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successful people

Successful people have a high-demand, on-the-go lifestyle hence a strong relationship with an insurance broker is imperative in the complex and competitive world of insurance.

Advisors who establish a long-term connection with their clients are able to tailor their advice, and provide the best bespoke products to their client. However, there are key qualities required when establishing a strong client-advisor relationship. Having someone with just the knowledge, experience and professionalism is not the only requirement, clients also need to consider a proactive professional who can manage their personal needs effectively.

With high customer churn rates in the insurance industry, advisors in today’s market need to focus on client expectations and provide an excellent service to establish trust and long-term loyalty.

It was reported that only 29% of insurance customers are satisfied with their current provider; and fewer than 1 in 6 respondents would purchase additional products (The Accenture Strategy Report, “Capturing the Insurance Customer of Tomorrow”; released in 2015).

This highlights changing customer needs. If brokers can effectively advise, cross-sell and up-sell opportunities that truly safeguard their clients’ future, they are setting themselves up to becoming more successful over the long term.

How can insurance professionals become trusted advisors?

The most successful relationships are achieved when they look beyond just protecting client assets but also safeguarding their lifestyle, hobbies and values. A trusted advisor should understand their clients’ lifestyle, as well as sympathetic to their cultural background, values and needs.

By having comprehensive knowledge of client needs, trusted advisors will be able to effectively cover their clients by being proactive and ensuring those unique personal needs are met. Trusted advisors reach out when their client life situations alter and provide effective solutions to minimise their risks, in order to cover their assets and lifestyle going forward. Over time, clients’ confidence in their advisor increases, enabling them to reach out and seek their invaluable professionalism and expertise on an ongoing basis. The loyalty between the client and trusted advisor will then build over the long-term.

What are the key areas trusted advisors need to know about?

  • At most, they need to ascertain which of their client assets need cover. Is there anything unique? Treasured items? Valuable artwork? Expensive jewellery? Properties? Expensive gadgets and appliances?

Looking beyond just the assets, a trusted advisor finds out:

  • How often does the client and their family travel? Is it predominantly work-related travel or is it mixed with vacations each year and, if so, how many? Do they enjoy nearby beach holidays within their country of residence or seek adventure in far-flung locations? When travelling, do they take expensive jewellery or gadgets with them? And, if so, the trusted advisor needs to provide effective cover.
  • Are they married and/or do they have children? Are there aspects of care for extended family members e.g. ageing parents? Does the insurance need to cover their family as well and, if so, how does the family connect together so everyone can be included in a tailored policy?
  • Does the client have passions or hobbies in which they invest time and money? For example, is he/she an art lover or cultivating an interest in antiquities? All these aspects may not only affect their lifestyle but also how they invest their money.
  • Are they immersed in the designer lifestyle or are more reserved in what they spend their money?
  • What are their cultural needs?

Off-the-shelf insurance products often do not adequately cover the needs of successful people. Having more in-depth knowledge of the client enables insurance brokers to recommend coverage more appropriate for their needs. The type of coverage that clients rely on when the unexpected strikes.

The broker-client relationship is truly tested in the event of a loss. This is when the choice of insurer and coverage can potentially make or break the relationship. When a claim is handled well and the coverage meets or exceeds expectations, an insurance company can support advisors to cement that trusted connection with their client.

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