The statistics are unsettling. 25% of insurance professionals are expected to retire in three years, and 400,000 positions are projected to be unfilled by 2020. What’s more, only 4% of millennials are interested in working in the insurance industry. While the perceived staleness of the industry is speculated to be a reason, dissatisfaction among brokers in their career is also a contributing factor.
What makes for a successful career as an insurance broker? A Google search yields interesting results, leading one to believe that it has more to do with innate traits you received at birth, rather than something you can develop over time.
Psychological resilience, candidness, passion, a winning personality, tenacity, and integrity are just a few of the qualities cited. What these articles overlook is the importance of developing strong relationships with your clients.
If you’re looking to strengthen ties with your clients, and corral some new ones, we’ve assembled five ways to help you. Good news: these are simple to master even if you weren’t blessed with good broker genes.
There is truth to the saying “out of sight is out of mind.” Remain visible to your clients by reaching out to them on a regular basis, whether it be in person, by phone, email, or text. Make a habit of doing so proactively. Ask what you can do for them. By making yourself available you open the lines of communication.
Quick responses demonstrate your attentiveness. When a client emails you or leaves you a message, acknowledge receipt of it as quickly as possible, even if you don’t have the information they are looking for. You want every client to feel like they are the most important one.
According to a Fast Company article, a marketing study revealed that the number one thing that consumers want from a brand is honest communication about products and services. Your clients expect the same from you, to be an authentic and trusted partner. Do not misrepresent or overpromise on what you can deliver. Transparency is always the best policy.
Be a Resource
When you are a trusted resource on all topics relevant to your industry, you become your client’s go-to expert. Consulting Success identified the following ways to accomplish this:
- Read the latest industry news and publications
- Share the most relevant information with your clients
- Attend networking events in your industry
- Write articles for print and online publications
- Keep a blog or e-newsletter that you write for consistently
- Connect and get to know other professionals in the industry
Be Open to Technology
There is no doubt that technology is transforming the insurance business. As the millennial generation continues to dominate the market, brokers will need to find more automated ways of doing business to engage these customers. It’s best to embrace technology rather than turn your back to it.
In our exclusive interview, insurance industry insider Michael Lujan quells concerns that technology will render the broker obsolete.
“Not everything is solved by technology. Our business is still very high-touch and personal. Tech is a complementary tool to help with the transactional parts of our business. I think traditional brokers have always known this and simply need to consider the new tools and partnerships available to them. Tech does not replace relationships and expertise.”