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7 ways Insurance Brokers can win more business in 2018
As 2018 kicks off, it is time to start turning the plans and dreams that you have for 2018 into hard work and action. Starting now will enable you to have success in 2018.
As Insurance Brokers, your roles are more important than ever and yet you are often being asked to do more with less. Welcome to 2018 I guess!
7 ways Insurance Brokers can win more business in 2018
- Be clear on what your product lines are what products you don't offer. In addition, having some internal clarity around who your ideal customers are can help you to service enquires in a fast and efficient way and respond accordingly. If you try to sell to everyone, sometimes, you'll end up selling to no one!
- Have your clients and others in the industry telling your story - More and more customers rely on online search engines, like Google, to find and connect with insurance brokers. Customers are increasingly turning to ratings and reviews to better understand what working with you will be like. Word of mouth is the most powerful way to win new business, so adapting to the digital age is essential.
- Think about your customers entire customer experience, not just the end price of their insurance. These days it is important how you make clients feel and ensuring that you understand them as individuals goes a long way. In a customers mind, they are making micro-decisions at every interaction with you, from how they found your contact details, making an enquiry, their first phone call - how quickly did you call them back, to the importance of small details and the avoidance of mistakes. So have you mapped out your customers' entire journey and identified the areas you can strengthen.
- Differentiate through your professionalism. Your focus always needs to be on the customer in all you do and as great salespeople know, the selling takes care of itself. So are you as polished as you need to be? Are you setting the benchmark for the industry or simply aspiring to meet it?
- Lose well. Wait, what? This is a post about winning business not losing business. Correct! However, not every insurance broker can win every piece of business every time. Sometimes not winning the business can be your best opportunity to win a customer for life. In how you treat a client when they've decided to not buy from you, you can show them how you truly have their interests at heart. For example, following up clients 3 months after they didn't buy from you to see how they are getting on with their new provider. Offering them any support they require eg reviewing the policy that they've been provided and by ensuring that you do a good objective review, then you'll win their trust and probably their business in the longer-term.
- Ask for referrals from your top customers. Your customers are your best advocates. Or if they are not, asking them for a referral will probably give you an opportunity to resolve whatever is holding them back from being an advocate. So it is a win-win. Be direct and bold in asking clients who are one person they know that you could talk to who could be interested in using your services.
- Be someone people want to do business with. The value of good relationships in business cannot be overstated. Heading into the busy Christmas season, think about how you could surprise and delight your customers, work associates, staff and suppliers. It's more than just sending a Christmas card (you sent one right?) or gift, be someone that people want to do business with.
Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.
Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.
A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.
- Be clear on what your product lines are what products you don't offer. In addition, having some internal clarity around who your ideal customers are can help you to service enquires in a fast and efficient way and respond accordingly. If you try to sell to everyone, sometimes, you'll end up selling to no one!
- Have your clients and others in the industry telling your story - More and more customers rely on online search engines, like Google, to find and connect with insurance brokers. Customers are increasingly turning to ratings and reviews to better understand what working with you will be like. Word of mouth is the most powerful way to win new business, so adapting to the digital age is essential.
- Think about your customers entire customer experience, not just the end price of their insurance. These days it is important how you make clients feel and ensuring that you understand them as individuals goes a long way. In a customers mind, they are making micro-decisions at every interaction with you, from how they found your contact details, making an enquiry, their first phone call - how quickly did you call them back, to the importance of small details and the avoidance of mistakes. So have you mapped out your customers' entire journey and identified the areas you can strengthen.
- Differentiate through your professionalism. Your focus always needs to be on the customer in all you do and as great salespeople know, the selling takes care of itself. So are you as polished as you need to be? Are you setting the benchmark for the industry or simply aspiring to meet it?
- Lose well. Wait, what? This is a post about winning business not losing business. Correct! However, not every insurance broker can win every piece of business every time. Sometimes not winning the business can be your best opportunity to win a customer for life. In how you treat a client when they've decided to not buy from you, you can show them how you truly have their interests at heart. For example, following up clients 3 months after they didn't buy from you to see how they are getting on with their new provider. Offering them any support they require eg reviewing the policy that they've been provided and by ensuring that you do a good objective review, then you'll win their trust and probably their business in the longer-term.
- Ask for referrals from your top customers. Your customers are your best advocates. Or if they are not, asking them for a referral will probably give you an opportunity to resolve whatever is holding them back from being an advocate. So it is a win-win. Be direct and bold in asking clients who are one person they know that you could talk to who could be interested in using your services.
- Be someone people want to do business with. The value of good relationships in business cannot be overstated. Heading into the busy Christmas season, think about how you could surprise and delight your customers, work associates, staff and suppliers. It's more than just sending a Christmas card (you sent one right?) or gift, be someone that people want to do business with.
QUESTIONS? JUST ASK
Andy Jamieson
So whilst 2018 has just started, now is the opportunity for you to start to work on any of the 7 ways Insurance Brokers can win more business in 2018.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
Andy Jamieson, ABN 17 613 588 266
QUESTIONS? JUST ASK
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