The whole networking trend is sticking—even for brokers.
In a survey conducted by Inter-Company Marketing Group, 70 percent of insurance executives said they look to their peers to find their “next strategic alliance opportunity.” A majority (56 percent) also seek out opportunity at industry events. Others said they use LinkedIn, online searches and insurance media organizations' directories.
Peers also are the most-commonly used sources for conducting due diligence about potential business partners. Nearly 80 percent said they look to peers when conducting due diligence, and about 70 percent look to the potential partner’s marketing or other materials and 60 percent seek out financial statements and annual reports.
Exporting products and services is the most common alliance strategy, with 32 percent noting that was their organization's approach. The next most-common strategy was to import products to market through existing distribution channels.
“Strategic alliances decision-makers turn to people they know to find others looking for deals," says Frank Osborn, marketing manager, MWAGIA, Inc./Modern Woodmen of America, and ICMG president. "These survey results bear out that reality: Networking, with peers and at industry gatherings, is the most-frequently-used path to find and create strategic alliances."
The survey, with more than 70 responding companies, was conducted December 2011-January 2012.