Business insurance

The three big mistakes brokers make | Insurance business in America

1. Assuming your customer service is best in class
Employers looking for brokerage houses are similar to consumers reviewing a new doctor, buying a new car, or considering which real estate agent to use. We are trained to research prices, services and results; as such, this data should be easily accessible and provided by an independent third party.

Our company is no longer a benchmark company. Now, business reputations are based on actual customer reviews. The same goes for insurance. If you have phenomenal service, it shows up in the ratings and reviews.

Your ability to design creative solutions is what will set you apart. Your ability to provide excellent customer service is what will ensure you retain your customers. Customer experience is – and always will be – important, but exceptional customer service is a core standard for this industry.

2. Over-generalize the data
For any decision of this magnitude, employers expect detailed data to guide decision-making. Often, insurance agents can reuse generalized data to persuade an employer to adopt a specific solution. Employers can see through this. Use localized benchmarking data for that employer’s industry. You wouldn’t choose a new technology for your business based on national trends, so you need to use micro-targeted data that will resonate with your customer.

Also, be sure to verify that all survey or benchmark data is from an independent, accredited source. This confirmation is a crucial step that will provide an additional level of validation and credibility to your brokerage, and this attention to detail will go a long way in establishing your commitment to accuracy and transparency. More often than not, the broker with the most comprehensive, research-oriented coverage presentation will win the employer’s case.

3. Wait for renewals to commit
Do you know who your competitor’s best prospects are? Your biggest customers. If you’re not proactive with your customers, someone else will. As in any business-to-business selling environment, prices and insurance policies can change over time due to demand, market fluctuations, or inflation. To keep current clients satisfied and informed, brokers must be proactive in informing and updating their clients when policies change or price dynamics change.

Brokers should not wait for clients to point out emerging trends or question market changes, whether positive or negative. To develop transparency and trust, brokers must maintain a constant flow of open communication with their clients throughout the year. This continuous line of communication is a constant reminder that an employer’s business is important to the brokerage and the broker’s priority. Ultimately, employers work with insurance brokers for two reasons: to save time and save money. At the bare minimum, make sure your brokerage meets these expectations.

Today’s interconnected and Amazon-driven world requires brokers to be more proactive and intentional when communicating with clients. Additionally, brokers should establish a strong online presence by posting positive reviews and opinions from former and / or former clients directly to their business profiles. Highlighting positive customer experiences and interactions with a broker can help employers make a more personalized and informed decision. Thoughtful communication, detailed proposals and in-depth industry knowledge will lead to happy customers and growing business volume.

Brian Freeman is the Founder and CEO of Mployer Advisor, a national digital marketplace for insurance advisor ratings and reviews that seeks to redefine the way employers seek, assess and select insurance advisors.