It’s All About the Value Proposition to Successfully Compete | What’s Your Edge?

Most of us operate within a hyper-competitive marketplace.  A compelling value proposition is a critical business asset and one of the most effective competitive differentiators. Companies that succeed in attracting and retaining customers are those that focus on delivering exceptional customer experiences and creating measurable customer value. In this episode of What’s Your Edge?, we explore how Rebecca Woan, founder of Chartwell Insurance Services, a boutique property and casualty insurance provider, built a thriving business by staying true to a customer-centric strategy, using her firm’s value proposition to stand out in a crowded field, and foster long-term loyalty and growth. Rebecca and her team recognize the importance of making customers feel valued and finding value.

Rebecca, congratulations on building a customer-centric organization.  I know our community is eager to hear what you and your team do better and differently to deliver value to your customers.

What we do is anything but radical.  We take care of people.  We had a retail brokerage that specialized in a very different end of the business, and I had a number of prospects in the high net worth or what is also referred to as the “successful individual” space.  I found markets and serviced them to effusive praise. I thought to myself, I’m just taking care of them.  Then I asked myself why their brokers weren’t taking care of the, and then I had the lightbulb moment that there was perhaps a business opportunity in being responsive and educating clients. This was the recipe for our growth, along with a team of people who care as much about clients as I do.  There is no substitute for hiring good people.

Attract Customers Who Want Value and a Good Reputation

Let’s jump right in.  I love this topic because we truly believe that a compelling, meaningful, and relevant value proposition is at the heart of finding, keeping, and growing the value of customers. It’s what enables companies to gain market share and charge a premium price.  You operate in an extremely competitive industry. I did a little research and learned that there are over 4,000 property and casualty insurance companies in the US and that the top 25 have nearly 79% of the market share.  And that the average churn rate for the industry is 16 out of every 100 policyholders.

Rebecca, what is your value proposition, and how has it enabled you to retain and create loyal customers?

Insurance is often sold on price, especially in