What is "Value"?

Hardly a day passes when you don't see some marketing tag, slogan or advertisement mentioning the word "value". Some companies or brands even use the word in their names.

So, what really is "value"? The dictionary defines it as "relative worth, merit or importance".

The insurance world offers thousands of options, products and features (another buzz word). How does a business owner then gauge the "value" they are receiving? What is the "relative worth, merit or importance"?

Over the last 34 years in the commercial insurance business, I have come to realize what "value" means to me, versus how it is often viewed by the consumer.

Value, to me, translates into the understanding by my client that they have made the best possible decision when deciding to do business with me. It also includes the fact that I have personally tailored their insurance products to their needs (no boiler-plate solutions or "off the shelf policies or programs") and I am alway available to answer their questions with a human voice and approach to immediately solve their needs or wants.

From a consumer and "I write the checks" standpoint, "value" still is entangled in the bottom line rates/cost. I am not naive and I do understand the role rates play in the decision (still too much, in my opinion), but, value is the overall confidence level that you have (not just perceive) in your client experience.

Insurance still represents a large piece of the operating budget for many businesses.

Perhaps at your next renewal, you might ask, "how do I define value and, is that what I am receiving now"?