Why A Trained Agent Is Better Than An Untrained Agent

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Agents 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

  • Enhances your company’s reputation. 
  • Employees desire professional development.
  • Helps agency attract and retain the best employees.
  • Increase the collective knowledge of your team.
  • Boosts your retention.
  • Allows you to truly provide “trusted advisor” solutions to your clients.

Training benefits to clients

  • Allows agents to bring a much broader knowledge base to problem solving.
  • Agents are more equipped to educate clients.
  • Provides a basis for providing business solutions beyond just insurance.
  • Trained agents are generally more knowledgeable about many different industries.
  • With a trained agent you can lower your cost of risk.
  • Professionally trained agents understand in greater detail how insurance is designed to work.
  • Highly trained agents can help you navigate difficult claims to your satisfaction.
  • Training is essential for knowledge transfer. It’s very important to share knowledge.

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

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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.

Do You Want To Avoid Unhappy Customers?

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Does anyone like having an unhappy customer?  Do you really like having to deal with a frustrated client? I do not; and I try really hard not to have them. According to customer service experts, customer satisfaction, or should I say un-satisfaction, can be boiled down to these areas:

  1. Customers do not feel heard
  2. Customer expectations are not realized
  3. Promises are not kept
  4. Agents are selling policies, not solving problems

In one survey by the Better Business Bureau serving Chicago and Northern Illinois, researchers found 30% of unhappy customers will simply move their business.

How To Improve Customer Satisfaction

Stop selling and start solving problems — It is easy to sell a client an insurance policy, but that may not always be the best for the client. There are other solutions like self-insurance, contractual transfer, or even a modified policy with high deductible.

Focus on personal service – Take care of your customers like they are real people; because they are. Listen with understanding and sympathy.  The customer’s first impression of you is all important in gaining co-operation. You can do this by acknowledging not just the facts of the situation, but also acknowledging how the situation made them feel. For example, “It must have been frustrating for you to bring home our product only to realize it wasn’t the right model for your needs.”

Take responsibility — Never, ever blame or make excuses.  Instead, take full responsibility and the initiative to do whatever you can to solve the problem as quickly as possible.

Always give your customer options — Never limit your solution to just a quick insurance fix.  Ask questions to get to the issues, and then offer more than one alternative.

Show them, don’t tell them –– Present the solution, or option, to the client and then show them how you will respond. The sooner you deliver on the solution you promised, the quicker you’ll be creating another friend of your business.

We all want happy clients, but it does take work. A happy client is a happy business! GO win the day!

What Does Outstanding Customer Service Look Like?

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Have you left a business and thought, “How are they even in business”? Or have you gotten off the phone and said, “They don’t understand or care about my needs or even respect me”?  We have had those experiences, and we don’t ever want any of our customers to feel that way about our firm.

Outstanding customer service can mean something different to each person. However, we believe there is a basic underlying attitude of a firm that provides outstanding customer service. We would like to share our thoughts on what our firm believes contributes to outstanding customer service. Outstanding customer service is a mindset that we want every employee to have.

We practice three basic principles when relating to clients: empathy, appreciation and helpfulness.

  • Empathy – We will consider and understand your opinion and needs. We will educate you on the details of insurance so that you can make an informed decision.
  • Appreciation – You are important to us and you should be told so. We will value our relationship with you and treat you with respect and trust.
  • Helpfulness- When you call our agency you will talk to a licensed professional who lives and works in the community. We will listen to your requests and provide thoughtful responses. We will always say thank you. We know you have choices when it comes to selecting your insurance agent, and we appreciate that you have chosen us.

Here are other guiding principles that every agency should live by

  • Do what you say you are going to do. If you say the certificate will be delivered by 10:00 am Tuesday; deliver it before or on time.
  • Own your mistakes. No agency is perfect, so when a mistake is made, take responsibility and identify corrective measures to prevent it from happening again.
  • Care about the customer. Genuinely care about your customers and their experiences. When a loss occurs we will get involved as if the loss happened to us.

Insurance is not a product. It is a promise and a trusted relationship. Here at Reichley Insurance Agency, we are not going to sell you something you don’t need. We want to talk to you, determine your needs, and get you covered at the right price.

 

 

 

 

 

Five Things to Do Before You Start Your New Business

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The latest news from the Small Business Administration is that only 60% of new businesses survive at least 2 years. Of that 60%, only 44% survive another two years. It is a fact that more small businesses fail then succeed. The two main reasons for failure are lack of planning and funding. While we can’t help with the funding part, we can offer some ideas about new business planning.

We found at least five things entrepreneurs should consider as part of their development process. We understand there are more, but this is a good start.

  1. Understand the risks and legal issues – It is important to any new start up to understand all the legal and regulatory statutes and laws surrounding their business. Hire a good attorney to help you; it will be worth the expense. Hire a professional insurance agent to help you understand what your risks are, how to manage the risks, and how to protect yourself from the risks.
  1. Start with a good name – Your name needs to tell the story of what your firm does. For example, if you are starting a bakery, the name “Smith Brothers” fails to tell the public what you do. Also, depending on your market, it is probably not a good idea to use a foreign language as part of your name. Keep your name simple but innovative.
  1. Develop a marketing plan
    1. Who is your target market?
    2. What is the current competition?
    3. How can you fill a need?
    4. What strategies do you need to undertake to tell your story?
    5. What are the costs of doing business?
  1. Develop a Web strategy– It doesn’t matter what business you are in, you must develop a web presence. This would include a web page, social media (Facebook & LinkedIn) and a blog. For some industries, Twitter and Pinterest are important as well.
  1. Seek out mentors and advisors– Whether your mentor provides pointers on business strategy, helps you bolster your networking efforts, or acts as a confidant, it is good to have someone on your team. Hire a competent attorney, insurance agent, accountant and payroll HR/firm

Insurance is not a product. It is a promise and a trusted relationship. Here at Reichley Insurance Agency, we are not going to sell you something you don’t need. We want to talk to you, determine your needs, and get you covered at the right price.

Good luck and call us with any questions so we can help you achieve your goals!

Insurance & Risk Best Practices

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What Large Companies Do To Lower Costs That Any Company Can Do

As we continue on our journey to a better understanding of insurance, we thought it would be informative to identify some risk management “best practices” of larger companies. We believe that many of these “best practices” can, and should, be discussed with businesses of all sizes.

The good news is that these generally don’t create additional costs to the company; in fact, they usually reduce costs!

Insurance & Risk Best Practices

  1. Big Companies View Their Broker/Agent As A Trusted Advisor. The best way to accomplish this is to not bid insurance, but rather select an agent based on qualifications and the best fit with the goals of the business.
  2. Consider Modifying The Insurance Program With The Swings In The “Market”. For example, during a soft market you are able to lower deductibles and broaden coverage. As the market cycles up, you are able the increase deductibles to offset premium increases.
  3. Develop Cyber Breach Procedures. Small to medium sized businesses have a greater chance of having a cyber-breach than they do of having a fire. Here is an excellent resource from Experian
  4. Wellness Has Become A Norm. According to an article in the Louis Business Journal, “employee absenteeism is reduced when wellness programs are implemented”. In a study by Prudential Insurance, disability days were 20 percent lower and disability-per-capita costs were 32 percent lower, after implementing a wellness program. In addition, annual medical costs fell by 46 percent.
  5. Human Resources Is Part Of The Management Team.As the workforce gets older, finding ways to attract younger employees will be important. Developing new nontraditional compensation formulas and work hour flexibility will help attract and retain top performers. Develop an employee handbook and keep it updated. Educate and train all employees.
  6. Separation of Accounting Duties. A recent report issued by The Association of Certified Fraud Examiners, places the cost of employee fraud at 7% of annual revenues. Companies with less than 50 employees saw a median loss of $50,000. Separate check writing and depositing responsibilities, and have an annual audit by a qualified firm.

At Reichley Insurance, our employees are committed to developing ongoing communication with our clients and striving to exceed your expectations. You are not buying a product; you are managing your risk. Remember, insurance is not a product; it’s a promise and a trusted relationship.

What a Customer Centered Renewal Looks Like

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Our agency is founded and run on the philosophy that client’s needs come first and foremost. We know you hear that a lot, so we wanted to tell you how we carry out our philosophy day to day. This article is the continuation of our series on how to think differently about insurance.

Previously, we have encouraged you to think differently about the insurance buying process. In this article we wanted to give you an idea of what a customer centered insurance renewal looks like. A Customer Centered Agency considers the customer in everything it does; from product and service development to the entire customer experience.  A Customer Centered Agency also speaks to its customers in English, not insurance talk, and makes it easy for customers to do business with the agency.

Customer Centered Insurance Renewal

  • Reichley Insurance will contact you prior to renewal to review any changes in your risk and to determine your individual needs.
  • Part of the process will include explaining coverage, terms, and any questions you may have.
  • We discuss with you your budget and exposures.
  • Our team will take the time to explain to you your options and suggest a plan.
  • We will market your program with the leading insurers, and then deliver to you the best options based on our conversation.
  • Your program will be finalized and delivered to you as promised.

These are Reichley Insurance Agency’s highest priorities.  Achieving these priorities enables both collective and individual success, and thus fulfills our mission.

Why Relationships Matter

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This article is the continuation of our series on how to think differently about insurance. The relationship between you and your agent is the most important part of insurance and risk management process. Your agent’s ability to serve and understand you will impact everything else.

People Before Policies

Reichley Insurance is in the business to meet people’s and business’s needs. We don’t ever just sell you a product. We create and deliver personal and business solutions that address your individual needs, and sometimes that may not include any insurance if it is not in your best interest. Our belief is that by doing what is best for you… we will also benefit.

Education

Smart and informed buyers are the best buyers. We want you to be informed insurance buyers. Our goal will be to educate you on “trending” issues that are important to your family and business.

Relationships Matter

Partnerships are built on trust over time. Our goal is to be viewed by our clients as a trusted partner. If an accident or disaster strikes, Reichley customers can contact our agency staff 24/7 and work with our trusted team. We partner with only the most respected and trusted insurance companies.

We Listen To Your Needs

Unlike some big national firms, we don’t have a set of scripted statements to give to you. We listen to what you are saying and then respond accordingly. We ask the right questions to find the individual insurance solution for you.

We Have a Team of Experienced Professionals

We know and understand your industry.  Before we do anything, we take time to get to know you.  Our staff has a deep understanding of how insurance works and we continually seek training and education. Our team has over 150 combined years of experience.

These commitments result in the highest of customer satisfaction and confidence. They are Reichley Insurance Agency’s highest priorities.

A New Way to Think About Insurance

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Congratulations! You got past the title and are now embarking on a new way to look at the insurance buying process. Over the next few months we would like to offer you an alternative way to think about insurance that will change your purchasing experience.

We will start with a few basic truths that we believe in. We will share these truths in greater detail over the next few articles.

  • Insurance is a service not a commodity.
  • You can never get the right insurance for you needs online in 7 minutes.
  • There is more to insurance than a policy.
  • Insurance was designed to be a relationship between the customer, agents and insurer.
  • Your insurance agent should be as valuable as your CPA, attorney and financial advisor.
  • If all you get from your agent/company is a policy, then they are overpaid.
  • Insurance ads are confusing because they make you believe that all insurance is the same, and we all know that not to the case.
  • To get proper coverage, a knowledgeable agent and great service, buyers need not pay any more.

The very core of what we value is that providing reasonable solutions to people and businesses should come before everything else, even if what we recommend means not selling you insurance. That is what we will do.

We want to inform you about the value and importance of developing a relationship with your agent. The qualification of the agent can make a difference in your insurance coverage.   The national companies spend millions of dollars in advertising while offering only a minimal amount of coverage. The main purpose of insurance is to have your claims covered. In order for your claims to be covered you need an individualized policy that addresses your risk and needs. Only then, will you have the right coverage.

We hope you will join us on this journey, and in the end decide that there is a better way to buy insurance and have true peace of mind.