Annual Review 2015
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Annual Review 2015 Purchasing Knowledge Experience Power Market Technology Leading Firms Accountability Collaboration Independence THE WBN VALUE PROPOSITION The Worldwide Broker Network provides Property & Casualty Insurance and Employee Benefits consulting through a unique combination of: Local knowledge and experience in over 100 countries on 6 continents Top quartile firms, independently owned and managed Member-to-member accountability since 1989 Trustworthy cross-border collaboration State-of-the-art information management technology Combined purchasing power Partner Firms: 107 KEY WBN Total Countries/Territories: 101 Partner Firms By Region: METRICS — Europe: 37 — Asia Pacific: 15 Combined Property & Casualty/ — Middle East/Africa: 13 Employee Benefits Consulting — North America: 33 Revenues Exceeding — South/Central America: 11 $5 Billion Associate Members: 9 MESSAGE FROM THE CHAIRMAN Dear WBN Members, Insurer Partners, Sponsors and Colleagues: WBN is defined in different ways by many of you, our key constituents. However, if there was one word that summed up the value proposition on the page opposite this letter, it would be “collaboration”. Increased competitiveness through cross-border collaboration was the singular objective for WBN’s creation in 1989 by a handful of leading independent insurance brokers in Western Europe and it remains the basis of our existence today, in more than 100 countries on six continents. Successful collaboration is, of course, centered Francie brings a 23-year career at AIG as a senior on the sharing of a common objective. At WBN Multinational Account Executive and Vice President this means much more than bringing together our of Global Commercial Distribution managing AIG’s collective knowledge and experience to provide the Independent Broker Network strategy. risk management, insurance and employee benefits As you can see, it’s been a productive year and, as solutions for clients with international operations. It I relinquish the Chairmanship in April, I am both means helping to assure the independence of our pleased with the progress and enthusiastic about the members, the professional growth of their staffs, direction for WBN as the world’s leading Independent individual member accountability to the network, Insurance and Employee Benefits network. branded insurance products and services, and a streamlined management of information between I thank you for your support over the past two years members and the clients they mutually serve. and for the privilege of chairing the Board of Directors. Progress was made on all of these fronts in 2015 and will continue in the years ahead as WBN expands its impact on the markets our members serve. A new Global Sponsorship Program is being unveiled to enable members and insurers alike to serve a growing and increasingly global client base, strengthen member firms to assure their independence and continuity, enable member firm staffs to grow professionally, and provide insurers with an efficient Markham McKnight distribution network for their products. A new, state- Chairman 2014–16 of-the-art technology platform—our third—is being unveiled to make client coverage information available March 1, 2016 24/7 to clients and the member firms serving them. We are increasing the flow of business from countries that previously only serviced incoming business, and we are expanding WBN’s Employee Benefits footprint and the WBN brand overall. To help sustain this growth in the years ahead, the WBN Board appointed Francie Starnes to the newly created post of President and Chief Operating Officer in mid-2015. Working alongside Chief Executive OfficerBruce Basso and the WBN Board, 1 · WORLDWIDE BROKER NETWORK MESSAGE FROM WBN’S EXECUTIVE OFFICE To All WBN Members, Insurer Partners, Sponsors and Colleagues: As WBN moved into its second quarter century, collaboration continues to be the embodiment of our Network. Whether in meetings with members, their multinational clients, or insurers with whom we partner, we frequently hear comments about the unusually high level of involvement, enthusiasm and reliable commitment by WBN members. This does not come by accident. It is a rare, if not unique, combination of character- investing valuable time and expense to attend these istics in the WBN Value Proposition that sets WBN conferences which, in turn, enables them to increase apart from other independent and owned networks. business activity. Collaboration is the key which, through strategic In 2015, these conferences were held in Washington, engagement, drives business activity and results. D.C., hosted by WBN Partner Rutherfoord and its This is achieved through: Chief Executive Officer, John Stanchina, and in 1. Two Global Conferences a year, the first Budapest, Hungary, hosted by WBN Partner Potter immediately preceding the annual RIMS conference Brokers and its co-founder, Dr. Zsolt Rózsahegyi. in the U.S., and the second in October and rotated Similar conferences are scheduled in 2016 for April around the regions of the world where a WBN in San Diego, again the site of the annual RIMS member serves as the local host. Each conference Conference, and October in Singapore as we rotate draws up to 250 owners, senior executives, and to Asia. These conferences have been at the core of producers from WBN member firms, as well as WBN since the first founders’ conference in Raitbach, insurance company executives for 2 ½ days of early Germany in 1989. Growth since its founding has been morning to late afternoon presentations, panels, stellar, with conference attendance increased 500%. thought leadership, multinational client team Two important elements in bringing us together at meetings and training among the WBN Partners. our Global Conferences are the “WBN Speakers’ These are followed by dinners at landmark locations Series,” initiated in 2012 to open our conferences of culture and history of the region, fostering still with high-level, thought-provoking discussion, and more networking and interaction. WBN members “Joining Hands Worldwide,” our group philanthropy take their participation in the network seriously, effort initiated in 2014. These are discussed later in Attendees at our Washington, D.C. Conference in April received insights on the American political scene from political analyst and commentator Charlie Cook [left], while in Budapest, Prince George von Habsburg-Lothringen provided insights into the European Union’s complex issues. 2 · WORLDWIDE BROKER NETWORK WBN’s philanthropy program, Joining Hands Worldwide, was established in 2014. On the left, Dr. Zsolt Rózsahegyi of member Potter Broker presents a check to Gyöngyi Porkoláb and Anita Kovács of the Hungarian Hospice Foundation. At right, Joel Wood, founder of the Foundation to Eradicate Duchenne, receives WBN’s contribution from Chairman Markham McKnight. this report but we want to take the opportunity here to Board Member and Ensure CEO Eva Madsen hosted thank Mr. Charlie Cook, a nationally renowned political the gathering in Copenhagen, Denmark, while João analyst, and His Majesty Georg von Habsburg- Almeida-Santos, Director of Median Corretores, hosted Lothringen of Hungary for sharing their views of the 2016 session just completed in Lisbon, Portugal. today’s world with us. 3. Industry Leadership Forums provide important Furthermore, our collective contributions to the opportunities for members to meet industry peers, Foundation to Eradicate Duchenne and the insurer partners and each other. In 2015, WBN Hungarian Hospice Foundation allowed WBN to members attended both the Insurance and Employee participate in worthy causes around the globe. Benefits Leadership Forums sponsored by the Council of Insurance Agents & Brokers (CIAB), as well as the 2. In 2015, WBN hosted other important networking International Insurance Supervisors (IIS) meeting in events bringing together WBN members, insurer New York City. partners, sponsors, multinational clients and prospects. Our increasingly popular Pre-RIMS Reception was 4. WBN Steering Committees are formed as held in New Orleans, where 250 industry guests necessary around specific industries, products gathered in the famed Gallatoire’s Restaurant in the or issues with strategic carriers, enabling WBN French Quarter. producers to meet face-to-face with sponsoring insurers to promote specialized training, thought WBN Europe members hosted a similar reception for leadership and revenue growth. From such meetings over 100 WBN members and their multinational clients comes important multinational client feedback for during the biannual FERMA Forum held in Venice in insurers and vendors, helping in the creation of October. These events are among many of the industry products and services. gatherings at which WBN members promote their individual brand while promoting WBN as their global 5. Webinars during the course of the year covered solution for their multinational clients and prospects. subjects ranging from multinational insurance skills and professional development, to training sessions Spreading global knowledge and insight gained at the on WBN’s newest technology platform, WBNet 3.0… Conferences further drives collaboration and each powered by Origami Risk. [More about this in the member’s competitive edge in its regional market. Technology Section of this report.] In addition, WBN’s European Partners conduct an Annual Regional Meeting which attracts an average of WBN principals take their participation seriously, 100 members from 35 countries for a day-and-a-half