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risk

Prepare Your Business For The Future

If your business survived 2020 and 2021, there is hope for the future. Having survived the past is a good indication that your business is strong and prepared for the future. But it is essential to understand that the risks of the past change and the risk your business faces will be different. It will be important to understand your future risk to have a strategic plan on how to analyze, manage and insure these new risks.

Trends That Are Not So Good

It is becoming more frequent for non-insurers to establish insurance firms. Some automakers now provide or even design their auto insurance packages to sell alongside the vehicles they produce.

Insurers rely on data to determine their coverage and price. This takes the relationship and uniqueness out of the process.

We believe it is vital to understand the uniqueness of each business, not lump them together.

More insurers are offering online insurance. So now, business owners will have to determine what coverage they need without any professional help. This will also allow insurers to limit coverage and even deny claims without the business having proper representation.

Future Risk Trends

Environmental, social and governmental activism

Businesses are becoming a target for many new areas of social and governmental influences. Make sure your insurance can address these issues.

Cyber liability

Did you know that the average business has a greater chance of having a cyber breach than it does of having a fire? It is true, and your business insurance policy most likely will not cover cyber liability losses. This new world of connected devices promises insights on which companies can base strategic decisions.

Economic uncertainty

The next few years will be a special time for most businesses. It will be important to understand how to design an insurance and risk plan that can respond to losses that allow your business to continue.

Supply Chain

Today’s complex business environment does not occur in a vacuum. Companies are interconnected networks with several internal and external stakeholders. As the business world grows more interconnected and dynamic, it’s critical that you have a thorough grasp of the risks to your day-to-day operations and are prepared to handle them. Business interruption losses can range from decreased sales to increased operating costs because of the loss of a crucial supplier to the loss of future revenue streams as a result of a disruptive incident.

New Work Environment

Agents and insurers may increase their relevance by providing specialized protections for remote workers and small home-based enterprises that reflect how people live and work today.

Final Thoughts

Businesses’ needs are not the same, and the insurance and risk solutions they are provided should match their individual risks. In order to ensure that the program that is tailored to each and every customer, agents should develop relationships and insurer analytics to better understand their customers’ risk exposures. Understanding the business’s needs and risks leads to a framework for providing better solutions to their customers.

 

risk

Is Insurance Your Only Option?

We will be the first to say that certain types of personal insurance may not always be best for your needs. We believe each client is unique and therefore requires unique insurance solutions. But there is more to the process.

First, you and your agent need to talk about what your risks and goals are regarding the issues. Your agent should be able to help you identify all the risks and, only then, provide solutions.

Here is a good example

We recently had a client buy an older used car for one of their kids. After we reviewed the ACV value for the client, we recommended that he not purchase collision coverage. We told him to use the savings to put into an auto replacement fund. This will save the client hundreds of dollars over time.

Here are other kinds of insurance you may not need

  1. Universal life – Typically, term life insurance is going to be a better fit for you. Term life costs less, and you can take the premium difference and invest it yourself.
  2. Extended warranty plans – These are never a good idea. The warranty premiums are mostly commissions paid to the salesperson. Some credit card companies offer this protection if you make the purchase with their cards.
  3. Pet Insurance – Pet insurance usually is very limited in coverage and very costly.
  4. Insurance on outstanding credit card balances – This type of insurance can be costly, and there are a lot of loopholes to go through before any benefits are paid.
  5. Mini Storage Insurance – As long as you have homeowners or renters insurance, you don’t need to buy special insurance. Most policies have automatic coverage for property away from your primary premises. Call us for details and limitations.
  6. Rental car collision insurance – If you already have collision insurance from your personal auto insurance, you don’t need to buy additional insurance from the rental company.  However, opting for additional coverage could be worth the price if you don’t have collision insurance. But if you’re charging the rental to your credit card, it’s also possible to get coverage through them.
  7. Mortgage life insurance – This protects the bank, not you. If you were to die, the payout goes to the bank, not your family. You are better off buying term life insurance.
  8. Flight Insurance – This is completely unnecessary, as airline accidents are rare, and your life insurance policy should already provide coverage in the event of a catastrophe.
  9. 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.

 

partners in risk

How Insurance Agents Can Deliver Wow Customer Service

To ensure that your customers feel valued and appreciated, you need to provide wow customer service. Excellent customer service entails a number of traits. Today’s business climate is highly competitive. In terms of features, products agencies generally compete head-to-head. When things are too identical, the customer service and the agent’s ability to create a real relationship make the difference.

Here is what agent should do to build strong relationships

Place your clients’ needs above selling a policy.

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.

Educate don’t sell.

Your goal is to educate you so you can make informed decisions. The more they know, the better decisions they will make. It gives you better value out of your insurance.

Know your product or service.

You must know what you’re offering inside and out to deliver excellent customer service. Make sure you and your front-line employees understand how your products or services work. Be aware of the most often asked queries by consumers and know how to respond in a way that will satisfy them. Understand that there are not one size fits all insurance products.

Listen to your clients.

One of the most basic techniques of customer service is to listen. It entails listening to both what your consumers say and what they are communicating nonverbally. Keep an eye out for signals of dissatisfaction and pay attention to what they say directly to you.

Ask for feedback and receive it.

To make the feedback you receive from clients helpful in your customer care process, you must do something with it. Take the time to examine feedback regularly, find areas for development, and implement specific changes in your company.

partners in risk

What’s Trending In Insurance For 2022?

Changing consumer expectations, employment issues, supply chain issues, political unrest, and remote working will all have an impact on the insurance landscape in the coming year. Let’s look at some of our predictions for the most interesting trends that will emerge in the insurance industry in 2022.

2022 Predictions

  • When it comes to where and how to buy insurance, consumers will have more options than ever before.
  • Cyber-attacks will increase for both individuals and businesses in 2022.
  • Remote work will continue to grow in 2022.
  • More people will start home businesses, requiring a review of personal insurance coverage.
  • Advanced Driver Assistance Systems (ADAS) and linked vehicle technologies are on the rise.
  • COVID-19’s disruption of supply networks is expected to last well into 2022. However, with the reinvention of traditional freight and cargo insurance products, the related business disruptions and frustrations may be alleviated.

Recommended Actions

  • Start the renewal process early with your agent.
  • Collect precise information on your risk with your broker. This will help you stand out in the crowd.
  • Use an agent that desires to build a relationship and provide education on your risk and how best to manage it.
  • For commercial accounts, address loss control advice and talk to your underwriters about your efforts. Underwriters appreciate proactive loss management because it displays a commitment to risk mitigation.

 

Which Insurance Agent Is Right For You?

Selecting an insurance agent may be one of the most important things you do.  Every family needs a good accountant, financial planner, and insurance agent to be looking out after their interests.  However, in today’s world, it may be hard to move your thinking away from the idea that the lowest price is the best, to getting the best value for your dollar.

We want to offer you a fun way to learn why your agent is more important than your policy.  We do this in the “Dear Abby” format—except it is “Dear Perk.”

Dear Perk: What does an insurance agent do?  In addition, is one really needed?  From – Wondering Will.

Dear Will:  A good insurance agent will help you understand what kind of insurance you need, first by educating you, and then offering solutions specifically designed for your family.  An agent asks you questions like, “What keeps you up at night,” or “Tell me about your lifestyle?”  Without an agent, there is no one looking out after your needs. Your agent will be there for you in the event of a claim and can provide valuable advice to make sure you get the full value of your policy.

Dear Perk: Aren’t all insurance agents the same?  From – All The Same Sam.

Dear Sam: No, insurance agents come in many different forms.  I recommend independent agents who represent many different insurance companies.  They are familiar with all types of policies from different carriers in the marketplace, and will create a better value by selecting what is best for their clients and not just selling you what products they have on hand.

Dear Perk: Our family has been blessed with great jobs that have allowed us to afford many luxury items.  Do I need any special kinds of insurance?  From – Very Blessed Brian.

Dear Brian: There are some very specific kinds of insurance we might recommend to people who have a high net worth.  Of course, we would want to meet with you to ask a series of questions in order to educate you and create a personal insurance portfolio just for you. However, here are a few ideas to get you thinking about your insurance needs.

Have you considered:

  1. A personal umbrella policy. This coverage offers higher limits for people who desire to protect their wealth in the event of a serious claim.
  2. Insurance for collections. Many people have wine collections, art, jewelry,and other high-end items that need to be insured.
  3. Insurance for a second home. If you own a vacation or rental home it is important to have that insured.
  4. Loss of use coverage. In the event your home is damaged, and you need to move out during restoration, you need coverage for a hotel, food, and other expenses. These can be covered under your homeowner’s insurance.

These are just a few thoughts we have regarding the importance of your insurance agent. “We believe insurance is not a product, it’s a promise and a trusted relationship”.  Please make time to hire the right agent with whom you can build a trusted relationship.  Then follow their advice and direction.

 

 

What Is Your Value Proposition?

Most business owners can see an insurance agent coming a mile away. Agents, that is not a good thing. Insurance buyers have created a defense mechanism that makes it hard for agents get through. The primary reason for this is agents are far too often just interested in selling a product, not providing a solution.  Business owners don’t want to feel like they are a number or that the agent is only there to make a sale. Business owners want to be understood, they want to be educated, supported, and they want a trusted advisor.

Here is what has become the “industries” value proposition

  • Save 10 percent 15 minute or less
  • It is so easy, even a caveman can do it
  • You name your price
  • It is so simple a lizard can guide you
  • We have a special gun, and it knows how to save you money

A value proposition is what makes your agency unique and explains why someone would want to do business with you.

One way an agent can help is to develop a value proposition. Your value proposition should go beyond the product pitch and go deeper into the why and how you are an agent. When you build your unique value proposition, you need to start with answering a few questions

  1. Who are your clients?
  2. How do you help your clients?
  3. What problems do you solve?
  4. Why are you different than other agents?
  5. What services other than insurance do you offer?
  6. Why would anyone do business with you?

These are not value propositions

  • We have been in business for 50 years
  • We are a third generation agency
  • We have more markets
  • We are local

Here is our value proposition

  • We listen to your needs
  • We place people before policies
  • Insurance is a promise, not a product
  • We would rather educate you than sell you
  • There is no one size fits all insurance product

The benefits of redefining your value proposition are that clients will see it and it will enable you to build longer more valued relationships.

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

 

Communication Is key to Any Relationship

We live in the greatest age of communication. Today there are more ways to connect with each other than any other time in history.  For example, we have access to personal cell phones, email, web pages, videos, social media, traditional mail and more. So why don’t you and your independent insurance agent communicate more often? And, when you do communicate with your agent, what kind, and how much, communication is valuable to the agent/client relationship? Reichley Insurance is attempting to create a new way of thinking about the agent/client insurance relationship.

Let us start by asking and answering the following question, “What kind of communication and service are you getting from your agent”? If all your agent does is send you a policy and an invoice, then your agent is way overpaid. There is so much more that an agent should be doing to educate and serve you. Here are a few examples of what our agents at Reichley Insurance do:

  1. We ask questions about your risks.
  2. We educate you on these risks and their impact.
  3. Together we select a program that fits your needs.
  4. We continue to educate you through regular communication.
  5. Our web page offers ongoing education.
  6. If there is an important event that may affect you, we offer solutions.
  7. We send you automatic emails about every policy transaction.
  8. We provide a letter with each insured renewal package explaining coverage changes and options.
  9. Our experienced staff is able to clearly discuss issues and solutions.

Recent J.D. Powers & Associates.com score study found consumers find agents easier to use than a black-box 800 number or a website, and still prefer to finalize their purchase through an agent whom they can visit or call. In today’s cyber world, an agent should provide that desired personal touch.

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.

Customer Service Skills Your Agent Needs

Insurance agents should always be considered a trusted advisor. As such, there are many unique skill sets an agent should possess. Without these skills you run the risk of having the wrong insurance program, being uninformed regarding your risks, and be frustrated whenever you call or meet with your agent.

Here are some of the skills of a trusted advisor:

  • Has under taken additional training in the field of risk management and insurance.
  • The trusted advisor puts clients’ interests in front of their own. Selling is dead, education is thriving. A trusted advisor will always put education over sales. If we stop trying to just make a sale and truly understand the customer needs, trust is formed.
  • A trusted advisor is genuinely interested in their client’s business success. By showing this level of interest their clients were more open with them and invariably opportunities were identified through discussion.
  • A trusted advisor has a team of experts working together to meet the client’s needs. You will receive personal attention and our team will even come to you. After you describe your personal situation, you will be presented with a custom-tailored insurance solution.
  • Seek to understand. As Steven Covey so succinctly puts it in the The Seven Habits of Highly Effective People – “Seek first to understand and then to be understood”.
  • Trusted advisors are genuine, real, individual people. People can sense when others are being insincere and the relationship never develops beyond the civil stage as the client mistrusts the sales person’s motives.