5 Ways to Reduce Your Insurance Premiums

Insurance policies are an essential tool to protect your assets minimizing your potential loss if an accident was to occur. Insurance is a no brainer for most people who want to protect themselves and their assets. However, insurance can also be expensive. Here are 5 ways to reduce your insurance premiums that you can take today.

1: Check all your coverage is still relevant

How has your life or business evolved?

  • Do you still need all the cover that your policies cover? Ask yourself: Is what you are covered for still relevant for where you find yourself today?
  • One classic example is pregnancy for women within health insurance, for women who’ve decided that they have enough kids. So it is worth checking all your coverage is still relevant.

2: When did you last change providers?

Are your yearly premium increases justified?

  • Yearly premiums can increase or decrease. If it has increased, it is worth asking your insurance provider why. You can also get quotes from other providers to make sure you are getting the best deal.
  • Are you happy with the service and quality of product being provided?
  • Are there any new providers or products that better match your requirements? Do they still meet your needs, if not, shop around, insurance is NOT a one size fits all!

3: Are you getting the best advice? What has your advisor done to stay on top of their game?

  • Is your insurance broker or insurer growing their customer base? Look online for reviews or strong word of mouth recommendations or industry standards to compare with the advice you were provided.
  • Are your Advisors retaining and developing their staff? Have they successfully adapted to recent industry trends? Have they developed their staff & products along with the changes in the market?

Staying on top of the changes in the market will enable your Advisors to provide you relevant information and the best service possible.

4: Are you working with a top rated insurance broker?

What feedback has your Insurance Broker received?

  • A quick check in Google on your broker can reassure you of their capability to meet your needs and get you the best deals. There will be feedback about your insurance broker and so it is worthwhile seeing what their online reputation reveals.
  • Is your insurance broker winning industry awards? Top dogs in the industry can often offer better products than the underdogs (this is not ALWAYS the case) but this is a general rule.

5: Have you asked how you can receive more value?

Fortune favours the brave!

  • Have you picked up the phone, made the call and asked the question? Insurance brokers are providing a professional service to you, their customer. So don’t be afraid to ask them about what they can do for you to help you save a few dollars. If they can’t do anything, there is no harm in asking.
  • Also, asking the open question “what more can you offer to me?” is a great starting point for a robust discussion.

So there you have it, a series of manageable steps to increase the value you receive from your insurance premiums.

5 Ways for Insurance Brokers to Stay Relevant

Insurance Brokers

Change can be positive, exciting and full of potential. The unpredictability of change and its implications must be managed for one to stay ahead in increasingly competitive industries. This is especially true for Insurance Brokers.

Build on your Relationships with Customers

Regardless of how fast technology moves, business will always revolve around understanding your customers and meeting their needs. Studies have proven that the cost of acquiring a new customer is far greater than the cost to keep a customer. So it is good business sense therefore, to view your customers as someone you’ll be working with over the long-term and take the extra steps now to meet and exceed their needs and expectations.

Embrace New Technology

New technology can bring changes in how people behave. New technologies enable businesses to unlock value and create efficiencies in how they operate. In our ever changing world, the rate of change we are experiencing is unprecedented. The real challenge is not to adopt every new shiny piece of technology, but rather to work out what technology to adopt that will really make a difference to your business and to how you operate.

Check us out: Advisr.com.au

Service Excellence

Giving service that exceeds a customers’ expectation is a guaranteed way to generate a positive experience. If you take a look at any successful company, especially the ones you love engaging with, one thing they all have in common is, … yes you guessed it, excellent customer service. The truth of the matter is that customers have so much choice, and if they don’t like the service that you provide them, they will move on.

So if you’re customers love what you do, have them leave a review for you online so others can find a great Insurance Broker.

Transparency around the quality of the service you provide and how your customers feel about engaging with you is a key determinate of your success.

Sell the Best Products

Sell great products is certainly a way to stay relevant with your customers. Customers will return time and again for the great quality that they know they can get from you.

However, selling the best product is not always possible for a variety of reasons, there are definitely some ways around this challenge. Firstly, take the time to truly understand your product, getting clarity on the specific problems that it solves, why it was created, who it was created for, etc. Once you know more about your product and the reason behind it, it will be much easier to match your specific products to your individual client needs.

Upskill, Upskill & Upskill

The best in any industry always stay up to date with the key changes in their industry. Upskilling keeps people alert for new opportunities and aware of any potential threats. Business seems to be getting more and more competitive each and every day as more and more businesses positioning themselves to service your niche.

So by upskilling, you can find out where the trends are heading and find a way to protect yourself and your company against losing business to them.

Through taking a few precautionary measures, insurance brokers can mitigate the negative effects of changes in the insurance industry and stay ahead of the competition.

Simple right?