CHART Mag

CHART Objective: 3
CHART’s foundational concept is ‘Exchange’;
to give up something of value in order to get
something of greater value. Exchange works
two ways and for CHART that means focusing
on the needs of not only agents/agencies, but
also on London Risk Takers.
It is helpful to think of CHART as a bridge that
leads U.S. agents/agencies to the London
market, but this bridge has two lanes and also
serves as a way for London Risk Takers to find
U.S. agents/agencies. The dedication to London
is central to CHART’s principle of exchange.
Allow us to elaborate.
The CHART Exchange’s “Earliest Adopter” and
Rockwood Programs, Inc. President, Glenn
Clark, began doing business with London 15
years ago.
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At first, London was a mystery. The process
of becoming a Coverholder was completely
foreign to Rockwood’s previous experience.
Only through the assistance of the broker,
Rattner Mackenzie, and contacts, Barry Cook
and Steven Ahern, Rockwood Programs Inc.
continues to write coverage with London
Risk Takers.
However, in Rockwood’s fifteen years in London
they have only met seven syndicates. This
reality sparked the idea that would become
CHART Exchange.
When CHART Exchange presented to 30
different syndicates in March 2015, we asked
questions that helped us anticipate ways that
the CHART Exchange could benefit London
along with making their market accessible to
U.S. producers.
Here are the top five questions we asked
and the responses we got:
How do you hunt for new
business today? Responses
overwhelmingly centered on:
business is brought to them by a
knowledgeable Broker source.
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What makes your syndicate
unique? Most replies did
not reflect uniqueness. They
reflected reputation, stability,
expertise, but not uniqueness.
When you seek new business, where do you go? Replies included AAGA,
NAPSLO, PLUS, and recently TMPAA. However, the ‘pursuit’ was random
and not London-centric.
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If our forum did not include
London Brokers and you were free
to use your own preferred brokers,
would “risk” yourself to have direct
contact with 400 U.S. producers?
We garnered over to yes’s from 27
different syndicates.
Let us anticipate the criticism that the CHART Exchange is trying to replace the current
system, which is not the case. Rather, we are trying to augment the current system.
If you are a Risk Taker seeking new U.S. binding
authority business consider the following:
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If we were to build a forum to
bring you into direct contact
with current U.S. Coverholders
and potential new U.S
Coverholders would that have
value for your team? This was
a rhetorical question while we
were building this forum.
Are you a decision maker
that wants to help his or
her firm select or grow
their distribution team?
Are you open to an
exchange of ideas where
all grow from learned from
the best of the best?
Do you think today’s
Broker driven system
could be enhanced by
more face to face contact
between Risk Takers and
potential distributors?
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Have you ever had an
underperforming partner and
wished you could find a new
production resource that could
make your product soar?
There are less than 1,300
current London Coverholders
today. Would you be interested
in thousands of new potential
Coverholders accessing
London for the first time (most
often as sub producers for
existing Coverholders and
potentially growing to their own
authority as their expertise and
reach grows?)
In essence, the CHART Exchange works by providing opportunities to U.S. agents/agencies and
London Risk Takers, but these opportunities are dependent on the other. Dedication to the benefits
each market receives differentiates the CHART Exchange as a valuable resource that will enhance
your business.
If this CHART Exchange Objective appeals to you, please visit our website or contact
info@chart-exchange.com for more information and registration application.
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