The most important aspect of an insurance brokers’ job is to find new ways to transition potential clients into insured ones. One way to do this is to learn how to understand each insurance client’s pain points in the market for a new insurance policy. Learning how to address these issues head-on can help make the transition to an insured client easier and eliminate a lot of headaches and stress for you or your agent.
How to Address the Most Common Pain Points in the Insurance Industry
Addressing the most common pain points in the insurance industry is one of the best ways to guarantee you will gain insurance clients and keep them as clients for years to come. Here are some of the ways brokers and agents can effectively address these issues.
Lack of Communication
Insurance brokers and agents need to build a strong relationship with their clients to ensure when it comes time for a policy renewal, there will be no question about whether or not the client will renew. But the main issue with this is that clients often have little interaction with their insurance company while their policy is active unless they need to file a claim. Otherwise, they will only see their agent when they initially take out the insurance policy and when it is time to renew. That doesn’t provide the agent with a lot of time to build a good relationship with the client. As a result of this pain point, many insurance providers are now looking for more ways to engage with their clients to improve interaction. Offering programs that allow agents to check in on their insurance clients periodically can make a big difference in the client’s willingness to renew their policy when the time comes.
The purpose of the meeting between prospective insurance clients and agents is to ask questions and clarify any misunderstandings with policies. That is the time to address any questions that the client may have and set the tone for the future client/agent relationship. The prospective client may have plenty of questions they want to ask during this time, but they also want to express their concerns to the agent.
Presenting each client with ample time to express their concerns, fears, objectives, and needs while also making sure all their questions are answered to the best of your ability can take some time. This part of the transitioning process requires you to be patient and to be a good listener. By making sure the communication lines are open and setting aside enough time to discuss all areas of the policy with the client, you can help ensure that they will choose to take out a policy with your company.
How much a policy is going to cost is one of the main concerns a prospective client will have. They will want to know if their policy rate will increase over time and how certain factors could cause their rate to rise or fall. Having reliable data on hand, such as your company’s rate statistics from years ago, can help alleviate many of the concerns associated with this pain point. If there are any discounts your company offers that your prospective insurance clients may be eligible for, it is always a good idea to bring those up.
Past Mishaps with Customer Service
When an individual has had a bad experience with customer relations in the past when applying for a policy with other companies, it can cause them to become wary about new insurance purchases. Insurance brokers and agents can help put their prospective clients’ minds at ease by offering them detailed information regarding customer service and support available throughout their agency. Negative online reviews are out there for practically every major insurance provider, and it can be overwhelming for potential insurance clients who want to learn more about the overall customer experience. It is perfectly acceptable for agents and brokers to address these negative comments if the prospective client brings them up and then explain what steps the company is taking to prevent those problems from occurring in the future.
Concerns About the Agent’s Professional Background
Often, a prospective insurance client may have concerns about the agent’s professional background and their abilities to address their questions. They may have concerns about the agent’s level of experience in the industry and how helpful they can be with the entire process. The agent can eliminate this pain point by building a strong rapport and providing the client with references during their initial consultation. To make things easier, the agent should also have concise, easy to understand information and past data about the insurance provider to prove to the client. Therefore, to ensure the client has plenty of knowledge about the company the agent is working for.
Learning how to address these and other common pain points in the insurance industry can help your agents build a stronger relationship with future clients. It can also ensure your new insurance clients will turn back to your company for all of their future insurance needs.