Archive for March, 2018

Young Agents Assets: The Trust Factor

In insurance, trust is a powerful business currency. The ability to develop meaningful customer relationships depends heavily on trust. It is impossible to develop impactful customer engagement without it.

Unfortunately, for many insurance agents and brokers, the trust factor is lacking. A study conducted by IBM shows that only 43 percent of customers trust the insurance industry. In fact, lack of consumer trust in insurance providers has remained above 50 percent since 2007 (when IBM first started taking surveys).

Litmus test: Do your customers trust that your product or service will deliver the kind of value that’s worth its price? Do they trust your company to help solve their problems and respond to their needs? Do they trust you enough to continue to give you their business and/or refer you to others?

Whether you’re a new agent trying to grow your business and build a client base, or you’ve been in the industry a long time and are looking to maintain and grow your client base – if your answer to any of the above is a “no” or “only some,” — you have options, that over time, can help you turn this tide and get a grip on the “business of trust”:

• Be intentional. Incorporate “trust” into your annual business plan. Now that you’ve identified “building trust” as a strategy to achieve customer growth and retention, go the next step to develop tactics to support that strategy and then commit to executing your plan.
• Build a culture of ethics. Ethics is the foundation upon which trust is built. Just like any behavior, ethical business practices, including decision-making, must be practiced daily. You can start by thoughtfully developing a framework to handle the most common conflict-of-interest in the insurance industry – the rub between income and your client’s best-interest.
• Let your actions speak for you. Being a great talker, or giving a great sales pitch isn’t going to cut it in today’s competitive marketplace. The key to growth, retention and earning trust is successfully demonstrating to your clients that their needs are your priority.
• Whether it’s by in person meeting, phone, text or social media, staying in touch with your clients is important. Become a trusted resource on all topics relevant to your industry as a means to build trust and loyalty with your client. Share changes to your business and in the industry, discounts and advantages you can provide and how your business can help them. Keep all communication relevant, professional and friendly.
• Be Authentic. Marketing studies show that clients expect authenticity when it comes the people with whom they do business. By maintaining an open and honest relationship with your clients, you are showing them that you value them.
• Win awards. There’s a plethora of awards for providers to earn, especially those connected with good business outcomes. Achieving recognition for user-friendly products and services is a clear signal to customers of good value and fairness. It emphasizes the real benefits of insurance rather than just the cheapest price.
• Get Chartered. The insurance industry has a professional body, the Chartered Insurance Institute, that recognizes professional excellence with the designation, “Chartered”. Being chartered means adhering to a higher standard of professional ethics and behaviors rather than the minimum standards laid down by the regulator.
• Call UIG. We’re here to help. We strive to be your partner and finest solution to help you address your clients’ needs, and that includes providing them with a product they can trust. 385.9978

 

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