Power Broker

Power Broker Overview

What is a Power Broker?
A Risk & Insurance® Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.

Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community. Therefore, we don’t select a single winner but instead recognize four to six winners in different industry categories.

Who selects the winners?
A Power Broker® is selected based upon the strength of client testimonials. Risk & Insurance® editors and writers collect and choose the most compelling testimonials based on the award criteria.

What criteria are used to select winners?
It is very important to note that Power Broker® is focused on recent accomplishments. Certainly the below criteria could be demonstrated through the arc of an entire career, but for this program we strive to highlight recent challenges and solutions. This approach is utilized for the benefit of our readers who most value learning about challenges and solutions to current problems. The criteria are:

  • Risk Solution (50%): What specific challenge did a client face and how did the applicant/nominee solve that problem?
  • Customer Service (25%): Does the applicant/nominee demonstrate a commitment to primarily serve the interests of their clients?
  • Industry Knowledge (25%): Is the applicant/nominee committed to mastering the industry category they work in?

The focus is on the individual broker
Creativity and problem solving are critical success factors independent of firm or account size. Therefore, neither the size of a broker’s firm nor the size of an account is an important criteria for the Power Broker® program. We strongly encourage all brokers to apply.

Nomination process
Applications/nominations (referred to below as simply “applications”) are accepted from any source including a client, insurer, brokerage firm, service provider or individual broker. In the interest of maintaining a level playing field, Risk & Insurance® will accept no more than 100 Power Broker® applications from any one firm or its subsidiaries. Since the client testimonial is most important for judging, the source of the application does not impact an applicant’s chance of winning.

We require an application form to be completed in order to capture profile information, an overview of the problem/solution and client contact information. Provide enough information to give our editors an overview of you and your accomplishment but don’t feel compelled to write overly long responses. Think concise and factual.

Important Note Regarding Confidentiality: We are very conscious of the sensitive nature of the information provided. Client references listed on applications and contacted by judges may choose to be on or off the record. This includes the client name, company name and additional identifying information. All other information on the application will be considered on-the-record unless specified otherwise.

Judging process
Judges consisting of Risk & Insurance® editors and/or writers are appointed for each industry category. All of the applications in a category are first reviewed by the judges to provide an overview of the field and to ensure that the applications are complete. Client references listed on the applications are then contacted and interviewed.

A summary of the interview along with an evaluation form is completed by the judge performing the interview. Once all interviews are complete, the judging team meets to review all the interviews and evaluations. The four to six brokers that received the strongest client referrals based on the award criteria are named a Power Broker®.

Rising Star Designation

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Power Broker® winners and finalists who are 40 years old or younger are highlighted in the annual “Rising Star” section. Designees are determined based on the DOB listed on the Power Broker® application. No additional application is needed to apply for this designation.

Publication
Winners are first announced in the February print issue of Risk & Insurance®. The information is also posted on the Risk & Insurance® website, eNewsletter, web digital edition and iPad/iPhone Apps. A profile highlighting each Power Broker’s accomplishments along with a head-shot is presented by industry category.

Award Boxes
A few weeks after the winners are announced, each Power Broker® receives a box with a copy of the print issue, an award plaque and additional information.

Download the 2019 Logo Usage Agreement and PR Statement.

2020 Application Deadline: October 18, 2019
2020 Winner Announcement Date: February 2020 Issue

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4 Companies That Rocked It by Treating Injured Workers as Equals; Not Adversaries

The 2018 Teddy Award winners built their programs around people, not claims, and offer proof that a worker-centric approach is a smarter way to operate.
By: | October 30, 2018 • 3 min read

Across the workers’ compensation industry, the concept of a worker advocacy model has been around for a while, but has only seen notable adoption in recent years.

Even among those not adopting a formal advocacy approach, mindsets are shifting. Formerly claims-centric programs are becoming worker-centric and it’s a win all around: better outcomes; greater productivity; safer, healthier employees and a stronger bottom line.

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That’s what you’ll see in this month’s issue of Risk & Insurance® when you read the profiles of the four recipients of the 2018 Theodore Roosevelt Workers’ Compensation and Disability Management Award, sponsored by PMA Companies. These four programs put workers front and center in everything they do.

“We were focused on building up a program with an eye on our partner experience. Cost was at the bottom of the list. Doing a better job by our partners was at the top,” said Steve Legg, director of risk management for Starbucks.

Starbucks put claims reporting in the hands of its partners, an exemplary act of trust. The coffee company also put itself in workers’ shoes to identify and remove points of friction.

That led to a call center run by Starbucks’ TPA and a dedicated telephonic case management team so that partners can speak to a live person without the frustration of ‘phone tag’ and unanswered questions.

“We were focused on building up a program with an eye on our partner experience. Cost was at the bottom of the list. Doing a better job by our partners was at the top.” — Steve Legg, director of risk management, Starbucks

Starbucks also implemented direct deposit for lost-time pay, eliminating stressful wait times for injured partners, and allowing them to focus on healing.

For Starbucks, as for all of the 2018 Teddy Award winners, the approach is netting measurable results. With higher partner satisfaction, it has seen a 50 percent decrease in litigation.

Teddy winner Main Line Health (MLH) adopted worker advocacy in a way that goes far beyond claims.

Employees who identify and report safety hazards can take credit for their actions by sending out a formal “Employee Safety Message” to nearly 11,000 mailboxes across the organization.

“The recognition is pretty cool,” said Steve Besack, system director, claims management and workers’ compensation for the health system.

MLH also takes a non-adversarial approach to workers with repeat injuries, seeing them as a resource for identifying areas of improvement.

“When you look at ‘repeat offenders’ in an unconventional way, they’re a great asset to the program, not a liability,” said Mike Miller, manager, workers’ compensation and employee safety for MLH.

Teddy winner Monmouth County, N.J. utilizes high-tech motion capture technology to reduce the chance of placing new hires in jobs that are likely to hurt them.

Monmouth County also adopted numerous wellness initiatives that help workers manage their weight and improve their wellbeing overall.

“You should see the looks on their faces when their cholesterol is down, they’ve lost weight and their blood sugar is better. We’ve had people lose 30 and 40 pounds,” said William McGuane, the county’s manager of benefits and workers’ compensation.

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Do these sound like minor program elements? The math says otherwise: Claims severity has plunged from $5.5 million in 2009 to $1.3 million in 2017.

At the University of Pennsylvania, putting workers first means getting out from behind the desk and finding out what each one of them is tasked with, day in, day out — and looking for ways to make each of those tasks safer.

Regular observations across the sprawling campus have resulted in a phenomenal number of process and equipment changes that seem simple on their own, but in combination have created a substantially safer, healthier campus and improved employee morale.

UPenn’s workers’ comp costs, in the seven-digit figures in 2009, have been virtually cut in half.

Risk & Insurance® is proud to honor the work of these four organizations. We hope their stories inspire other organizations to be true partners with the employees they depend on. &

Michelle Kerr is associate editor of Risk & Insurance. She can be reached at [email protected]