Whether you’re an accountant, banker, financial advisor, insurance producer, or business consultant, Vertical IQ has something for you. This fact was evident in the latest installment of our popular webinar series “How Experienced Financial Professionals Use Vertical IQ.” The conversation covered not only some of our panelists’ best practices but also how they and their teams are using Industry Intelligence to save time, improve their processes, and build trusted advisor status.

Our expert panel for this webinar included:

Here are four key takeaways from our conversation.

  1. Showcasing industry expertise is at the heart of the business case for using Vertical IQ.

Today’s business owners are looking for service providers who can do more than pitch a product. They want to work with a partner who can bring expertise and add real value to the relationship. That’s one of the reasons our panel said Vertical IQ has become essential to them and their teams.

Catherine from MMA noted that one of Marsh’s core values is that their producers lead with industry specialization. “We found that producers who have a specialized book of business and who are going after and servicing companies in the same industry are more successful than those who identify as generalists,” she said. “Vertical IQ gives all of our producers the ability to lead with specialization and to approach whatever new business opportunity comes their way as an expert.”

Keith had used Vertical IQ when working at a different financial institution, so he knew it was a tool that would quickly help move the needle when he started at Kish Bank. “The breadth and depth of Vertical IQ’s information puts our bankers in a position where they have a working knowledge of an industry so they can go into a call with a client, prospect, or COI and know the key things to talk about, ask about, and engage someone at a very different level.”

In fact, Keith shared that bringing Vertical IQ onboard has actually resulted in cost savings for Kish. “Our credit partners were using a third-party vendor for some of the information that they used to put packages together. It worked out that we could cover half of our subscription costs and eliminate another cost by providing Vertical IQ to our credit team, making Vertical IQ available to a broader base within the organization.”

Stacey from Peoples Bank of Alabama agreed about the value of Vertical IQ in all areas, from sales to credit. In addition to standardizing what they document in credit underwriting packages, Peoples Bank also “has a knowledgeable sales team that uses the Vertical IQ platform to prepare … so that they’re informed of what they’re walking into when they meet with a business owner — they understand the things that are impacting those potential prospects or borrowers.”

  1. Vertical IQ saves time and boosts confidence when talking with business owners.

Each of our panelists shared which sections of Vertical IQ they and their respective teams find most useful when it comes to preparing for conversations with business owners.

For instance, Catherine from Marsh Insurance said Vertical IQ helps her team efficiently prepare for meetings. She encourages the sales team to watch the 5-minute Big Picture Video for the industry they are calling on and familiarize themselves with the Industry Terms and Current Conditions so they can speak the business owner’s language and discuss the issues keeping them up at night.

That ability to prepare effectively, but also efficiently, is key. It’s why Keith also promotes the Big Picture Video, as well as chapters like Capital Financing, to his sales team at Kish as timesavers and confidence boosters. As he observed, “On any given day, a commercial banker or treasury management officer … might have two or three different calls on completely different industries. Vertical IQ offers a leg up by providing them with working knowledge and conversational competency about industry-specific topics that might arise during client interactions.”

And while ideally, a banker would prepare for a call a few days in advance, we all know that call prep sometimes happens in the car on the way to the meeting. Keith acknowledged that this flexibility is another Vertical IQ benefit. “It gives our bankers the ability to use the full Vertical IQ platform a couple of days in advance to research and fully prepare — or to use the mobile app on the fly or when time is tight.”

On the credit side, Vertical IQ also builds confidence from an internal risk management perspective. As Stacey shared, “We look at Vertical IQ to see an industry’s typical cash flow cycle, financing structure, financing needs — those type things — to make sure that we understand what the norm is for the industry. We then look at each loan request on a case-by-case basis to see if the borrower aligns with that industry average and if the proposed deal makes sense for that unique customer and our bank.”

  1. Industry Intelligence is a simple way to solidify your reputation as a trusted advisor.

Whether as a leave-behind after a prospect call, a periodic client touchpoint, or in supporting internal documentation, our panelists agreed that the shareability of the Industry Intelligence on Vertical IQ adds value throughout their sales cycles and processes. But the value extends further, boosting users’ trusted advisor status with business owners.

Keith observed: “Over a course of any given week, think about the various types of businesses that bankers engage with: all different types and sizes with different challenges and opportunities.” Vertical IQ makes bankers quick on their feet during client conversations, he said, “and when you establish that level of confidence with your client, now all of a sudden you’re moving down the path of understanding where they’ve been, where they are, and where they’re going. It allows you to become their trusted advisor, and that’s a place that all of us want to be in going forward.”

Stacey agrees about the advantages Vertical IQ gives bankers, both internally and externally. “Vertical IQ tells [the credit team] what’s going on with the business and the industry and helps with the loan structuring, understanding cashflow cycles, understanding the financial aspects, and understanding the overall risk that may entail. [Vertical IQ] enables us to communicate that not only with our customers but also with our lending team, and then help management make informed decisions based on our review of the data. We therefore become a better trusted advisor internally and also externally with customers.”

For the insurance industry, Vertical IQ provides users with the insider knowledge needed to address business owners’ industry-specific concerns and potential risks, and ensure they are adequately protected. Catherine explained that Marsh’s clients look to them to have “a complete, holistic understanding of what their operations are and how we can best serve their business and protect them from any risks that could arise in the future.” Vertical IQ keeps the Marsh team apprised of the specific trends and risks impacting a client’s industry so Marsh can proactively advise them on any coverage gaps.

  1. Vertical IQ has benefits for newer employees … as well as more seasoned ones.

Our panelists saw a clear-cut business case for newer banking and insurance professionals to use Vertical IQ’s Industry Intelligence: It quickly gives you an understanding of an industry so you can feel confident when conversing with business owners and offer informed guidance. However, there is also a strong case to be made for the value to even the most senior employees.

In addition to calling out the time-saving nature of Vertical IQ for call preparation, our panel noted that even for those who have worked with clients in a particular sector for many years, the industry landscape is ever-changing. New niche trends take shape; new industry risks emerge. Timely information is clutch. To truly be a trusted advisor, even seasoned professionals need to keep their finger on the pulse of the industries they work with to keep business owners in the know about changes and how they might impact their business.

Catherine called out specific sections of the Industry Profile that are useful so that her new hires and her most experienced insurance producers don’t get caught off guard, such as Occupational Safety (which features OSHA data) and Industry Trends. “Things don’t happen the same today as they did a while ago, and we need to be the ones to inform our clients and keep them updated,” she said.

Similarly, Stacey pointed out the educational and timesaving information seasoned lenders can find under the Credit Underwriting and Risks chapter and the Financial Benchmarks chapter. She noted: “Just the time it saves to have everything that you could be interested in reading about a particular industry all in one place is a big plus for us.”

But perhaps Keith summed it up most succinctly when he said that whether you are a new hire or a tenured employee, “You should just give Vertical IQ a try!”

Work smarter, not harder, with Industry Intelligence

Many business owners today are searching for more than just the lowest price. They are looking for value. And that means that business professionals — accountants, bankers, insurance producers, and more — need to bring more to the table than just a product pitch. They need to have the industry-specific insights to offer a business owner tailored advice and focused solutions.

And Vertical IQ makes this a snap. Whether you access our full Industry Intelligence platform, use our API capabilities to integrate content into your own platform, or take advantage of our mobile app when you’re on the go, Vertical IQ offers you the industry insights you need to shine with external business owner-clients as well as internal stakeholders — all in an easy-to-use format.

As these best practices show, whether it’s an industry-focused prospecting email, a timely news article leave-behind, or a presentation with key industry insights, Vertical IQ’s Industry Intelligence saves time, builds trust, and closes more deals!

Many thanks to these Vertical IQ customers for sharing their personal experiences! 

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