The partnership between an insurance agent, an insurer, and a client is one of the most important in the industry. Carriers and the underwriters create policies and take on risks for insureds, whereas brokers assist their clients in finding the best insurance policies and carriers for their needs.
The independent agent and broker are the industry’s backbone. They are the primary channel of distribution for commercial property and casualty insurance.
How To Build And Maintain Strong Relationships
Don’t base your relationship on technology
Technology is good and effective tool for both the agent and their clients. But don’t make technology so important that any personal communication is lost.
Follow Through
Agents should build strong relationships with their clients by following through on their commitments and being communicative in the event that something changes, in addition to offering services and advice that help insureds avoid losses. If you say you’re going to do something, you must do it. If you can’t do it, you say, ‘I’m not going to be able to meet the commitment,’ and then you set a new expectation.
Focus on more than just pricing
When it comes to building a strong relationship with insurance agents, one thing that stands out above all else is the need to add value that goes beyond offering competitive insurance prices. When comparing options today, insureds should look for an agent who will not only provide the coverages they require but will also serve as a risk management partner.
Be Consistent
Consistency is essential in all aspects of communication and service. It establishes a pattern that customers can expect, which helps to highlight your value proposition and enhance the customer experience. Simply personalize interactions by framing conversations and messaging in less “scripted” ways. According to one survey, most marketers fail to personalize communication beyond digital channels. Get more customer-specific the next time you pick up the phone. It should contribute to the relationship’s strengthening.
The customer, regardless of the insurance company, ultimately looks to you, the agent, for advice, service, and responsiveness. Regardless of the shifting strategies and focuses in today’s insurance markets, remember to prioritize your customer relationships first, and you’ll find yourself building a book of business that will last for a long time.
Why Low Price and High Value Can Be a Contraction in Terms
/in UncategorizedShoppers are always looking for that next big sale or deal. When it comes to purchasing a 46” HDTV, it is easy to identify all the features you want, and then shop for the best price. In fact, many retailers might even negotiate with you to get your business. When selecting your insurance, you cannot think the same way. Why?
Let me make it clear that high priced insurance does not always equate to a better value. However, if you purchase the low-priced insurance policy are you satisfied that all the coverage terms are consistent with a higher priced policy? A better way to look at this is to consider the value of what you are buying. Here are some of the value added advantages you will find in insurance if you do a little searching.
What makes up a high value insurance program?
Value is more than price
There are also non-price variables that every insurance purchaser should consider.
In conclusion, only an experienced agent can help you understand and define the true value of your insurance purchase.
While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.
Call today to alleviate the worry and get covered – (937) 429-0655.
Our Mid-Year Insurance Outlook
/in Business insurance, Customer Service, InsuranceIt is essential to understand how the insurance market works and what the future looks like. In doing so, business owners and families can better plan for the future. Here is our brief overview of the insurance market as of August 2022.
The widespread use of vaccines and the relaxation of pandemic-related restrictions in 2021 served as significant accelerators for economic recovery by restoring public and corporate confidence. But that has been changed by increased inflation in 2022. But the conflict between inflation and COVID-19 is far from ended, and there will probably always be some ambiguity. Could this harm the outlook for the insurance sector in 2022 and 2023?
According to our research, insurers anticipate more rapid growth in the coming year despite lingering COVID-19 worries. However, non-pandemic issues with legislation, talent, supply chain issues, increased construction and auto repair costs, sustainability, and changing consumer preferences could provide roadblocks, causing premium increases.
On a more fundamental level, many carriers may think about taking action to increase stakeholder trust to increase customer retention and profitability. Greater transparency in the way insurers gather and use personal data may help to achieve this. They can also take a more proactive approach to find all-encompassing answers to pressing social issues, such as reducing the financial toll of upcoming pandemics and filling coverage gaps for natural disasters.
There are many actions people and businesses can take to minimize the impact of premiums or rate increases. These include.
Give us a call for more information.
While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.
Call today to alleviate the worry and get covered – (937) 429-0655.
Is There Such A Thing As Normal Risk?
/in Business insurance, Customer Service, Insurance2020 and 2022 have shown us that the normal we have known is no more. Business owners must think outside the box when it comes to their risk and insurance programs. This is a call to agents to educate themselves and create meaningful relationships and to customers to look for an agent who creates value, not just provides low-cost insurance.
It is important that agents and customers look at the future of risk and design a program that addresses the risks ahead. Buying a standard insurance product may not manage the changing risk profile.
Our Top Risk Issues For 2022 And Beyond
Recommended Actions
Many business owners place a high priority on acquiring the correct insurance, yet most of them forget to examine their policies regularly. Small businesses need to stay in touch with their independent agents more than ever before, and they can rely on their knowledge to assist them in overcoming business risks.
The Value of Giving Back In Business
/in Agent, Business insurance, RelationshipsThe truth of being a business owner is that juggling day-to-day operations with long-term objectives consumes the majority of your time and energy. It’s easy to let giving back fall by the wayside if you don’t have a solid plan in place to truly incorporate it into your business strategy. Do you recall your first experience sharing as a child? Most parents educate their children that they must share their toys if they want others to play with them. This is a crucial lesson that we often overlook as adults, and it applies to a wide range of situations.
There are so many ways to incorporate this idea into your business. It does not have to be giving a lot of money. Often giving of your experience or expertise can add significant value to others.
Here are a few ideas
The potential to make a difference is the most basic benefit of donating or setting aside money for community welfare. There’s nothing like seeing your neighborhood or community improve to make it a better place to live. Communities that can improve their lives will be able to make a good contribution to the economy as a whole.
Proven Ways To Build Strong Insurance Relationships
/in Agent, Business insurance, RelationshipsThe partnership between an insurance agent, an insurer, and a client is one of the most important in the industry. Carriers and the underwriters create policies and take on risks for insureds, whereas brokers assist their clients in finding the best insurance policies and carriers for their needs.
The independent agent and broker are the industry’s backbone. They are the primary channel of distribution for commercial property and casualty insurance.
How To Build And Maintain Strong Relationships
Don’t base your relationship on technology
Technology is good and effective tool for both the agent and their clients. But don’t make technology so important that any personal communication is lost.
Follow Through
Agents should build strong relationships with their clients by following through on their commitments and being communicative in the event that something changes, in addition to offering services and advice that help insureds avoid losses. If you say you’re going to do something, you must do it. If you can’t do it, you say, ‘I’m not going to be able to meet the commitment,’ and then you set a new expectation.
Focus on more than just pricing
When it comes to building a strong relationship with insurance agents, one thing that stands out above all else is the need to add value that goes beyond offering competitive insurance prices. When comparing options today, insureds should look for an agent who will not only provide the coverages they require but will also serve as a risk management partner.
Be Consistent
Consistency is essential in all aspects of communication and service. It establishes a pattern that customers can expect, which helps to highlight your value proposition and enhance the customer experience. Simply personalize interactions by framing conversations and messaging in less “scripted” ways. According to one survey, most marketers fail to personalize communication beyond digital channels. Get more customer-specific the next time you pick up the phone. It should contribute to the relationship’s strengthening.
The customer, regardless of the insurance company, ultimately looks to you, the agent, for advice, service, and responsiveness. Regardless of the shifting strategies and focuses in today’s insurance markets, remember to prioritize your customer relationships first, and you’ll find yourself building a book of business that will last for a long time.
What Should Insurance Buyers Look For In Their Agent
/in UncategorizedOur world is much different than it was just two years ago. Things have changed, and many of these changes are here to stay. We all must adapt to a different way of managing our personal and business lives and finances. Having a high-value insurance agent can help you manage these uncertain times.
Selecting your insurance agent is the most important action you can undertake regarding your personal or business insurance. We like the phrase your insurance is only as good as your agent because it tells the story that the coverage you select depends on your agent’s skill and ability to provide the solutions you need.
Different Kinds of Agents
A captive agent is one who is employed by an insurance company.
These kinds of agents represent direct writers. A captive agent is an insurance agent who only works for one insurance company.
The insurance company pays a captive agent, and they may be a full-time employee or an independent contractor.
An independent agent is someone who owns or operates a small local business. They have relationships with many insurance companies but do not work for them. This allows the independent agent to work for the policyholder.
Qualities of a High-Value Insurance Agent
Ask for information
Consider this as an interview in which you are selecting a representative and an agency.
Remember your insurance coverage is only as good as the agent who offered it. Having a high-value agent will help you navigate successfully through these uncertain time
The Importance of an Annual Insurance Review
/in Business insurance, Customer Service, InsuranceIt is critical that every homeowner or business undertakes an annual insurance review. Regular reviews are equally essential to ensuring that your policy continues to be a good fit for your coverage needs and budget.
In a single year, a lot can happen that can have a significant impact on your insurance costs, coverage options, and limitations, among other things. Among these are the following:
Is this to say that I must immediately contact my insurance agent whenever I purchase new furniture or a family member moves in for six months? Not always. While more significant changes (such as marriage, divorce, or the purchase of a new car) should be reported immediately, items such as upgrading your home entertainment system or upgrading your sound system can be reported during your annual insurance review.
While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.
Call today to alleviate the worry and get covered – (937) 429-0655.
Improve Your Customer Service Experience
/in Agent, Business insurance, Insurance, RelationshipsCustomers are the lifeblood of any business and should always take precedence. Customer experience enhancements result in a more loyal customer base. Loyal customers purchase more frequently, spend more, and recommend you to their friends and family. They leave positive reviews for customers. So how are you and your team going to accomplish this? The objective is not simply to have happy clients but also to have educated partners.
The customer experience can be defined by the interactions and experiences your customer has with your agency throughout the entire customer journey, from first contact to becoming a happy and loyal customer.
Several of the most frequent causes of negative customer experiences include the following:
Here are a few actions you can take to improve your customer service experience.
While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.
Call today to alleviate the worry and get covered – (937) 429-0655.
Top Cyber Risks For 2022
/in Business insurance, Customer Service, InsuranceThe disruption generated by the COVID-19 epidemic has accelerated digital transformation among businesses and organizations worldwide in the last three years, a trend that experts believe in continuing in 2022. Cyberattacks affect everyone. Here are cybersecurity dangers that firms should be prepared to manage in 2022, according to experts:
Supply chain attacks
According to experts, supply chain cyberattacks will continue to create new chances for cybercriminals this year.
Mobile devices
The COVID-19 epidemic also resulted in an increase in mobile device usage. Not only do remote users rely more heavily on mobile devices, but pandemic experts have also advocated for the widespread adoption of mobile wallets and touchless payment technology to reduce the spread of germs. Cybercriminals have a broader target when there is a more extensive user base.
Remote workers
A firewall, staff awareness, and tight policies and training, among other things, can be used to prevent basic cybersecurity risks within an organization’s setup. When people work remotely, however, putting in place cybersecurity precautions becomes more complicated. Sixty-eight percent of senior IT professionals believe their staff has picked up negative cyber-security behaviors when working from home.
Cloud Vulnerabilities
One could believe that the cloud will grow more secure as time passes, but this is not the case: Cloud vulnerabilities have increased by 159 percent in the last five years, according to IBM. Over 90% of the 29,000 breaches reviewed in Verizon’s DBIR were caused by web app breaches, according to the report.
While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.
Call today to alleviate the worry and get covered – (937) 429-0655.
When To Call Your Insurance Agent
/in Business insurance, Customer Service, InsuranceWe strongly believe in developing relationships with our customers. Insurance is not a product; it is a trusted relationship between the agent, insurer, and customer. We are always ready and willing to help you better understand your insurance and help with any questions you may have.
The Value of Your Local Independent Agent
Good Reasons To Connect With Your Agent
If you have any questions about your insurance; please call our office; we are here to help.
While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.
Call today to alleviate the worry and get covered – (937) 429-0655.