The Importance of Building Quality Insurer Relationships
I think we all as Insurance Brokers know this all too well, but don’t you get the feeling this rings true more than ever in the market we are experiencing?
Our role as the intermediary between clients and Insurers and that connection is crucial for each respective business. That’ll never grow old or out of date.
Yes, Insurance companies have copped it big time in the last few years from customers, governments and the media. Not ideal for the industry we work in, but I think the value in our relationship with them is at a time where we need each other, through the good and bad, and that we are moving forward together.
It’s no secret we are conducting client business in probably the most challenging and ever-changing insurance environment we’ve seen. More than ever the relationship with Insurers is key to overall success and for our clients to maintain the highest level of insurance protection, whether that be a household policy or a complex small business renewal.
What is the one thing Brokers desperately want more of, but can never find or even get back?
I sometimes wonder whoever came up with 24 hours in a day as it just doesn’t seem like enough in today’s world. We are all struggling to get the most out of our work day and I truly believe great Insurer relationships can only support that. We have to be thinking for the year ahead and manage time and expectations of our business, our clients and the Insurers we deal with each day.
Strong Insurer relationships are ones we need to continually nurture and build for the future for all staff to benefit from. New and innovative products and bespoke coverage can only help with our time management and client needs. Long-term partnerships are key in this current market and having a strong relationship with Insurers means we can all save time, can service our clients appropriately and make the best decisions due to trusted advice.
It’s also about trust and reputation between Insurer and Broker which ultimately builds that trust we all crave with our valued clients. We need to know them and they need to know us and trust is only built on a relationship built over time. Communication with them throughout the year can only help and we are all working towards that competitive advantage. That advantage ensures we retain clients and can certainly attract new ones. Insurers offering us valuable insights into certain industries or trends give us the leverage to take back to educate our clients and offer that informed advice.
From my perspective, this is where the real magic happens………… Trust, reputation and communication is where Brokers really show their worth when it comes to dealing with claims. That trust and communication with our Insurer partners help resolve claims faster, get better settlements and helps everyone’s brand and maintains client loyalty and satisfaction.
Yes, it really is tough out there, but we need those strong relationships with our Insurers more than ever as part of our connection with our clients. They are all our partners.
Some Final Tips & Observations
- For the younger Brokers out there have your Underwriter /Relationship Manager or Claims staff contacts handy across different product lines. Use them and have that conversation. We all learn something new every day in this great industry. Start the connection.
- Use an Insurer’s skills and expertise to understand certain industries better. We don’t know everything. Our industry has exceptional Underwriters and Claims staff who are knowledge banks of underwriting criteria, market trends and risk management & claims advice. This only helps with our client connections and builds trust and education. Everyone wins.
- If you have a spare few minutes pick up the phone, go grab some breakfast or lunch together with those Insurers you are building rapport with and just say “G’day. How are you travelling in this market & Thank you”. It’s not always about when you need something. It’s a time to disconnect from the transaction and make that special connection.
- Even if the Insurer’s decision is not one you wanted don’t take it too personally. There will be plenty of opportunities and you will need to call upon that Insurer again no doubt. Think about the year ahead. Understanding their reasonings which will only help strengthen your relationship.