You need to know your client’s business like your own. Period.
Why is this important? There are two reasons (though, I’m sure you can think of others). First and foremost, you’ll build unshakeable trust with your client because it’s evidence you care about their company. As a second point, your trust grants you insight into potential problems areas in the business.
Workers’ comp is not a policy that should be managed with a hands-off approach. It requires a close and trusting partnership between you and your clients.
Here are four ways to establish a winning client-broker relationship — or revive a dying one.
Did you take your client out to lunch during the sales cycle? Present them with your success stories? Ask them questions about their business goals and really listen?
Keep doing that.
Take them out to lunch periodically. Take their middle-managers out to lunch. Learn their work processes and how they operate. These observations and conversations will give you a more complete picture of the business and the safety management situation. Taking time to get to know people will help them feel comfortable with you and know you are there to help.
In the early stages, ask to meet monthly with the safety team or supervisors with safety responsibilities. Even if these are short meetings, they’ll provide information on problem areas in the business, like departments that have recurring issues.
Of all the tools in your belt, value-added services are one of the best to deploy. Provide resources specific to their vertical and operational complexity. While safety and risk management support is a no-brainer, pass along technology, business growth, and HR resources as well.
If you are connected with a risk management firm, offer to help pay for or completely cover the cost of a risk assessment. Pay for additional AD&D insurance for employees. If you have a full lineup of value-added services, select a couple and allow your client to make a choice that is best for them.
These gestures demonstrate that you’re not just working with clients for the commission check. You’re a dedicated partner who wants to help their business mitigate risk.
We all make mistakes but over-promising and under-delivering is possibly the number one cardinal sin of insurance. Instead, be upfront and honest about what you can do. Avoid the temptation of promising quick changes or short-term results.
Position yourself to be an adviser who helps maximize their policy and deploys effective management to reduce premium costs over time.
The insurance industry requires you to play the long game. It typically takes at least three years to see significant changes. So be the go-to person who makes those long-term positive changes.
Being a critical part of the claims process is one of the best ways to demonstrate your value. You have the opportunity to work on behalf of your client and take a burden off their shoulders. You should be the liaison to their carrier and manage the process for them.
Learn from the claim. Use the incident as an opportunity to point out areas of improvement and offer solutions. A problem gives you the chance to show your client how to be proactive in their approach to safety and workers’ compensation.
Workers’ compensation is long overdue for modernization. In a technology-driven business environment, you can implement solutions that help your client manage safety effectively. You and your client will have insight into areas of their company that are prone to incidents. This information guides the decision-making process on what safety steps need to be taken.
Foresight is a different kind of workers’ compensation carrier. Your clients can save money on their premiums by minimizing risk and choosing safety first. There’s a direct connection between good safety practices and the cost of insurance. Employees can track and report incidents on their mobile devices. It takes the guessing game out of injuries and equips companies to maintain a safe workplace.
Show your clients the data of your work. By leveraging insurance technology, you have real measurables in your hands. If your work cut their premium rate, or reduced incidents year over year, point out these results.
There’s no better (or worse) marketing than word of mouth. Your ability to build trust and respect will have a direct impact on your business. If you have a good relationship with a client, it will most likely lead to other prospects and business for you.
Beyond the impact on sales, having a reputation as a trustworthy broker goes a long way. It gives you the opportunity to work with companies who need your expertise. At the end of the day, you can know that your clients and their employees are well protected when they need it most.