CEO COLUMN
Power of partnerships
As discussed on the NAILBA-Finseca Listening Tour , opportunity drives collaboration .
Dan LaBert , CEO NAILBA DLaBert @ nailba . org
It seems like a week doesn ’ t go by when another email lands in my in-box announcing a merger , acquisition and / or partnership . Heck , probably by the time you read this column , a new email will have arrived with another announcement . The changing landscape for our entire profession is evolving rapidly . While some announcements can generate a scratch of the head or maybe a collective sigh , this is the “ new normal .” In today ’ s fast-paced environment , the traditional “ do-it-alone ” approach may not be the best strategy for growth . We all talk about “ scale .” Sometimes harnessing the strengths ( i . e . systems , personnel , capital , etc .) and abilities of others from different corners of our ecosystem is one of the most strategic ways for businesses to scale their innovation and solve complex challenges .
Collaboration and strategic partnerships are fundamental to improving business outcomes . Each year , NAILBA holds the best in class gathering ( Annual Meeting ) for all of independent distribution . Member agency principals and staff , along with insurance and financial carrier executives , and senior leadership teams from more than 100 + sponsors and exhibitors attend the annual event . It is where the brokerage industry meets . It is where relationships are built . It is where business gets done ! I can ’ t even begin to measure how many partnerships have been formed , cultivated , and / or announced at previous meetings .
Rising tide Strategic partnerships are the rising tide lifting all ships . Shareholders benefit from new efficiencies ( assuming properly integrated ); employees and teammates benefit from exposure to new perspectives and expertise . New relationships foster collaboration and longevity . Services and solutions allow all involved to potentially be more successful .
Just as we discussed earlier this year on the NAILBA-Finseca Listening Tour , opportunity drives collaboration . The leadership from both NAILBA and Finseca trail-blazed a path by identifying ways a merger would result in stronger brokerage distribution and accelerated efforts to reunify the profession – ultimately , moving the profession to a position of greater significance with carriers , policymakers , and the consumers we collectively serve .
Setting the tone
Any partnership , no matter the size , will be most effective when there is a shared envisioned end-result or goal . Establishing a common purpose sets the tone and acts as a foundation . This will create the stickiness for holding the partnership together .
Communication is paramount . Echo chambers and silos essentially rule out progress . You can forget about having a big breakthrough if you adopt “ this is the way we ’ ve always done it .” Collaboration inside and outside the home office is how problems are solved . This generates the kind of energy that fuels creativity , innovation and possibly double-digit percentage growth .
I know , slow down Dan … any percentage of growth is fantastic . Ultimately , developing valuealigned partnerships that focus on common goals and complementary strengths is key to ensuring successful outcomes for all .
Future forward In the “ age of acceleration ,” organizations must look like where they are going but never forget where they have been . Partnerships can lead to a brighter future .
4 Perspectives Q3 2022