Growth in the global insurance industry is expected to remain low throughout 2019. With predictions of another global recession, retaining existing customers is vitally important for brokers and intermediaries. It makes sense financially too, it is likely to cost your business at least five times as much to attract a new customer as to retain an existing one. But what is the best approach to building better customer relationships?
Respect data and privacy
Both the implementation of GDPR across EU states in 2018 and the Facebook Cambridge Analytica scandal made people around the world more aware of the value of their data. Statistics from eMarketer showed 55% of Americans would be more concerned about their personal data being stolen than their wallet or car. Whether you operate in a jurisdiction where GDPR applies or not, ensure:
- you have your client’s permission to use their data
- you set out clearly how their data will be used
- you do not provide their data to a third party without their express permission
Know how your clients prefer to be contacted
There are so many ways of staying in touch with clients, don’t assume the one you have always used is best. Find out what their preference is the next time you are in touch, maybe that client you are calling every month would prefer an email or the client you email would much rather catch up in person? We all have different preferences when it comes to communication, make sure you know your client’s, particularly for those that are high value.
Be a useful resource
This is one of the most important ways to build relationships, particularly for intermediaries. Show your value to your clients by:
- remaining up to date with news in their industry
- sharing your perspective on new developments related to their business
- attending networking events for related industries
- raising your own profile by creating articles or completing interviews with online and offline publications
Contact customers proactively
Grow your relationship by staying in touch with your customers on a regular basis. A study by EY showed customers want meaningful, personalised, communication from their insurance providers. Avoid only making contact around renewal time. Gauge the appropriate amount of contact by client. Understand their needs and provide useful information. Targeting expat employees in the market for health insurance? Provide them with information on health systems by country, health risks in the area they live in or ideas for living as an expat in their chosen country.
Embrace insurtech
Last, but by no means least, insurtech is causing the most significant changes to the insurance and brokerage industries in decades. Embrace new technology as much as possible. A report by Accenture estimated US insurers could grow their profits by up to $20 billion by employing artificial intelligence, data analytics and machine learning to enable them to do business more efficiently and effectively. For brokers and intermediaries technology may help reduce overhead costs, automate back office work and create personal branding for each agent so clients understand their particular area of expertise.
These are just some of the ways intermediaries need to innovate in order to build customer relationships and show value to existing clients.
If you are a global healthcare intermediary, get in touch about partnering with us to access competitive commission rates, online services that will make your job easier and a team dedicated to helping you with any queries you have.
