The Best Kept Market Secrets for Commercial Insurance Brokers

When business owners decide to buy insurance, they put a lot of thought and consideration behind it (or they should). So, when they approach you, whether it’s through a phone call, an email, or an office visit, you have to be ready to meet their needs and expectations. Moreover, it’s essential to understand that the quality of your service will directly impact their lives moving forward.

Here are some of the most vital qualities that a commercial insurance broker needs to possess:

Product Knowledge and Experience 

Business owners buy insurance because they feel that they could experience a financial risk in the future. Some risks can cause irreparable damage that there’s no turning back from. Therefore, as a commercial insurance broker, you have to be aware of all the inner workings of the insurance industry, and possess all the necessary skills to tackle any hurdles that might come your client’s way.

A good commercial insurance broker assists business owners in assessing potential and persistent risks that their company is facing. This way, they are able to recommend the appropriate insurance policy that can best address the identified risks. A commercial insurance broker may also refer their clients to a lawyer or accountant, depending on the circumstances.

Have Good People Skills 

The relationship between insurance broker and their clients stands on a foundation of mutual respect and constant communication. Therefore, an insurance broker who cannot get their clients to open up and retrieve the necessary information might end up advocating the wrong policies. This can lead to a catastrophic impact for both parties moving forward.

Your clients will initially be wary of how you conduct yourself. So, make sure that you come off as a professional social, and knowledgeable broker. One way that you can do this is by empathizing with your customers. An article on Harvard Business Review found that businesses could greatly reduce their customer attrition by 4% by establishing an emotional connection with their clients.  So, make a proactive attempt to listen to what they’re saying. You can also take notes of specific points that you feel need to be addressed.  

A research paper of ResearchGate found that factors ranging from trustworthiness, expertise to physical appearance had a significant impact on customer’s willingness to make a purchase.  

It’s only once you get a solid understanding of your customer’s needs that you can identify the best insurance type and policy for them. Therefore, while advising your clients, make sure that you’re also explaining each policy’s strengths and weaknesses and their alternatives.      

Drive and Determination  

Your client will closely assess your performance as a broker all through the insurance process. They can easily decide to replace you with another agent anytime they want. If you’re going to establish yourself as a professional commercial insurance broker, you will need to show that you have a strong work ethic and are driven to ensure that your clients receive the best service.

But being determined isn’t enough! Not all clients are built the same, and a proper broker should also know how to customize their approach to guide clients through the insurance process.

In particular, business owners applying for insurance for the first time will appreciate and value such qualities in a broker.       

Provide Exemplary Customer Service 

One of the most efficient ways to ensure that your client stays with you is by offering top-notch customer service. Make sure that you’re well prepared to answer all questions that your clients could ask. Put in the time for research beforehand and make sure that you’ve got the full picture of the situation.

Good customer service also entails keeping things transparent and not delaying any positive or negative news involving your clients.

Keep in mind that clients are more likely to establish long-lasting relationships with a broker who is trustworthy, reliable, and efficient at their job.

Availability

Successful insurance brokers can be reached at any time of the day or night. Think about the last time you called someone during an emergency. Now remember how frustrated and helpless you felt when your phone call went unanswered. When a customer contacts you, it’s usually always because they have something essential to discuss.  

Make sure that you’re providing timely responses to any queries and phone calls that come your way. If your clients can get a hold of you when they need to, they are more likely to stay happy. 

Also, make it a point to be present throughout the insurance claims process. Your clients will appreciate even the most minute of extra effort you put in. It can also help you get clients through referrals.