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How to take your brokerage to the next level
Insurance is a slow-moving product, and acquiring a new client is five to 25 times more expensive than retaining an existing one. Focusing on existing clients and creating deep, meaningful relationships through enhanced experiences and personalisation can be an effective tactic and a critical competitive differentiator.
Clients aren’t looking for reasons to interact with their insurance broker. At a time when it has never been easier for insurance clients to shop around and switch providers, reaching clients with relevant information and offers, at precisely the right moment, can make the difference between them walking away or renewing their policy. Imagine offering services at life-changing events for the client, buying a house, changing jobs, the birth of a child or retiring. All of this is possible when you have the correct data. All of this information allows you to deliver seamless experiences and anticipate insurance needs.
According to research by EY, 40% of clients decide to continue their insurance relationship based on the quality of their experience. Therefore providing a personalised experience is crucial for retaining clients.
Strategic client communication
Using your newfound insights, you can create specific client communication based on each client segment. A strategic communication system allows you to communicate the necessary information to a client at just the right time to make informed decisions. Strategic communication should also include educational elements as well as connections.
Referral systems
The easiest way to grow an insurance brokerage is by implementing a referral system to consistently get referrals from your existing clients. Consistency is the key to successful referral systems, so you want to document a standard process that you apply day in day out.
Employee recognition program
The most successful businesses recognise that their employees are just as important as their clients. Creating an employee recognition program that identifies and celebrates client heros drives consistent client experiences.
Creating a world-class insurance brokerage doesn’t have to be complex. Start with the basics, Clients and Employees first - the rest will fall into place.
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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.
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