Article / Retirement, Risk Management, Employee Benefits
Independent Brokers Value Culture, Focus on Clients

Many independent brokers are disappearing because of a new wave of insurance industry acquisition and consolidation. 

In a recent interview with Risk & Insurance magazine, David Lockton, chairman of Lockton Companies, spoke about the advantages of being independent, including keeping the focus on clients, not the financials.

“We’re not about financial engineering,” said Lockton. “Our scorecard is not about top line revenue or margins. It’s about winning and keeping customers, which is something that has served us very well from a financial standpoint too.”

CEO John Lumelleau added that independence allows brokers to focus on the needs of clients and not become distracted by restructuring or shifts in culture that may come with an acquisition.

“Many organizations that were maybe once independent and have become part of a larger company or bought by private equity have had their whole structure and dynamic changed as a result,” Lumelleau said.

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