6 Value-Adding Trends Insurance Brokers Need To Know

New trends have emerged in the wake of the COVID-19 pandemic which brokers need to be on top of to build their businesses and maximise their chances of success.

We take a look at 6 value-adding trends insurance brokers need to know which can be leveraged to bring more value to their customers.

This article was first published on ITIJ.com.

Value-adding trends insurance brokers need to know

Last year, we hosted a webinar with Owain Thomas, editor of Health & Protection, supported by Michael Lewars, Commercial Director at William Russell and Avin Talabani, Transformation Manager at William Russell, to talk about the new trends in insurance distribution and how brokers can use the changing landscape to bring more value to the broker-customer relationship.

Here are 6 of the trends identified in the session that brokers need to take notice of:

1/ Be an online first insurance broker

Almost every form of communication has been driven online, even more than it was pre-pandemic. However, it’s estimated that at least a quarter of insurance intermediaries do not have their own website, limiting their ability to communicate effectively.

In our fast-paced world, where rules and regulations are subject to constant change, your customers want to be able to find all the most up-to-date, reliable information through a trusted source. Becoming that trusted source doesn’t necessarily mean you need to host all the information yourself. However, signposting customers to appropriate, authoritative and authentic locations will make your website highly valuable, building trust in your business.

2/ Personalise your brokerage’s communications

When it comes to providing individual updates on applications or claims, personalisation is the new golden ticket. People want regular contact to keep them up to date with how things are progressing. However, this means more than just an acknowledgement email.

Providing specific details by phone and email, addressing customers by name and being able to give personalised guidance on next steps will go a long way in making customers feel valued on their journey.

3/ Let technology do your brokerage’s legwork

How customers access insurance is becoming increasingly dependent on technology. As a broker, it’s essential to get behind this if you want to remain relevant. Self-service is a growing trend in this space.

Customers want to be able to access their policy information 24/7 and submit and track their claims online. This could mean investing in new technologies, such as portals that enable online applications, or even the ability to host virtual consultations with digital access to advisors and doctors.

Paperless and pen-less processing is another way technology can be used to improve customer experience. By enabling customers to complete claims online with virtual signatures, brokers won’t only streamline their own internal processes – they’ll also be able to minimise the time and effort it takes for customers to complete their journey.

4/ Become a consulting broker

The role of the advisor is changing. Pre-placement planning is now a more complex process than it was pre-pandemic, and it’s taking longer to plan and prepare for placements. Previously easy and straightforward locations now need far more research and understanding. As a result, advisors are spending a lot more time with clients before they depart. This puts them in a better position to understand immediate and long-term customer needs, deepening customer relationships and taking on a more consultative role.

As consultants and experts in the insurance space, you, the broker, have a valuable service to provide. Not only in terms of product offering but in the knowledge and experience that guides that offering. Adaptability and flexibility are key in today’s unstable landscape. The ability to formulate personalised strategies to cope with constantly changing regulations will be essential in helping ensure clients are always getting the support they need.

5/ Partner up for additional expertise

Deliver a broader proposition by identifying and engaging partners who can bring more value to your customer offering. While it’s vital that you’re able to be the subject matter expert in your field, you may also find external partners who could help you provide a more holistic solution to your customers. Identifying and engaging with partners to provide additional expertise will not only enable you to support your clients in new ways, but will also help you differentiate from your competitors.

You could also use third-party services or promotions to offer additional features, incentives, and rewards to your customers. Third-party services offer a quick and easy way to add value to the service proposition, particularly for pay-as-you-go customers. Some possible incentives might include discounted gym memberships or access to telehealth services.

6/ Track and review

Digitising your services makes it easier to track customer needs. This gives you a better understanding of the services that are most engaging to your client base. With a fully digital service offering, you’ll be able to collect and review up-to-date details about which products, services, and incentives your customers value the most. This allows you to act and expand on the solutions your customers find most useful – while saving on those that provide the least value.

Of course, not all these solutions will work for every broker. However, they should provide you with at least a couple of ways for developing your business and your customer relationships now and in the future.

Join our growing community

By becoming a registered broker with William Russell you can rest assured you’ve partnered with an independent insurance provider who are big enough to provide world-class protection, but small enough to care. We offer members international life, health, and income protection with exceptional customer service. We are offering 15% discount off all our health plans starting on or before 31 Dec 2023.

Why partner with us?

William Russell remains a family-owned and run business. That means our responsibility is with our members and partners, not shareholders.

1. Responsive When you call, you’ll get straight through to one of our insurance professionals.
2. Reliable Our plans offer worldwide protection insured by the Allianz group, a Fortune 500 company and one of the world’s largest insurers.
3. Fair We ensure our customers and partners are properly informed about the products we offer. Our staff are sensitive and compassionate, and importantly we will always honour our plan agreements.
4. Professional With extensive knowledge of local markets and medical providers, our staff provide the customer care you’d expect from a family-owned company.