3 tips to help your insurance agency or brokerage succeed in uncertain times

Responsible business owners understand that insurance is a financial necessity, and now more than ever your clients are aware of the potential devastation that unforeseen events can cause. But while clients may be more open to advice, you will likely need to adapt your methods of approaching and engaging with them during times of instability.

Showing interest in your clients’ well-being is essential to building trust and maintaining relationships. Before contacting an existing or prospective client, make sure you have crafted your outreach with empathy and appropriately acknowledge the stressors they may be experiencing. As you converse, go deeper and ask more probing, consultative questions throughout the sales process to understand their unique needs. This will help you recognise the emotions behind client enquiries and resolve their underlying concerns.

Remember that while there may be people eager to meet in person again, many are still concerned about health risks. Be flexible when reaching out to prospective clients and take advantage of virtual networking tools when needed so you can always offer the option to meet virtually as a courtesy.

Having a consistent, value-added communications plan in place can also ensure that clients remember your name and favour your business. For example, regularly sharing information about relevant emerging risks or recent client satisfaction stories demonstrate how you have worked with clients to solve problems. Be prepared to use communications platforms that work best for your clients and prospects—whether a monthly email newsletter, timely social media posts or a periodic video chat or phone call.

Help your clients understand – and prepare for – the types of serious risks that might not be top of mind, including:

• Cyber security - Threats aimed at personal data are becoming more sophisticated and can be financially devastating .

• Supply chain vulnerabilities - More businesses than ever rely on complex global supply chains. Work with your clients to identify weak links and mitigate potential issues.

• Work-from-home liabilities - When employees work from home, workers compensation claims can arise from ergonomic issues and mental health challenges. In addition, a lack of internet security hygiene may lead to data breaches.

• Climate change dangers - As weather events become more severe and patterns change, clients’ exposure (direct or indirect) to loss from natural catastrophes such as hurricanes, floods or wildfires may increase.
   

And, of course, make sure you’re attending to these risks for your own business as well.

In your conversations with clients, it’s important to highlight the importance of ensuring ongoing resilience by having a business continuity plan (BCP) and a risk management programme.

Your clients want reassurance as well as insurance. Present solutions in a way that helps them see the insurance they’re buying as financial protection and an important resource for long-term business stability. Let them know that, if a catastrophic event occurs under the pressures of uncertain times, having inadequate coverage can prove to be even more devastating financially than usual.

To help them look beyond the immediate instinct to cut costs, focus clients on the bigger picture by asking, “How would an unexpected loss in the future impact your business stability or growth plans?” Remind your clients that the overall value of a policy goes beyond price. Risk management and claims services provided by their insurer can make the difference in minimising their risks and addressing damages quickly if the worst should happen. 

Finally, don’t forget to communicate your consultative value by addressing your clients’ unique needs and demonstrating how your insurance solution is individualised. This will differentiate your proposal from a “one-size-fits-all” plan.

Your business is critically important to your clients — and we want to help you be proactive about meeting their needs. Visit the Chubb Insights page for a variety of resources to support your insurance sales endeavors.