It is said that the customer is always right. However, in the insurance industry that doesn’t appear to be, well, true. There’s a chasm forming between how brokers view themselves and offer services, and what clients actually want.
Half of employers wish their brokers would provide more guidance on regulatory and legislative matters. Meanwhile, over 80% wanted assistance with workplace wellness and 65% need assistance developing employee handbooks.
It’s evident that brokers are falling short. Those that do meet those expectations have found a great differentiator between themselves and the average broker. They can reap the benefits, including improved client satisfaction, a stronger working relationship, and greater retention.
Listen and learn
It might sound like common sense, but many brokers still do not communicate effectively with their clients. This doesn’t just mean dropping a phone call or email every so often. Scheduling in regular reviews and meetings can help you gauge how well you are performing in your client’s eyes and address any concerns they may have. Simply put, you cannot meet your client’s expectations if you don’t even know what they are.
Find ways to help
With regular meetings comes the opportunity to find new ways to help your clients. They might mention a particular issue they are having with managing their employee insurance, in which case, a service like CoverageSpace will be invaluable. Likewise, they may mention some worries they have about upcoming legislation that you can help dispel.
Embrace your new role
The days of selling insurance and then cutting your client adrift are long gone. Clients don’t go to brokers for mere insurance now – they have the Internet for that! Your clients come to you for the human touch. They do not wish to communicate with machines or perhaps they are too time-poor to research all the different insurance options available to them. Whatever their motives, you need to accept and embrace the fact that they do not see you as a salesperson. You’re a trusted advisor.
Therefore, you should do your best to help them with every aspect of their insurance, even including their billing and accounting. To really do this effectively, you’re going to need to keep up to date with all industry news and developments. Setting aside a couple of hours each week can really help you get a grip on what’s happening in the industry.
As the industry gets more competitive, the need to differentiate yourself and retain clients becomes even more important. In this day and age, it’s not good enough to be falling short. So, be mindful of the gap and always strive to help and advise your clients.