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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.

WHO SELECTS THE WINNERS?

Power Brokers are 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 are 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. 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

A team of 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 4 -- 6 brokers that received the strongest client referrals based on the award criteria are named Power Brokers.

More information on applying and nominating can be found on the 2012 Power BrokerŪ Application.

Please also browse the names and profiles of the 144 winners, by category, from the 2011 Power BrokerŪ competition.

March 1, 2011

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