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Introducing our 2024 Elite Partners
Congratulations to our partners who earned Elite Partner status with ProAssurance for 2024. There is more to a true partnership than premium volume—we are doing everything we can to make our agent/broker relationships valuable, reliable, and authentic partnerships. Our Elite Partner Program rewards the top 20% of our appointed partners with priority status, market education, and “the loudest voice in the room” on a day-to-day basis.
Ultimately our goal is to provide a clear, measurable system for evaluating our partners, making Elite Partner status valuable and available to everybody. Our trading partners are critical to our success. Creating strong relationships and striving to be your Carrier of Choice is at the core of everything we do. The Broker Report Card and Elite Partner program are tools we have developed to help us in our efforts to continually improve those relationships.
Congratulations to those who qualified as Elite Partners for 2024. We look forward to adding more partners to the program in the coming years.
ProAssurance 2024 Elite Partners:
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TABLE OF CONTENTS
How We Name our Elite Partners
ProAssurance’s Broker Report Card
ProAssurance’s goal is to become your Carrier of Choice. A critical component of that goal is to determine who our best partners are. In this industry, best partner typically equals biggest book. While that metric is key, it only tells part of the story. High volume doesn’t necessarily equal best partner. Understanding the entirety of the relationship is necessary to understanding who are our best partners.
To help ProAssurance better determine who those partners are, we have created a Broker Report Card—which goes beyond the typical book performance goals like book size, new business, retention, and profitability. In addition to those components, we look at how well our partners are working with their underwriters. We have created a proprietary Broker ROI calculation that helps us more accurately determine their book’s ongoing financial performance and we want to reward those partners that are positively trending with us.
Those who score in the top 20% according to this scorecard will be named Elite Partners for the year.
Components of the Report Card
Book Performance
Book performance metrics receive the most weight on the scorecard. This section is comprised of metrics most insurance companies use, including:
- Book size
- New business production
- Retention
- Profitability
Partner Performance
Partner performance is determined via a brief survey sent to underwriters about their working relationship with our agents. It will also include data-driven elements such as submission timeliness and quality as our new systems come online and allow us to capture that data empirically.
Broker ROI
The broker ROI calculation is a proprietary calculation designed to give us a more accurate portrayal of the financial performance of a partner’s book over the long-term.
Trending
We added elements to measure and reward partners who are growing with ProAssurance with books that continue to perform well from a profitability standpoint.
The Report Card Process
The Broker Report Card process is calculated annually. Your report card contains your book performance data and illustrates how you compare to your peers in the Partner Performance, Broker ROI, and Trending categories. The comparative process ensures a fair ranking rather than an arbitrary status. As we improve, our partnerships improve and the scale adapts accordingly. We will share regular communications on the evolution of the process, and the annual announcement of who currently holds Elite Partner status.
Elite Partner Program Components
Elite Partner should be more than a title. As one of our best partners, you should experience a different kind of relationship with us. There are several advantages that our Elite Partners enjoy, including:
- Submission prioritization – We are implementing tools that allow underwriting to prioritize submissions from Elite Partners.
- Bonus commission opportunities – Some incentive opportunities will be available exclusively to Elite Partners.
- Business planning – We will actively include Elite Partners in business planning to help us align our goals.
- Training resources – We will offer virtual and in-person training for your teams to help ensure better understanding of ProAssurance processes and appetite throughout your organization.
- Reward opportunities – Elite Partners will be invited to:
- The Leadership Elite meeting
- ProAssurance hosted events
- Targeted reward opportunities
- Marketing support – ProAssurance will provide opportunities for:
- Joint campaigns
- Features on our website
- Agent spotlights in publications
- Loudest voice – Leadership opportunities through
- Advisory Councils (five regional, one national broker, and one presidents council)
- Regional agent meetings
Other Partner Classifications
In addition to Elite status, there are two other classifications to help us better serve our agency partners.
Legacy Partners – Agencies with over $3 million in premium, but do not otherwise qualify as Elite. These partners will receive:
- Business planning to help you achieve Elite status
- New business incentives (available at the discretion of ProAssurance Business Development)
- Submission prioritization (above other appointed agents)
Growth Partners – Agencies with less than $1 million in premium, but otherwise qualify as Elite. Business Development will identify and work with partners in this category that have the potential to become Elite Partners. These partners will receive:
- New business incentives (available at the discretion of ProAssurance Business Development)
- Business plans to assist with growth potential as appropriate
- Submission prioritization (above other appointed agents)
Appointed Partners – All other appointed agency partners.