The long-term impacts of a global pandemic. Instability, uncertainty, and a tendency to hoard resources. A hardening insurance market with more competition on cost from new providers and digital disruptors.
Clients have never wanted more from their insurance brokers, making it harder than ever for you to succeed. So as they shift their focus to stability, survival, and the future, you need to ensure conversations go far beyond price, to focus on the value you bring.
In these uncertain times and challenging conditions, Chubb is here to support you and your business, and equip you with the insights and tools you need to stay a step ahead.
Get inspired by our virtual sales training session with Paul Reilly, where we give you all the tools you need to make the most of our research, and answer any questions you might have.
Chubb surveyed over 3,000 business and consumer prospects in 15 countries, to find out exactly what's keeping them up at night in today's uncertain market. Here are just a few of the headlines.
are more price-sensitive than they were before the pandemic.
would still be willing to pay more for insurance if someone proactively assessed their vulnerability.
want brokers to empathise and see problems from their perspective.
are open to speaking to experts and advisors to reduce uncertainty.
place more importance on the quality of their coverage than two years ago.
The challenge with value is that it’s entirely personal — and not always totally rational.
It's an outcome — determined by what your client sacrifices, and what they gain. The more they gain, the greater the value.
The value formula below is a strong starting point to help you align with your clients' priorities:
Value = Price + Cost + Utility + Impact
• Price is the premium clients pay.
• Cost includes all the ways you help reduce costs like time, money, or effort through the experience you provide.
• Utility is the basic function of the insurance solution you provide — coverage in the event of a loss.
• Impact is how experiencing your solution affects the buyer, includes all the additional benefits that go beyond the basic utility of your offering (like efficiency, peace of mind, or the confidence to seize new opportunities).
By immersing yourself in your clients' worlds, you can start to see things from their perspective — and understand how and why they make decisions.
When you discover their less obvious concerns and pressure points, you can open a productive dialogue and ask the right questions, to get the right answers.
And once you’ve got those answers? Move the conversation away from price by demonstrating how your solution can take the pressure off, and presenting those benefits in a compelling, clear way.
Once you’ve discovered what value means to your clients, and asked questions that help you put that value in perspective with their business priorities, the next step is finding a way to package all of that information and present it back to your clients in a persuasive, engaging way.
We'd like to share some of the tactics and techniques that can help you sell your value-added solution to clients — and how to craft compelling messages that match the wants and needs of all the different individuals you work with. No matter whether that's a wide range of different personal clients of key stakeholders at different decision-making levels within a business.
Clients often focus on the price they pay, rather than the value they receive. Especially if they never need to make a claim, they may not feel they’re not getting full value.
That’s why value reinforcement is so important. By reminding them of all the benefits your solutions give them, you’ll establish yourself as a critical partner over time.
Think about all of your clients as potential prospects. Because even if they’ve been with you for years, that’s how your competitors will see them — and treat them.
Download the full research report, or get a quick overview of how businesses and consumers are thinking, and what's impacting their buying behavior.
To give you even more insights that cover today's uncertain market, and how you can succeed in it.
Disclaimer - This content is brought to you by Chubb Insurance Malaysia Berhad (“Chubb”) as a convenience to readers and is not intended to constitute advice or recommendations upon which a reader may rely. Chubb makes no warranty or guarantee about the accuracy, completeness, or adequacy of this content. It is the responsibility of the reader to evaluate the quality and accuracy of material herein.
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