Nobody likes losing a client. Whether you’re a broker at a multinational firm, or managing a portfolio of SME clients in a family-run brokerage, losing a key client can feel like a personal failure and pose a significant financial risk.
We sat down with Luke Chrzanowski, Associate Director of Tresidders Insurance Brokers and discussed the finer details of maintaining client relationships. Here are his five tips on mitigating the risk of losing key accounts:
Maintain a competitive advantage
Know your client and know your market. Focussing your energy on excelling in your niche will help ensure you maintain your competitive advantage. This proactive attitude to constant improvement will also position you as a broker that clients seek out, rather than desert.
Understand the risks
Losing a client puts both your reputation and your finances at risk. Any steps you take to prevent yourself from losing a client will be more successful if you understand exactly what you stand to lose. Earning back the lost income may also not be as straightforward — clients give feedback through their network and corporate accounts can be linked. This could make it harder to find a replacement client, as a cancellation by one, may raise a red flag to your prospects.
Constantly invest in the client relationship
Losing a client is already a step too far. Invest time and energy in managing client relationships upfront and servicing them continually. This includes identifying whether a prospective client is a good fit for your services when they first make contact. Consider how serious their enquiry is, what your chances of success are, and don’t be afraid to turn them down if you don’t foresee a successful relationship.
Top tip: Communicate frequently, and always highlight how, and why, your services add value to your client’s business.
Invest in your team
A strong team ethic makes a company more resilient against weathering the tough moments an account may be under attack, or when a client leaves. It also safeguards the quality of your client service in general. Here’s what you can do to inspire a self-motivated team:
- Practice accountability. Have frequent check-ins, so that all team members know what everyone is working on and what the common goals are.
- Be empathic. Be sensitive to others’ positions, motivators and ideas.
- Trust. Once you’ve identified a collective goal, trust that everyone is genuinely working towards it, even if the results aren’t immediately evident to you.
Work efficiently. Continually, and proactively tending your client relationships doesn’t mean you necessarily have to work harder. Use every tool, hack and technology available to you to help you manage your client and team relationships smoothly. If you and your team deliver results, show a genuine interest and demonstrate your knowledge of a client’s business and the insurance market, you’re set for success. How you do this, is up to you!
Take the DUAL WebRater, for instance. It’s the online trading platform that lets you send quotes and bindings under two minutes, 24/7 and 365-days of the year. It’s the perfect example of technology helping you improve your margins and save time, while delivering improved service that will see your clients sign up for the long term.
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