Why do Clients Value an Independent Network Over an “Owned” Network?
Definition of “owned” vs. “non-owned” network
In an “owned” network, all Brokerage offices worldwide are owned by a single company. Aon or Mercer are examples of an owned network. The Worldwide Broker Network is a “non-owned” network which means that member firms are not owned by a single entity. The model has many advantages for the client.
Quality firms: Prior to being invited to join the WBN network, each firm is personally vetted by members for capability and willingness to cooperate and to service clients-- regardless of their size. So the starting point for prospective WBN members is quality of service and commitment to the group’s clients.
Quality of service is maintained by monitoring performance. The WBN does this through a 360 Degree Review Process where member firms evaluate the service quality of their peers.
Focus on service, not on politics: in a non-owned network there are no chain of command challenges and accompanying time lags to get things done. There are no profit center allocation issues because the WBN functions with mutually agreed compensation for services.
Non-exclusive network: unlike “owned” and many “non-owned” networks, WBN partner firms can work with any other firm regardless of affiliation. This includes working with offices in an “owned” network.
Collaborative technology WBNet Global Management: WBN members together with Vertafore, developed a proprietary international communication and project management tool that enables the WBN to seamlessly service clients wherever they are in the world 24/7.
Personal connections means better results: technology is great but nothing replaces a personal relationship. The WBN highly values relationships. Members meet at least twice a year at conferences held somewhere in the world. Principal members and partners know each other and members continually cooperate on worldwide projects.
You can download our Power Point Slide, "The Value of an Independent Network".