A few years ago, when Associated Bank decided that a target niche for the bank itself and for its insurance subsidiary, Associated Financial Group (AFG) were C-suite individuals, the organizations then worked together to identify what that target consumer was looking for in those services.
“We did a number of panel discussions with people and with our clientele and really wanted to find out from them what they would be looking for in that service offering,” said Dean Hildebrandt, chief executive officer of Associated Financial Group. “We took feedback from our clients and really built the model around what they were looking for and it’s been a significant growth area for us because we really tailored our solution around exactly what they were looking for.”
Because of AFG’s relationship with the bank, the insurance agency is able to offer unique products. By combining concierge-style private banking with financial planning and investment management, all while wrapping insurance products around those services, AFG has created a “one-stop-shop” with one group to service each client. “It really is the way that clientele wants to have their account and business serviced,” commented Hildebrandt.
AFG’s commitment to delivering insurance solutions to C-suite individuals and other clientele marries the financial and people-drivers of an organization by addressing data analytics, financial aspects, as well as the wellness and clinical aspects. “All those components that really require specialized knowledge and specialized training, we sought out the best in the marketplace and brought them internal so they are employees of ours working purely on tailored programs for our clients,” he said. To service all those special needs, AFG maintains a large amount of client data through a direct data feed with carrier partners. “Our strategy is around intellectual capital and knowledge to build solutions for clients,” he said.
“I think it really is about doing the business a little differently. Many brokers simply try to put an insurance policy in place and then outsource a lot of the specialization around it. We really brought all of that internal and built the programs with our own team of colleagues focused on one client at a time,” said Hildebrandt.
Next week, Hildebrandt offers insight into current trends
