The three big errors of brokers | Business Insurance America

1. Assuming your customer service is best in class
Employers looking for brokers are similar to consumers evaluating a new doctor, buying a new car, or evaluating which realtor to use. We are trained to research prices, services and results; as such, this data must be easily accessible and provided by an independent third party.

Our society is no longer based on referrals. Now, the reputation of companies is based on actual feedback from customers. The same is true for insurance. If you have phenomenal service, it shows 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 baseline standard for this industry.

2. Overgeneralization of data
With 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 this employer’s industry. You wouldn’t select 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 any survey or benchmark data comes from an accredited, independent source. This confirmation is a critical step that will provide an extra level of validation and credibility to your brokerage, and this attention to detail will go a long way in establishing your dedication to accuracy and transparency. More often than not, the broker with the most thorough and research-driven coverage presentation will win the employer’s business.

3. Wait for renewals to commit
Do you know your competitor’s main prospects? Your biggest customers. If you’re not proactive with your customers, someone else will be. As in any B2B environment, prices and insurance policies may change over time due to demand, market changes or inflation. To keep current clients happy and informed, brokers need to be proactive in notifying and updating their clients when policy changes 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 a priority for the broker. Ultimately, employers work with insurance brokers for two reasons: to save time and to save money. At a minimum, make sure your brokerage meets these expectations.

Today’s interconnected, Amazon-driven world requires brokers to be more proactive and intentional when communicating with customers. Additionally, brokers should establish a strong online presence by posting positive ratings and reviews from past and/or existing clients directly on 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 satisfied customers and increasing business volume.

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