How To Develop a Great Relationship With Your Clients

One of the most important things an agent can do is to develop a trusted partnership with their clients. A trusted relationship does not come quickly and means agents and their clients must look differently at the insurance buying process. There are many things an agent can do to build productive relationships with their clients.

Agents Must Take Action

Listen To Your Clients. The best way to know and understand your clients is to ask questions then listen to them.

Spend Time With Them. Agents need to make time for their clients besides just the renewal. We recommend you find ways to touch your clients monthly, with a newsletter, card, visit, industry gathering or a personal visit.

Get Your Team Connected To Their Team. It is often a great idea to have your agency team, and your client’s associates meet to get to know each other. This can be done at a social event or something like a lunch and learn.

Do Something Without Being Asked. Agents tend to get in a mindset of insurance, stop that way of thinking. If you just finished reading a good business or management book give a copy to your client. If you are heading off to a seminar, ask your client to go with you.

Be A Problem Solver. Get educated in your client’s industry, and then you are better able to help them solves all kinds of problems other than insurance.

Be Willing To Sell Less Insurance. This a tough one for agents to get over. But a trusted relationship starts with your client believing you are interested in what is best for them, not the agent selling more insurance. There are many other risks and none risk solution to your client s issues and concerns, get educated in these and be willing to educate and inform rather than sell.

If agents started to practice these six items, clients would become more interested in sharing all of their concerns, and you will become a valued business partner.

“You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.”– Dale Carnegie

Reichley insurance believes insurance is more than a transaction. Insurance involves a trusted relationship built on a promise to put people before policies. Our promise is to listen to you, identify your risks and provide solutions. Every employee has the heart of a teacher. Connect with us to experience The Reichley difference.

Perk Reichley and Bob Lilly

#insurance #riskmanagement #customerservice #busienssinsurance #selling #educating

 

How You, The Customer, Benefits From Hiring A Trusted Advisor

Max Integrity Meaning Upper Limit And Virtue

Over the past year or so, we have been discussing the importance of looking at insurance as a service rather than a product.  One area we have not spent much time on is how this adds value and benefit to the customer.

It would seem to me that every family, business owner, or business manager would want to have the following benefits:

  • The complex becomes clear. When you have a relationship with the agent who is serving you, they will make the complex world of insurance understandable.  Only an agent who educates first will be able to help you understand your risk and how best to manage it.  The trusted advisor cuts through the clutter to find the right solution that will solve your problem.
  • Is Insurance the only option? Clients may not always understand that there may be other ways to handle a risk.  A trusted advisor is in the education business—not the selling insurance business.
  • Value-added benefits. With a trusted advisor, you the buyer will have all the resources and knowledge of the agent and his/her team.  You will have help in understanding the buying process, creating of solutions that are designed for you, and support in bringing recommendations to others in your organization.
  • You have access to other experts. Wouldn’t it be great if your agent brought to your team attorneys, accountants, claims experts, loss control professionals and more?  Well, a trusted advisor will do just that.

This is a different mindset for the buyer and agent, but when done correctly it can provide real benefits to your family, business, and life.

Why Insurance Is Not A Product

No matter how hard television advertisements try to convince you that insurance is a product, it is a service. Some advertisers use animals, actors pretending to know insurance, or wild claim examples to convince you that all you need is a simple internet policy and your problems are solved. They claim that the lower the premium is, the better it is for you.

Low premiums do not equate to the right coverage for you. Do not be fooled by actors trying to convince you that insurance purchased online in ten minutes will respond to a serious accident or injury. These advertisements focus on cost rather than the value of the service purchased. What we should be focusing on is the value of a policy in relationship to a purpose.

The value of a policy in relationship to a purpose

  • Get away from the idea that consumers should primarily focus on the price they are willing to pay for coverage, rather than making sure they have the coverage they need.
  • You cannot cover your risk by arbitrarily choosing an amount you are willing to pay for a policy. You need to make sure that your risk is properly covered.
  • Beware of insurance companies who have brands that claim, “We are the cheapest so we must be the best!”, or “We cover that crazy football party claim (less than .00001% of all claims) so we must cover everything else.”
  • We want our clients to understand the purpose of insurance and the value of the many solutions available.

Insurance Is a Promise of Service

  • Agents should help their clients determine why they are buying insurance.
  • Insurance is designed to protect individuals and businesses from the unexpected. It is important to help clients understand possible implications of actions.
  • Agents need to educate clients on the difference between low cost and value. Office Depot aired an advertisement a few years ago that explains this concept.

Source for some of the information in this article; Timothy P. O’Brien

Your Policy Is Only As Good As Your Agent

To say that your insurance policy is only as good as your agent is a bold statement. You have also heard me say, that not all policies are created equal. Just what do I mean by this? The idea is that your agent is the most important part of your insurance program. Here are three reasons why this is true:

  1. Insurance companies only offer a policy, they do not design coverage. On the other hand, independent agents can design coverage that is best for your specific needs.
  2. Independent agents work for the client, not the insurer.
  3. Experienced agents can help you identify and manage your risk, rather than sell you a policy.

The best way to ensure you are getting the best advice and value is to have a trusted relationship with an experienced agent. Like any relationship, communication is the key. A good agent will listen to the customer and offer risk and insurance solutions. There are times when insurance is not the best solution. Again, here are examples:

  1. Contractual Risk Transfer – There are many ways to transfer your risk through a contract or agreement. An example might be for products liability. If you are distributing a product manufactured by another party you can transfer the product liability to them, rather than take that risk on.
  2. Self-Insure – There are times when the risk may be such that you are better off self-insuring rather than spending a lot on an insurance policy with a super high deductible. Sometimes, you can mitigate risk by putting risk control techniques in place to reduce or eliminate the risk all together.

Only an agent who is interested in your best interests would offer you options that included no insurance. Rather than using any agent to get you an insurance quote, select a qualified independent agent who will collaborate with you and design a risk management program that meets your needs.

 

Low Premium Vs. Value… Which Is Better?

Many people think the best way to select an insurance agent is to hire the one that offers the lowest possible price. Lower price can mean inferior coverage and that’s fine until you experience a loss that isn’t covered. My goal is to help you understand that there is more to insurance then getting the lowest price. I use concepts like value, cost benefit and service as a foundation for the agent/customer relationship.

Here are a few ideas to help you along your path

Independent agents offer more options. Independent agents represent many different insurers. You want an agent who represents many insurers; especially an insurer who have experience in your specific industry, and who is willing to take the time to get to know you. Allow the agent to market your risk with many different insurers, this is a good way to bring vale to the process. You want a relationship, not a policy.

What can your agent offer? If you own a business and are looking for an agent to write your commercial insurance, you want to make sure they have experience in your industry. If your agent only has experience with personal lines, do they really have the experience and knowledge you need?

Know your agent’s credentials and experience. Ask your agent about their experience and qualifications. Are they investing in extra training and or do they have accreditations, like ARM or CIC. Also ask about their staff, is the account manager also seeking additional designations.

Does the agents personality fit with yours? Your agent can become trusted advisor and help you with many areas of your business. This involves building a relationship of trust. You will want to have a comfortable, professional relationship with your agent, so you can ask questions and get the straightforward responses you deserve.

Your agent can build an insurance program that provides sound insurance and risk management that adds value. And in the long run value is much better than low price.