Insurance Has Changed
But if there’s one thing we’re learning, it’s that change is not necessarily a bad thing, nor does it mean that industry fundamentals are in danger of being swept away.
Transparent communication, precise documentation and a client-first attitude remain as important as ever, even if disruptive technology and the online landscape can feel overwhelming at times.
Today, we have more tools than ever at our disposal. Where one broker sees direct-to-consumer platforms and multichannel distribution as a threat, we see them as opportunities to add further value for prospects and clients.
To help you navigate an industry in flux, we’ve tapped into the knowledge of three seasoned brokers with over 50 years of experience between them to inform our Broker’s Baseline content.
Mastering insurance What makes a great broker?
To be successful, an insurance broker must be empathy-driven and willing to go above-and-beyond for their clients. Why? Because insurance broking is more than just a job: the decisions you make directly impact the lives of your clients and their families. Availability, persistence and no shortage of emotional intelligence are all necessary for getting the policy over the line, with the best possible outcome.
written skills.
From the inside out
How the industry has changed over the years
Digital disruption is shifting industry dynamics and placing the power firmly in consumer hands. Insurtech, and more specifically multichannel distribution and direct-to-consumer (D2C) offerings, are coming to the fore. These channels have gained popularity because:
With automation making the process more streamlined than ever, you’re probably wondering if there’s any need for a broker these days. That’s an emphatic ‘yes!’, and here’s why:
The exponential explosion of consumer behavioural data can empower you to deliver more personalised, targeted experiences to your prospects. With a bit of research into online activities, demographics and social media and device usage, your messaging will no longer be a hopeful shot in the dark.
Additionally, a broker needs to be attuned to any impending legislative decisions that may affect the industry. Recently, the Australian Competition and Consumer Commission (ACCC) recommended that all broker commission be abolished.
This recommendation is intended to “boost price transparency and consumer choice” as they believe ‘commissions and other benefits can give rise to an “unacceptable conflict of interest”’. Their suggestion has since been vehemently rejected by the National Insurance Brokers Association (NIBA), who claim the ACCC has “no evidence” of broker commission problems.
To keep apace with the industry, a broker must use the tools at their disposal to sustain a healthy sales pipeline and keep an eye on new laws or legislations on the horizon. Customers expect value, speed and cost-effectiveness, so treat the relationship as a partnership, use new technology to elevate your service delivery, and see industry education as an ongoing (proactive) task.
Insurance best practices
And not-so-best practices
Though industry best practices are receiving a digital update, the fundamentals remain the same. Records still need to be kept meticulously, data stored safely and advice well-considered and correctly documented. The difference, however, is in how this is achieved. You’ll start to fall behind if you aren’t doing the following:
Frowned upon practices in the industry:
With turnaround times decreasing and cloud databases storing information more securely, there’s no excuse for poor service and documentation. The following will hurt your reputation (and could even land you in hot water):
The Value of Networking
Why interpersonal skills are valuable to a broker
When you’re new to the game and trying to make connections and build rapport, conferences are as important as ever. They’re also educational: a young broker can learn from the best, be motivated by other offerings and inspired by what the future holds. For young or established brokers looking to grow, the following Australian conferences offer great opportunities to meet the key players in the industry:
The Future of Insurance
The latest developments in digital ecosystems, data analytics, automation, IT infrastructure, customer experience, and risk and compliance.
CCW
The largest and fastest-growing customer contact event’ in Australia is geared towards growing the customer contact community and nurturing connections within it.
No broker is an island. There is always something more to learn, no matter how many years you’ve been practicing. So network, get your name out there and come hungry for knowledge and developing relationships. Amanda Smith, Director of Optimum Insurance Services sees mentorship as an effective means of growing in the industry:
Having a good mentor is key. Not only in business, but personally. Have a leader to follow and a leader to support. Draw on people with knowledge and expertise.
The Client Compendium
How to win clients through presentation and negotiation
Bravado has no place in an industry that directly affects people’s lives. It’s okay to admit that you don’t know something during a presentation. Rather than invent an answer to save face, consider a response like this:
That’s a great question, I don’t want to give you the wrong advice so I’ll do some research and get back to you.
This self-awareness and willingness to learn ties into ‘transparency and honesty in all that you do’. Clients will trust and respect you all the more for it. With that said, we’ve collated a few helpful tips and tricks to help you ace your next client presentation:
How DUAL Can Help You
The broker’s toolbox
Tools and resources for time-hungry brokers
When it comes to processes, protocols and day-to-day workflows, brokers have never had it easier (you’ve just got to be willing to dive into the world of digital). From customer relationship management (CRM) and documentation systems, to website integration and social media marketing, we’re armed to the teeth with innovative ways to reach prospects. Here are the must-have technological broker tools for the modern, ambitious broker:
There’s no substitute for experience, but laying a strong educational foundation is an effective way to get a head start or make further advances in the industry. The DUAL School is a comprehensive knowledge hub that offers information, insight and advice about the insurance industry. It’s free, with no enrollment necessary — click here to dive into its wealth of content.
There’s no substitute for experience, but laying a strong educational foundation is an effective way to get a head start or make further advances in the industry. The DUAL School is a comprehensive knowledge hub that offers information, insight and advice about the insurance industry. It’s free, with no enrollment necessary — click here to dive into its wealth of content.
Obtaining quotes and binding policies needs to executed in the time it takes for a client to say ‘yes’. DUAL’s online trading platform, WebRater, offers brokers instant quotations and bindings 24 hours a day, 365 days a year. Whether renewing a policy or adding value by upselling to clients, the WebRater ensures simple transactions in as little as two minutes.
Discover why over 10,000 Australian brokers are using WebRater to get ahead in the industry: dualaustralia.com.au/webrater
Obtaining quotes and binding policies needs to executed in the time it takes for a client to say ‘yes’. DUAL’s online trading platform, WebRater, offers brokers instant quotations and bindings 24 hours a day, 365 days a year. Whether renewing a policy or adding value by upselling to clients, the WebRater ensures simple transactions in as little as two minutes.
Discover why over 10,000 Australian brokers are using WebRater to get ahead in the industry: dualaustralia.com.au/webrater
We hope our Broker’s Baseline has given you the information and inspiration you need to rise through the ranks of the insurance industry or expand your skill set as an established broker.
If you’d like to chat to one of DUAL’s specialists and you are an insurance broker, please fill out the form below. Please note that DUAL does not work with clients directly.