. Throughout the year, their role was that of true risk management, working with the appropriate ee's (CFO, CRO, HR, etc.) in making sure that all risks, job scope, various operations, everything, was being done in accordance with the risk management model/process, operations procedures, and so on. All of it so that the renewal and securing of coverage would be most favorable to the client.

As much as the brokers worked with them, and closely, the consultants always seemed like a thorn in their side, LOL. Their role is a tough one for brokers and the carrier, but they do their job and sit on the side of the table with the client. It's not an easy market to enter, but it can be lucrative. Good luck and all the best!