Tips for winning new brokerage business  

March 12, 2020

Looking ahead in 2020 there is no doubt that the global landscape is volatile. Previously stable economies face political and environmental uncertainty, the likes of which we have not seen in some years. However, despite this, the global insurance industry is adapting to facilitate growth.

As an international insurance broker, you must do the same to see success in the coming year. We have some suggestions to help you win new business in 2020:

Your website is the equivalent of a shopfront for a bricks and mortar business. If you haven’t updated it in a few years, chances are it is not performing as well as it might for you.

Does it look good on mobile? Although much business to business research is still completed on desktop, initial research can begin on phones while busy executives commute or travel between meetings. Don’t let your mobile experience let you down. There are some useful tools from Google that might help you and your business work out if your website needs to be fixed or updated. 

In addition to your website ensure your brokerage has a presence on social media. For a B2B brokerage a LinkedIn profile is essential. Try not to focus on your own business, instead consider the needs of a potential customer and create content they might find interesting. Targeting businesses with expatriates abroad? Share content related to this topic rather than how your business can help. 

If your website is working well for you, ensure it is linked to your internal software. Business software has become hugely sophisticated over the last number of years. Brokerages do not have to have separate HR, purchasing and finance software anymore. The growth of cloud-based Enterprise Resource Planning (ERP) software allows you to have one system that works for all these functions. Best of all, a good ERP will help you understand the impact one department is having on another and improve the accuracy of your forecasting. This will help you make better decisions for your business in 2020.
Having a specific niche is important for global brokers. Most buyers will choose a specialist firm over a generalist because of the added value a specialist can provide. So if you are involved in a general area like health insurance, consider diversifying into a specific type from international health insurance to SME health insurance or finding health insurance for large businesses, there are lots of options. 
Another key part of broker success in 2020 is the strength of your partnerships. Work with the best quality insurers so your clients have the best customer experiences possible. In addition to partnerships with insurance companies, consider partnering with businesses that have ties to your target audience. If you want to target global businesses are there conferences or events that your brokerage could sponsor?

A great way to build a profile for your business is to speak at a conference or event that your target audience are likely to attend. Be cautious when choosing a topic to speak about though, ensure it is a topic that helps them do their job rather than a promotional talk for your brokerage.

While it is difficult to predict exactly what 2020 will hold for insurance brokerages, by taking some of these steps you are putting your business in a good position to adapt to market conditions.