Compliance is king. Gone are the days of the price quoting. This makes it a very complex time in the insurance industry. It also presents a grand opportunity for the savvy insurance broker who wants to grow his business.

From 2007 - 2012 the country was recovering from a collapse in our lending institutions that trickled down from Wall St. to Main St. It affected all of us, some worse than others.

Now it's 2014. The economy has been experiencing slow, incremental growth. Unemployment has steadily decreased. PPACA is going nowhere.

KPMG released their 2013 Insurance Industry Outlook survey of insurance executives. What you're going to find from their responses is an overwhelming shift in "business realities".

Q: Of the types of potential regulatory changes listed below, which would most
affect your business if implemented?

Most popular answer: Health Care Reform, 51%

Q: What are the most significant barriers to growth over
the next year?

Most popular answer: Regulatory and legislative pressures, 60%

Q: What issues pose the biggest threat to your business model?

Most popular answer: Political/regulatory uncertainty, 58%

Q: What initiative do you expect to undertake over the next year that
will consume the most time, energy and resources, from a management
perspective?

Most popular answer: Navigating significant changes in the regulatory environment, 18%

If you want to get an executives attention this year you need to be having a conversation about protecting them from fines and penalties associated with regulatory change & compliance. Otherwise you risk sounding like every other broker who is talking about customer service & price. Change your value proposition to reflect your clients needs and you will find that your closing ratio and referrals will go up.

-R