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As businesses grow and evolve, so do their insurance needs. Yet, for lower to mid-market companies, the landscape for choosing the right insurance broker has shifted dramatically. With ongoing consolidation in the insurance industry, many top brokers are stepping back post-payout, leaving clients uncertain about who’s managing their accounts. In this evolving market, it’s vital to choose a broker who prioritizes client success over earnings, values pride in ownership and invests in team quality instead of endless acquisitions. Here’s what to look for in an insurance partner in 2025.
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1. The impact of industry consolidation
The insurance industry is undergoing a consolidation wave, with regional firms merging into larger entities at a rapid pace. Just recently, Marsh purchased Barney & Barney, and Burnham purchased Wood Gutmann. For clients, this often means a shift in service dynamics — usually not for the better. Many top brokers at large firms are retiring or semi-retired, having earned substantial payouts. Their departure can lead to service disruptions, as clients are often reassigned to less experienced advisors who may lack a deep understanding of their unique needs.
As an entrepreneur, this shift underscores the importance of stability in your brokerage relationship. A consistent, knowledgeable point of contact can make all the difference in managing complex insurance needs over time, especially when navigating evolving risks in your industry.
2. What pride in ownership means for you
When brokers take pride in ownership, they’re personally invested in the quality of service they deliver. Unlike corporate brokers who may lack a stake in the firm, owner-operated brokerages are keenly aware that their reputation directly impacts their business. This level of commitment fosters a service culture where clients are valued, not just numbers on a balance sheet.
The pride that comes with ownership leads to proactive, attentive service and a team that genuinely cares about meeting your needs. Whether adapting your insurance to fit new business developments or advocating for you during a claim, this dedication can be a game-changer for your business.
Related: Do You Have the Right Insurance for Your Business? Here’s How to Understand Your Options
3. Investing in people vs. pursuing acquisitions
Many firms in today’s market are focused on acquiring competitors to grow their reach, but this strategy often comes at the expense of team development. Firms that prioritize acquisitions can lose sight of what truly matters: having a well-trained, skilled team dedicated to serving clients. For you, this means understanding where a brokerage’s resources are going. Are they focused on quality of service or on aggressive expansion?
A brokerage dedicated to building a skilled team will often provide superior service. They’re committed to developing knowledgeable advisors who understand your industry and risks. This approach fosters a culture of excellence that benefits you, translating to better advice, proactive support, and a commitment to your needs over the long term.
4. Experience in supporting mergers and acquisitions
If you’re considering a merger or acquisition, selecting a brokerage experienced in M&A support is crucial. The right broker will guide you through due diligence, helping you assess potential liabilities and risks with precision. This expertise becomes invaluable when it’s time to integrate insurance programs, ensuring a smooth transition that safeguards your employees and business continuity.
A brokerage with deep experience in supporting M&A transactions like Bryson Financial doesn’t just show up with generic advice. They bring a tailored approach that aligns with your specific objectives, from understanding the intricacies of your new workforce to managing evolving risks that can arise post-acquisition. This level of partnership can make a critical difference during times of change.
5. Why privately held, client-focused brokerages are worth considering
Privately held brokerages focused on client outcomes rather than shareholder returns offer a distinct advantage: they have the flexibility to prioritize you, not just the bottom line. While publicly traded companies face constant pressure to drive earnings, often at the expense of client relationships, privately held firms are better positioned to deliver dedicated, personalized service.
At these firms, brokers focus on building long-term relationships, treating clients as partners rather than profit centers. This client-first model allows for a deeper understanding of your business needs and often results in solutions that are tailored, timely, and aligned with your long-term objectives.
Related: Using Personal Insurance to Protect Your Small Business Is Like Not Having Insurance at All
Final thoughts: Choose a partner who puts you first
In today’s insurance landscape, not all brokerages are created equal. For lower to mid-market companies, choosing a client-focused, privately held brokerage with a dedicated team and deep industry expertise can lead to lasting benefits. By aligning yourself with a broker who puts your needs above short-term gains, you can secure the strategic support needed to navigate challenges, seize opportunities and grow with confidence in 2025 and beyond.
In an era of rapid consolidation and shifting industry dynamics, make sure your broker is invested in your success — not just your bottom line.
