Insurance brokers are so much more than just sales people

Share this News Post.

Insurance brokers are so much more than just sales people. They’re responsible for managing all sorts of people, solving their problems, and tailoring solutions to make them happy. Customers need to be handled with care, and skilled insurance brokers know how to give each unique one the support they need.

The world likes to believe that when it comes to our money, our decisions are rational. However, the opposite is true. We make emotional decisions and post-rationalize them. This means that at their core, financial decisions are deeply personal, and a good relationship with your customers sets you up for many long-term relationships and a consistent flow of effortless, word-of-mouth marketing.

While the modern world has brought about an abundance of opportunity, at the same time, it has doubled, tripled, or even quadrupled our risk. Today, anything of value must be insured and, so, the number of companies providing insurance is multiplying each year. This has caused the insurance industry to grow increasingly competitive, making it tough for many insurance brokers to survive. However, there’s one thing that can ultimately give you the edge here: your ability to build long-lasting relationships with your customers.

Happy customers are an unmatched strength in this industry. But how do you build and maintain long-term relationships with your customers?

Set realistic expectations from the get-go

Customers must feel that you’re willing to go above and beyond for them. But it’s your job to manage expectations and make sure you’re able to deliver tough messages when the time comes – delivering what you promise plays a key role in determining how many clients will come to you for assistance. It’s always better to under-promise and over-deliver than do the reverse.

Finding a balance of meeting your clients’ needs quickly and bending over backwards for their every whim is crucial at the beginning of your relationships. The expectation you set at the start is what they’ll keep expecting from you. So keep in mind the strategic balance of giving them what they need and setting healthy boundaries.

Connect with your customers​

People like to do business with people who know what they’re talking about and make them feel comfortable, especially during the negotiation of terms or when a solution isn’t linear. What separates a great broker from a good one is the ability to discern exactly what the customer wants and provide the solution that’s best for their pain points, all while ensuring they feel connected-to and trusting-of you. Ask authentic questions and give suggestions – if the customer feels that you genuinely care about them, they’ll keep coming back like clockwork.

Keep on top of your inbox

Prompt responses are of utmost importance in the world of insurance – the most important attribute of good customer service, according to customers themselves, is fast response time. Unanswered queries and delayed responses are the quickest way to make your client feel neglected or unimportant. A crucial component in building and maintaining relationships with your customers is to stay in touch with them.

Flex your expertise

Today, customers can easily compare prices, policy information and insurance providers online to find solutions to their insurance needs. However, this process can feel overwhelming – too many choices paralyzes our decision-making ability.

Begin building trust by demonstrating knowledge of your products and understanding how they can be most beneficial to your clients. Stay up to date on the products and services your company offers – the more educated you are, the more effectively you can select just a few policies that match your customer’s needs. Then, schedule a (COVID-friendly) face-to-face meeting to clarify details and answer any questions the customer might have.

Insurance brokers who are able to make customers feel valued and engaged can build long-lasting relationships with them. Like with any meaningful relationship, to be successful, brokers must be genuine and willing to invest the time required to gain the client’s trust. As a broker, you should leave your clients feeling truly seen and heard – two invaluable skills in the world of insurance.

At Fulcrum Premium Finance, the indispensable relationships we have established with our brokers are crucial to our ability to provide South Africa’s leading commercial premium finance solution. Our brokers offer a reliable source of informed advice backed by years of experience, which allows them to better cater to the specific needs and risks faced by our clients.

Premium financing is an option that should be considered by all businesses, regardless of size or sector. The more sizable or complex the policy, the more benefit the client stands to gain. The best course of action for brokers would be to discuss their book with a premium financing service provider to help decide which clients would benefit the most from a premium financing service. Get in touch with us today.

Related Articles




    How do brokers decide if Premium Finance is right for their clients?
    Brokers should consider Premium Financing for all their clients that have sizeable or complex insurance policies.