This is the time of year when we give thanks. We would like to thank our clients and market partners for their support this year. We would also like to thank all the agents who have followed us, and who are changing the way they do business. We continue with our mission to encourage insurance buyers to think about insurance as a service rather than a commodity, and to challenge insurance agents to strive to become trusted advisors.
Are you sought after by your clients for more than just your insurance knowledge? Do you spend time educating yourself on your client’s business needs? Are you aware of the trends and issues that will impact your customers next year? If you answered yes, you are on your way to becoming a trusted advisor.
What Is A Trusted Advisor?
A trusted advisor is an agent who becomes so important and valued by the client, that the client seeks advice from the agent on a number of issues other than just insurance. A trusted insurance advisor becomes part of the firm’s consultant team, which includes attorneys, accountants, and human resources consultants. More than anything, being a trusted advisor is about establishing a set of behaviors.
Behaviors Associated With Trusted Advisors
- Always put the client first. Do the right thing even if it means the organization does not get the work.
- Solve problems rather than sell insurance.
- Understand all the issues facing the client, well beyond insurance.
- Be highly trained in business management.
- Bring a portfolio of practical experiences, relationships with others, an understanding of business dynamics, and market trends.
- Be willing to connect a number of business resources that will have a positive impact on your client’s business.
Keep Your Agency Healthy Through Client Service Reviews
/in Customer Service, RelationshipsDo you ever sit down with your team and complete a customer service review? If you don’t, let me try to convince you of its value. A customer service review is like an annual physical. It is necessary for the health of the agency, and it helps everyone better understand the client’s needs. Your review should include the producer, account manager, claims person, and any other team member that touches the client. The customer service review should only take a short time, but the information can be invaluable in making sure that the team is on the same page to deliver outstanding service to the client.
Here are some of the topics that should be included during a customer review:
Having this information can help build a true partnership with the client. If there are any issues or concerns, it is best to address these well before the renewal. By doing so, the client will feel they are being treated like a partner and will in turn treat you like a valued business partner, not just an insurance agent.
The Downside of Poor Customer Service
/in Customer ServiceOver that past year or so, we have been suggesting ways to improve how insurance is delivered. We have stressed that price shopping can actually cost the buyer more money in the long run; and that developing relationships can lead to a better risk management program. Now, we would like to examine the downside of poor customer service. Poor customer service can impact a business negatively in many ways. This is especially true for small businesses that rely on repeat business and positive word-of-mouth advertising for their success. Here is a staggering fact: in 2014, U.S. businesses lost $50 billion due to poor customer services. (source; newmeida.com)
According to the latest numbers, here is how customers will act after they have received poor service:
There is nothing worse to an organization than having angry customers and dealing with lost business. Here are some of the outcomes of poor customer services:
If you do not want your business to be among those companies that have to deal with the above list, your goal must be to use every service problem as an opportunity to impress your customer. When mistakes happen, use proactive recovery as the means to create customer loyalty. Next month we will give you tools to help you recover from a customer service issue.
The Downside of Poor Customer Service
/in Agent, Customer Service, InsuranceOver that past year or so, we have been suggesting ways to improve how insurance is delivered. We have stressed that price shopping can actually cost the buyer more money in the long run; and that developing relationships can lead to a better risk management program. Now, we would like to examine the downside of poor customer service. Poor customer service can impact a business negatively in many ways. This is especially true for small businesses that rely on repeat business and positive word-of-mouth advertising for their success. Here is a staggering fact: in 2014, U.S. businesses lost $50 billion due to poor customer service. (source; newmeida.com)
According to the latest numbers, here is how customers will act after they have received poor service:
There is nothing worse to an organization than having angry customers and dealing with lost business. Here are some of the outcomes of poor customer services:
If you do not want your business to be among those companies that have to deal with the above list, your goal must be to use every service problem as an opportunity to impress your customer. When mistakes happen, use proactive recovery as the means to create customer loyalty. Next month we will give you tools to help you recover from a customer service issue.
Win the day!
Keep Your Agency Healthy Through a Client Service Review
/in Agent, Customer Service, InsuranceDo you ever sit down with your team and complete a client service review? If you don’t, let me try to convince you of its value. A client service review is like an annual physical. It is necessary for the health of the agency, and it helps everyone better understand the client’s needs. Your review should include the producer, account manager, claims person, and any other team member that touches the client. The client service review should only take a short time, but the information can be invaluable in making sure that the team is on the same page to deliver outstanding service to the client.
Here are some of the topics that should be included during a client review:
Having this information can help build a true partnership with the client. If there are any issues or concerns, it is best to address these well before the renewal. By doing so, the client will feel they are being treated like a partner and will in turn treat you like a valued business partner, not just an insurance agent.
Can Selling And Customer Service Coexist?
/in Agent, Customer Service, RelationshipsTraditional insurance “selling” has not always gone hand in hand with good customer service. Traditional insurance selling often consists of a sales person trying to convince a buyer of the benefits of the product he/she is selling. Conversely, good customer service involves determining the customer’s needs and concerns first, and then determining how to best provide solutions. The difference is in the mindset of the sales professional. You can actually provide good customer service while “selling” if you view selling as offering a value added service to your customer. This starts with how the sales professional views the process.
If you are looking for something different in the insurance buying process, evaluate your next insurance meeting using these standards.
We would encourage you to establish a set of standards by which you evaluate your insurance provider. Do they value relationships, do your values line up together and do they value the relationship? If you can answer these, you are on your way to developing a trusted partner.
Cyber Laws Are Changing As Fast As The Internet
/in InsuranceCyber Security Information Sharing Act
At the end of November, the Senate passed the Cybersecurity Information Sharing Act. This legislation gives private companies legal immunity for sharing data with the Federal Government. This was passed over the protests of many lawmakers and consumer advocates. “In theory, the information shared would be limited to ‘threat indicators’ — data such as technical information about the type of malware used or the ways that attackers covered their tracks while sneaking through systems.” Andrea Peterson — The Washington Post
One of the purposes of this legislation is to help U.S. companies react more quickly to cyberattacks on their computer systems. If a company gets hit with a specific type of hack, the federal government would receive an alert and immediately distribute warnings to other companies.
While cyber laws provide some immunity to businesses, it only applies to information sharing with the Federal Government. Businesses still need Cyber Liability Insurance as part of their risk management program. What we do not know, is what will the Federal Government do with information? It will be impossible to know until the law is fully implemented later in 2016.
Cyber Prevention Tips
Why A Trained Agent Is Better Than An Untrained Agent
/in Agent, Customer Service, RelationshipsAgents come in many shapes, sizes, and qualifications. Every insurance agent must go through a basic level of insurance training in order to obtain a license. In order to keep their license, an agent must take a minimum level of training annually. Unfortunately, many agents never do any more than the minimum. There is so much more to know about insurance than just the minimum of training. It is imperative that all agents continually keep trained and educated in order to create, and deliver insurance and risk solutions to their clients.
Training benefits to agents and agencies
Training benefits to clients
Professional development can come in many forms. But having an agent who is trained will always provide a broader depth of skill and experience to the client.
Our Holiday Wish… That Insurance Agents Become Trusted Advisors
/in Agent, RelationshipsThis is the time of year when we give thanks. We would like to thank our clients and market partners for their support this year. We would also like to thank all the agents who have followed us, and who are changing the way they do business. We continue with our mission to encourage insurance buyers to think about insurance as a service rather than a commodity, and to challenge insurance agents to strive to become trusted advisors.
Are you sought after by your clients for more than just your insurance knowledge? Do you spend time educating yourself on your client’s business needs? Are you aware of the trends and issues that will impact your customers next year? If you answered yes, you are on your way to becoming a trusted advisor.
What Is A Trusted Advisor?
A trusted advisor is an agent who becomes so important and valued by the client, that the client seeks advice from the agent on a number of issues other than just insurance. A trusted insurance advisor becomes part of the firm’s consultant team, which includes attorneys, accountants, and human resources consultants. More than anything, being a trusted advisor is about establishing a set of behaviors.
Behaviors Associated With Trusted Advisors
Invest In Customer Satisfaction
/in Customer ServiceIf you search the web you will find many good articles on how increasing customer satisfaction boosts your profit and is a good return on investment. While these are good articles, they miss the point. Don’t deliver outstanding customer service to make money, do it because it is the right thing to do. We believe that a happy and satisfied customer will become your ally, and you become their trusted advisor.
Here Is What We Know About Customer Service
What Customer Service Tools Should We Invest In?
Go win the day!
Risk and Insurance Outlook
/in InsuranceAre you concerned about the future? Is your risk management program designed and prepared for changes in pricing, economic downturns, healthcare, changes in employment laws and the upcoming political elections? A broker or agent who cares about your business will be on the forefront of change. Part of providing outstanding customer service is helping clients understand how current and future trends may affect their risk program.
Every so often we think it is a good idea to talk about what may be happening regarding insurance and risk management. We review many different insurance publications, insurance company bulletins and other professional’s opinions, to analyze these trends. This allows customers to make educated and informed decisions about their individual programs.
What Is Going On That May Impact Your Risk Program