All industries have faced major changes during the coronavirus pandemic. The insurance industry is no different. According to a study on Statista, the industry is projected to lose over $203 billion as a result of the pandemic.
As a wholesale insurance broker, you’re an expert resource for insurance agents who are probably facing serious challenges to their businesses at the moment—and who are dealing with clients who are facing these challenges as well.
Here are a few tips for strengthening your customer focus and service during this time.
Listen to Your Customers
No matter what kind of insurance you specialize in, it’s likely the agents you work with have had to change their business in the past few months. All industries, from construction to transportation to cannabis, have been affected by COVID.
It’s a good idea to keep track of the specific issues your agents are faced with, and how their own clients’ needs have changed during COVID. What are people saying in social media groups you belong to? What questions and concerns are you hearing from the agents you work with?
Once you have an idea, you can make sure you and your customer service team are educated about these issues—and you can even put together guides and content to answer agents’ questions.
Have a Defined Plan
It’s crucial to have a plan for how to address your agents’ needs with the additional complications of COVID-19. Having a defined plan will give you confidence, and—more importantly—will give your agents confidence in your expertise and guidance.
Be Proactive in Communicating with Agents
The COVID-19 pandemic is constantly changing. The hardest-hit cities in the United States a few months ago now have relatively few cases, while other areas that were once only lightly affected are now wrestling with alarming outbreaks.
The shifting location of outbreaks—in addition to our ever-evolving medical understanding of this virus, and the changing regulatory landscape around it—will no doubt affect different agents you work with at different times.
You can strengthen your relationships and be there for insurance agents by closely monitoring the situation as it unfolds, and reaching out to those you work with who are most strongly affected.
Avoid Setting Unrealistic Expectations
The reality is that there is still a great deal we don’t know about the virus, and no one knows when it will be truly safe to resume business as usual. Try to avoid speculation or making commitments that you may not be able to keep, as this can harm your credibility.
In these uncertain times, everyone is struggling to understand how their business will be affected and how to best prepare for change.
Be sure to keep on top of unfolding news about the pandemic and how it affects those you work with, be proactive in communicating with those who are hardest-hit, and avoid making unrealistic promises—and you should be able to strengthen your relationships while serving as a valued resource for the agents who depend on you.
Source: Statista study