Most insurance companies – general, life and health – rely heavily on brokers and advisors for product sales. Some have invested heavily in teams of broker consultants to manage and support this important distribution channel but often they fail to engage effectively with brokers and feel disappointed by the levels of sales generated through this channel (or through particular key brokers).
Yet our analysis shows that if insurance companies are seen by their brokers as Unique, they can increase their Share of Wallet from brokers by up to 37%. Our broker assessments are designed to help Sales Directors and Distribution Directors in the insurance industry to understand how they can be perceived as Unique in the eyes of the brokers, and how sales levels can be increased as a result.
Fundamental to the partnership with the broker are the three key elements of a strong relationship: Trust, Commitment and Satisfaction, but these are the outcomes of three other elements: Solution, Experience and Service.
For the partnership to work, the offering from the insurance company must be seen as an excellent Solution for the broker, not just a good product for the end customer. If the broker does not perceive you as an innovative and leading edge company capable of providing them with a reliable revenue stream, they will not promoting your products above those of your competitors. As a result, your Share Of Wallet will decline.
Similarly, if you are difficult to do business with or do not see the relationship with the broker as a true partnership where both parties invest time and effort into making the relationship work, you will receive a poor Experience score and your Share of Wallet will also decline.
Fundamental to the broker relationship is the Service that you provide. Do the brokers see you as reliable? Are you responsive to their needs? Do you treat them with the proper care and attention?
Deep-Insight has created its Broker Relationship Quality (BRQ™) offering based on years of experience working with financial services companies like these:
LIFE & GENERAL INSURANCE
BANKS & HEALTH INSURANCE
For more information, contact us here.
* Net Promoter® and NPS® are registered trademarks and Net Promoter SystemSM and Net Promoter ScoreSM are trademarks of Bain & Company, Satmetrix Systems and Fred Reichheld