In this episode of Know Your Risk and Insurance Coverage with RiskProNet, we continue our insightful conversation with Matt Cranney from M3 Insurance. Matt leads M3 Elevate, a pioneering small business insurance division that redefines how firms approach this crucial market. He shares how M3 transformed its small business unit into a sustainable, profitable, and high-value operation by leveraging advisory-led, tech-supported strategies.
We dive deep into key challenges, including how to balance profitability with excellent service, integrate technology efficiently, streamline workflows, and align producer and carrier incentives. If you’re looking to optimize your agency’s small business unit, this is an episode packed with practical takeaways. Tune in for part two of our discussion with Matt Cranney and gain valuable insights into the future of small business insurance.
Timecodes
00:00 Introduction: Welcome Back with Matt Cranney
00:47 The Philosophy Behind M3 Elevate’s Success
02:30 Small Business vs. Large Commercial: Navigating the Challenges
05:00 Creating an Agency within an Agency: M3’s Unique Structure
07:17 Cross-Selling & Internal Workflows for Small Business Insurance
10:26 Producer Roles & Expectations in Small Business Units
13:39 Touchpoints & Customer Experience: How Often Should You Engage?
17:13 The Power of Insurance Technology in Small Business Operations
20:21 Why M3 Elevate Took a Cautious Approach to InsurTech Adoption
22:45 Specialization & Growth Strategies for Small Business Accounts
24:50 Managing Workload & Scaling Small Business Books Effectively
27:10 Producer Compensation, Sales Goals, and Performance Tracking
30:05 Carrier Consolidation: Strategy for Building Strong Partnerships
32:26 Key Lessons: What to Avoid When Building a Small Business Unit
35:15 Final Thoughts & Closing Remarks
Resources:
Become a member at RiskProNet.com
Connect with Matt Cranney on Linkedin
Connect with Chip Arenchild on LinkedIn
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