by Syndicated Insurance Resources | Dec 27, 2017
Each new year brings fresh opportunities for insurance brokers to prepare for success by observing the trends and evaluating how those patterns can positively impact business. Here are two trends to watch and learn more about so you can pivot and adapt your insurance business.
Workers’ Comp Rates Dropping. The price of workers’ compensation insurance is projected to continue going down for many businesses nationwide in 2018. Many factors are contributing to the expected decrease.
A report by the National Academy of Social Insurance shows workers’ comp benefits as a share of payroll falling for the fourth straight year in a row.
The National Council on Compensations Insurance Inc. (NCCI) filing for the 2018 workers’ compensation rate shows a decrease in the voluntary base rate and a decrease for assigned risk workers’ compensation rates.
The rate drop is due, in part, to the decline of the frequency of workers comp injuries across the nation.
Companies are also improving back-to-work programs to help injured employees recover and start work more quickly.
While Workers’ Comp reform is occurring nationwide, it does vary from state to state. From medical benefit caps to cost-control measures on pharmaceuticals to reducing the amount doctors can charge. This reform doesn’t necessarily mean more business for brokers, but it can mean more work. With so many states reforming their Workers’ Comp programs, brokers are destined to play an important role helping clients manage WC costs.
Technology Reshaping Insurance. Technology is pervasive as it impacts everything we do today including how insurance works. Gone are the days of paper processing and dialing for quotes. Technology now enables insurance brokers to efficiently use their time to access a large number of markets and products for quotes online.
Technology and the use of smartphones have given most of your customers the expectation of instant results. In turn, this means you must work smarter and embrace technology to pull together quotes for your customers rapidly. You can harness the power of technology by signing up for a free Syndicated Insurance Resources account that will give you quick access to more than 150 markets and over 40 unique product offerings. The free technology does the work for you to find fast quotes, place those who are high risk, and you even earn higher commissions. You can also tap into offering General Liability through Syndicated or even add General Liability Sign Up onto your website. Another option is StaffPro Plus, which helps you meet the staffing, payroll and insurance needs of your smaller employer-clients with a low-cost, subscription-based service.
In addition to using the technology to increase your speed and responsiveness, you need to enter 2018 prepared to sell your clients on modernizing. From online employee enrollment to electronic claim filing and paying their accounts online, there are lots of tools that allow you to perform sales and service on their mobile devices, laptops, and PCs. You simply need to tap into them and make them part of your offering.
Make 2018 your best year yet by staying on top of trends and making changes to how you deliver products and services to your clients.
by Syndicated Insurance Resources | Dec 20, 2017
Whether you’re a insurance broker or agent, selling is a continual cycle. To sell insurance, you need customers. To get customers, you need to build relationships and network. To build relationships with people, you sometimes feel like you need a degree in psychology.
You really don’t need a degree in marketing. But you do need to know how to build and maintain relationships with customers successfully. Some circles call this common sense, while others call it relationship marketing. Whatever label you put on it, know that anyone can successfully connect with customers and prospects.
If you do this right, you can engender loyalty that will pay off for many years. The pay off can come in the form of referrals, renewals, and genuine friendships that position you well in your community.
It is critical to remember that happy customers become loyal customers. They create repeat business and can bring you their friends, colleagues and business members. Satisfied customers can give positive reviews of your business online, too. In today’s social-driven economy, positive ratings are critical to your success.
Here are some tips for building relationships with clients:
Become a Trusted Resource. Share the most relevant news with your clients. Read the latest industry news and publications. Write articles for publications – both online and print. Keep an up-to-date blog.
Effectively Communicate. Schedule in-person meetings or phone calls. Stay in touch using email and social media to let customers know about changes to the industry and your business. Keep all communications friendly and helpful.
Be Authentic. No one likes the used-car salesman approach. Open and honest relationships with others show them that you are genuine and have their best interest at heart. It also shows that you value the relationship. Cultivate trust and loyalty by consistently being real and authentic.
Reward Loyalty. Everyone loves to feel like they are getting something for their efforts. Sometimes people like to get something for “free.” Invest in gift cards and send them to clients thanking them for their business. When they refer someone to you, acknowledge it with a note and a token of your appreciation.
Remain Visible. Proactively reach out to customers and prospects to let them know you’re thinking of them. Suggest ways you can help them. Don’t be “out of sight.” Ask customers and prospects what you can do for them or how you can help. Asking questions about the client’s potential issues and problems can open dialogue and doors for sales.
Promptly Respond. Excellent customer service and solid customer relationships occur when you make clients feel important. Going dark or being slow to answer calls and emails send a message that they aren’t important. Demonstrate your attentiveness by quickly responding, even if you’re simply acknowledging their message and need to get back with them later.
Building relationships are critical to the success of your business. When you are intentional about how you interact, reach out and follow-up, you are sure to create loyal customers for years to come.
by Syndicated Insurance Resources | Dec 6, 2017
Your customers are typically business owners, which means they have a long list of things to think about and manage. Help yourself by setting your insurance business apart. Proactively help business-owner prospects understand why they need insurance.
Knowing what a customer needs and why it is important to them ultimately helps you sell. Needs-based selling can increase your sales while improving your customers’ satisfaction.
We all know that running a business comes with inherent risks that range from financial loss to protecting employees to potential lawsuits. Build on this base knowledge by readily explaining why your customers need to insurance for their business.
Here are five reasons why your business owner clients need insurance:
Potential Accident Coverage. Workers’ compensation regulations and requirements vary from state to state. Regardless of the state your business owners clients are located in, workers’ comp ensures that their employees who suffer from job-related injuries or illnesses get the medical care they need, as well as wage replacement if they are unable to return to work.
Lawsuit Protection. We live in a society where lawsuits are commonplace. Liability insurance gives peace of mind and coverage for lawsuit and liability claims. This type of protection can protect your business from lawsuits resulting from accidents or disgruntled employees. Liability coverage can even help with expensive legal defense costs.
Contract Requirements. From client contracts to bank loans to leasing a business facility, your business owner clients may be required to carry insurance. Requirements vary from agreement to agreement and state to state. Regardless of the fine print, having insurance policies in place show potential vendors and clients that a business is a credible, safe bet.
Business Continuity. In the event of a natural disaster, property and casualty insurance can cover the loss of buildings and equipment. And Business Owner Insurance can help a business survive the loss of income and compensate for regular operating expenses.
Mandated by Law. Businesses that have employees are required by law to provide certain types of insurance. What is required varies from state to state, but failure to have insurance policies in place can result in civil or criminal penalties or fines.
Actively share with your prospective business-owner customers the types of insurance coverage they need to protect their business. Help clients purchase peace of mind so they can focus their attention on growing and developing their business.
