National Underwriter/AA&Bcommercial agency of the year awardareas of life sciences, technology, financial processing and...
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National Underwriter Award Article

After review by the editorial staff of National Underwriter and American Agent & Broker, as well as a panel of outside judges, Bartlett was one of three receipients nationwide to receive an award in the NU/AA&B Commercial Agency Awards for Excellence
Published on: Mar 3, 2016

Transcripts - National Underwriter Award Article

  • 1. p&C National ELECTRONICALLY REPRINTED FROMNational Underwriter/AA&B OctOber 3, 2011 VOL. 115, NO. 35 $6.00commercial agency of the year award■ american english Underwriter ThE LEADER IN PROPERTY & CASUALTY NEWSPunching Above Its Weight: Global Reach, Technical Expertise & Top STorieS of The Week Inland Marine Facing Talent,Creative Marketing Lets Bartlett Compete With Giant Brokers Competitive Challenges Inland-marine insurers are faced with a thinning and aging talent pool in a line of insurance that requires highly special- ized industry and insurance knowledge, according to a recent Conning Research &Firm’s focus on midmarket niches has allowed it to grow at 10 percent a year since 2008; video testimonials, rugby sponsorships draw new-business interest Market, CFOs See Hardening Consulting report. E Page 6 Increased M&A Insurance chief financial officers say winner: sales & marketing fices in Philadelphia, leeds, london, Paris, to its clients, bartlett current market conditions will result sees two other factors as amsterdam, Hamburg, Hong Kong and meeT richard BarTleTT in increased mergers and acquisitions, critical to the firm’s according to data from a Towers Watson solid performance in a survey. E Page 6 most recently, Kampala, Uganda. richard Bartlett, principal in charge of the slumping market: its approach to pricing and “We currently have four employees in Philadelphia office of Bartlett & Co., joined the More a laser-sharp focus on niche markets. Insurers Report Uganda who are able to place business business in November 2008 afterBillion-DollaraWeather Losses a country with 38,000 independent training as “in gran CPA with PricewaterhouseCoopersAs Disasters Continue in london. from any CoMesa country (Common “From an early age, I brokers, it’s important not to fall into a ‘race U.S. insurers continue to release informa- Market for eastern and southern africa),” grew up with talk of to the bottom’ and compete solely on price tion on 2011 weather-related losses, with State Farm saying it has paid policyholders champ bartlett says. the region is currently grow- insurance around the $5 billion so far during the year. E Page 7 comes to placing insurance and when it ing at 8 percent, compared with an annual kitchen table and used Sponsored by Liberty Mutual to spend my summer Senate Vote Keeps advising business executives,” says bartlett. rate of 1 percent in the U.s. NFIp In Business “While price has been a driver in secur- K w i n n e r at a g l a n c e bartlett opened its Philadelphia office vacations helping in the business,” Bartlett says. ing new business during the global Consulting And T The Senate, by a 79-12 vote, approved legislation that includes a provision For Its Focus On Risk reces- Bartlett & co. inc. in 1997, originally to service the american sion, identifying niche marketsFeek Is Ourplay keeping the National Flood Insurance parker, Smith & which Commercial A In his late teens and Program in business, at least through E entering principal: Richard Bartlett business interests of its european clients of 18. E early twenties, Bartlett spent a lotNov. timePage 32 to our strengths—with higher barriers See page 12 to en- (each office operates as an independent prof- working and traveling in Africa and was torn try and where the expertise of our staff and E location: Philadelphia, Pa. it center). since then, bartlett has developed between pursuing a career in international high service standards will be valued—has E Website: development or joining the family business. a large and expanding roster of U.s. clients. enabled us to compete on other differentia- E principals: 3 Currently, about 50 percent of bartlett’s The family business won: He started working tors and ensure our steady organic growth in the london office, and in march 2009, he E employees: 7 Philadelphia-branch business is generated from through demonstrating and delivering value relocated to Philadelphia to run the U.S. office. S E commercial-lines producers: 3 overseas; the other half is U.s.-based, much of to our clients and prospects,” bartlett adds. E commercial-lines premium Volume: which has an overseas exposure. Carriers in- the firm’s industry specializations have 2008: $10,000,000 clude aCe, aXa, Chartis, Chubb, one beacon, of the world’s consumers outside the U.s. been developed first through the knowledge 2009: $11,400,000 the Hartford, travelers, Zurich and Xl. borders, coupled with the world-class prod- and expertise of its account executives and 2010: $11,700,000 “i have big ambitions for our U.s. opera- ucts and services american businesses pro- then by being institutionalized into the E p&c commercial income: tion and hope to see a greater percentage of duce—we only see more and more demand business, bartlett explains. “this combines E a Winning Team: (l-r) Pat Riley, associate account manager; Bruce Einstein, managing director 2008: $957,000 a spirit of entrepreneurialism with the struc- 2009: $1,143,000 business generated from the U.s. in the fu- for an insurance broker with our profile.” of major accounts; Rich Bartlett (sitting), president; Krista Wiseley, associate account manager. 2010: $1,172,000 ture,” bartlett says. “as [american compa- tures and resources of a larger business.” nies] become increasingly interconnected focus on niche marKeTs bartlett’s sweet spot is midmarket cor-By laura m. Toops, ediTor-in-chief, AA&B 2010—and has grown at an average rate in the english city of bradford. Unable to with other countries—and with 95 percent in addition to its ability to offer global service porate business, specifically in the specialtyi n a globe-straddling twist on the of 10 percent since the onset of the global join the royal air Force due to poor eye- New-Client Case Study: Used-Car Start Up family-owned regional agency, U.K.- downturn in 2008. sight, “he worked down a coal pit to help owned bartlett & Co. inc., operated by that growth is the result of providing and keep british industry going during the warsecond- and third-generation insurance pro- maintaining exceptional service standards, en- and later joined the auxiliary Fire service— afessionals, combines a unique international joying high client-retention rates, and achiev- all while running the business,” says richard good ExAmPlE of how Bartlett ap- being advised by one of the world’s largest U.K. loss history and presenting this to U.S.footprint, a focus on niche markets and in- ing organic growth through existing client bartlett, Fred’s grandson and the principal in proaches new business is evident in brokers, Bartlett was invited to put a program underwriters as a basis for expected losses.novative promotional strategies to create a referrals and other new-business activities. charge of the Philadelphia office. its relationship with, together due to a number of frustrations the J Advising the company in lease and con-formidable and fast-growing business that’s For its strong performance in troubled the brokerage is now led by Michael a Philadelphia start-up company launched company was experiencing—because it was a tract reviews to minimize its overall riskmore than equal to the task of competing times, the brokerage’s Philadelphia branch is bartlett—Fred’s son and richard’s father— earlier this year. The company, financed from start-up company, funded by overseas capital, exposure. Photo by Anthony Wood Photographywith big brokers for business. a winner of the 2011 NU/AA&B Commercial from group headquarters in leeds, england. overseas and based on a U.K. business the company was finding it difficult to access J Using Bartlett’s experience working with With only three agency principals and a agency awards for excellence, securing top Under Michael’s leadership the business model, allows used-car sellers to get an a program willing to underwrite the risk with- foreign-based companies to establish cred-total of seven employees, the Philadelphia honors in the sales & Marketing category. has grown from a regional insurance broker instant online valuation, then drive the car to out being prohibitively expensive. Bartlett ibility and a confidence level with overseasbranch of the brokerage generated in excess in the U.K. to a much larger player with the nearest branch for an onsite inspection was able to successfully place the risk while management.of $11 million premium volume and $1.17 local pasT, gloBal presence more than 120 employees that manages before selling the car to the company. achieving cost savings by: J demonstrating the account’s growth poten-million total P&C commercial income in the firm was started in 1940 by Fred bartlett business in more than 35 countries from of- Although was already J Accessing and analyzing the company’s tial to garner underwriter interest. NU
  • 2. National Underwriter/AA&Bcommercial agency of the year awardareas of life sciences, technology, financial processing and other functions. J designing and building a video-marketinginstitutions, real estate, credit insurance J an online client-feedback survey ensuring platform, enabling bartlett to run targetedand due-diligence reporting in mergers and early identification of potential problems. and personalized campaigns at a lower costacquisitions. the brokerage recently iden- J aggressive marketing and benchmark- than telemarketing or direct mail.tified management-liability insurance for ing of the cost of risk to ensure premiums one of bartlett’s biggest recent initiativesthe investment community as a technical are competitive. in marketing and new business is its creativemarket currently underserved. J regular contact between the client and use of video to reach potential customers. bartlett’s strong international the brokerage uses online vid-network makes specializing in eo testimonials and a bespokemidmarket global business a video-marketing platform tonatural fit. “Unlike some of our reach prospects (view them at:regional competitors, we have in structuring interna- nials).tional insurance programs and “online video is definitelyare able to assure high service going to play a greater rolestandards through the provision in websites and online mar-of bartlett personnel worldwide. keting in the future,” bartlettWe are also able to offer a more says. “the reception we havetailored and personalized ap- received on this initiative toproach than the larger global date has been great; watch-brokers,” bartlett says. “We ing one of our clients talkpunch above our weight in the E BarTleTT sponsored the Irish Rugby league when it came to Philadelphia to about how we serve them isregional market with respect to play the U.S. Tomahawks on march 19 in the donnybrook Cup. The event attracted TV really quite powerful. it showsthe type and size of accounts and print exposure for Bartlett, which now acts as broker for the USA Rugby league. that there is substance to ourwe service—and often compete claims.”with the large alphabet house brokers for the bartlett team at all levels, includ- another effort to promote the bartlettnew accounts.” ing visits (“stewardship meetings”) by the global brand is the brokerage’s sponsorship president to key accounts. of the irish rugby league’s recent tour tocusTomer reTenTion, aTTracTion and as part of its efforts to secure new the U.s. the rugby Football league, theCustomer retention, of course, is an im- business, bartlett has taken a number of sport’s governing body, is one of bartlett’sportant aspect of continued growth, and at steps over the last two years to further oldest clients, with a relationship datingbartlett, much of this hinges on acting as the enhance its sales process, including: back to 1945. bartlett sponsored the nation-clients’ outsourced risk manager and trusted J offering a confidential audit of a pros- al irish team when it came to Philadelphiaadvisor. the brokerage provides clients with pect’s insurance program by a senior to play the U.s. tomahawks on March 19beyond-the-basics services, such as: bartlett executive at no cost. in the donnybrook Cup in an event thatJ Providing risk-management and loss-con- J recruiting three new team members, who attracted both tV and print exposure fortrol advice, including claims and loss analy- brought a wealth of talent, experience and bartlett. the brokerage now acts as the in-sis, business-continuity planning, contract market relationships to the company. surance broker for Usa rugby league, motor-fleet risk management and Jidentifying opportunities to present to target the firm also has plans to tap into theworkplace-safety reviews. markets within established business networks: expertise of its associates to position the bro-J ensuring account executives become part For example, bartlett was invited by the World kerage as a thought leader in matters of globalof a client’s safety committee where they trade Center of Philadelphia to be a keynote insurance and risk management. “When itexist or, if appropriate, suggesting their es- speaker on “Managing risk in China.” comes to structuring and managing globaltablishment as a platform to monitor risk. J Completely redesigning the company insurance programs, we have some of theJ an experienced major-loss advisor who website, including a new client video- best minds in the business, both here in thecan deploy to clients’ sites anywhere in testimonial section. U.s. and overseas,” bartlett says.the world to support claims settlement. J Creating and launching a suite of brand- bartlett has a host of initiatives under-J a client extranet site to support claims ed marketing documents. way to showcase its insurance knowledge including webinars, the publication of white papers and taking on more public-Competitive Edges speaking engagements. by communicating its global expertise to current and potential clients, bartlettB ARTlETT, winner of the 2011 NU/AA&B J gloBal fooTprinT: Bartlett can service anticipates continuous growth and expan- Commercial Agency Awards for Excellence businesses of all sizes worldwide through its sion, even in the current tough market. “as in Sales & marketing, distinguishes itself overseas offices and corresponding brokers. more middle-market companies expand toin several ways: J marKeT access: “Having an office just overseas markets for production and sales,J Technical KnoWledge: Bartlett empha- around the corner from lloyd’s in london is the need for a global independent broker tosizes professional designations and ensures that invaluable,” says Richard Bartlett, principal in service their needs increases,” bartlett says.its staff acquires technical skills. For example, charge of the Philadelphia office. “As the market “in this regard, there is ‘clear blue water’over the years, its larger clients have become hardens, I believe we will be looking to our col- between us and the competition.” NUaccustomed to Bartlett providing specialist due- leagues across the pond for greater support.”   diligence reports when they have acquired other J an uncompromising and unapologeticcompanies, ensuring they have appropriate pro- focus on clients and the maintenance of hightection against historic, current and future liabili- service standards. “We’ve come across someties. Bartlett employs a full-time due-diligence agents who treat their insureds as a product asexpert to support trade buyers, private-equity and opposed to a client; everything we do is to serveventure-capital firms in mergers and acquisitions. our clients’ interests,” Bartlett says. NU Posted with permission from the October 3, 2011 issue of National Underwriter ® Copyright 2011 All rights reserved. For more information on the use of this content, contact Wright’s Media at 877-652-5295 81715

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