Tom Petty once famously wrote that “the waiting is the hardest part.” Now, he was referring to a Janis Joplin quote, talking about the excitement of waiting onstage before performing. When it comes to insurance, the phrase might mean something different.
Insurance is famously, or perhaps infamously, known for moving at its own unique pace – and often it’s not fast enough or what many clients expect. For business owners in virtually any trade, time is their most precious commodity and they would rather not spend much of it worrying about insurance questions, claims issues or anything of the like.
They want to make sure their business and employees are protected with the right coverage that will support them when needed.
Why is speed and responsiveness important?
Communication is one of the more elusive elements of insurance. Not only does it make the insurance process more efficient, it’s also good for business. Clients want to have ultimate trust in their insurance partner and know that they will take care of everything – particularly when the client has other items on their plate.
Also, there’s the administrative element: insurance matters that are submitted on time, processed quickly and resolved quickly tend to have more favorable outcomes. As a broker, making sure every “i” is dotted and “t” is crossed will lead to fewer headaches at the outset and fewer speed bumps along the way.
All of this goes back to the element of trust. If your clients trust that you’ve got their back and will handle what they need handled, everyone wins.
How to be more responsive and deliver better service
We’ve talked about the importance of speed and responsiveness in insurance. It sounds like a solid concept in theory, but what does it look like in practice?
There are five key concepts to understand that will help boost responsiveness and deliver a better overall experience for your clients.
Implement more agile team structures
There are several key components to the insurance process: recording, submission, claims processing, resolution…and more depending on the specific circumstance. An agile team works collaboratively and minimizes hand-offs, with defined roles for each person so they can own that domain. Communication improves and the process becomes more cohesive.
Leverage technology for better communication and workflows
Technology is your friend! Stacks of paper and disorganized desktops don’t help anyone. Consider using a project management tool (there are several available) or something as simple as Slack to communicate with your team and keep everyone updated on the situation.
Prioritize client inquiries and following up regularly
A client’s question may not be your only inquiry, but you need to treat it as such. Whether they’re asking for an update or have a general question about their policy, it’s imperative to have a member of your team respond as quickly as possible. That responsive outreach is important, but so is proactive outreach; regularly connecting with clients to provide updates, or to simply ask if they have any questions, strengthens the broker-client relationship and builds valuable trust.
Optimize staff training to efficiently handle requests and issues
Insurance regulations and procedures are changing all the time – and your team is a key cog in the wheel that keeps the process moving along. Consider regular training sessions (either twice-annually or once-annually) to review new policies and regulations and determine how your team can best serve clients in the year ahead.
Regularly review processes to refine and improve them
Practice makes perfect? Maybe, maybe not. But practice does make for better processes. The more you and your team review situations together, the easier it becomes to identify areas for improvement and refinement. We’ve talked about the importance of open communication with clients but that also extends to your team.
NIP Group supports brokers with industry-leading resources
NIP Group boasts more than 35 years of experience as an insurance industry leader, working with contractors in a variety of trades to write specialized insurance policies covering all the bases. With an extensive repository of resources, we support brokers and their agencies with marketing materials, fact sheets and other content to win more business.
From sales enablement articles to industry webinars and additional marketing support, NIP Group is uniquely positioned to protect construction businesses, tree care professionals, horticulture clients, and more. We also have the ability to white label our program overview briefs for your sales team.
Ready to get started? Learn more about the support we offer here.
