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How can brokers demonstrate value?

At a glance

  • Insurance is often viewed as a commodity and customers tend to focus on price as the key driver
  • Zurich launched its Future of Broking initiative, in association with Insurance Age, to address the challenges faced by brokers
  • Our whitepaper offers helpful guidance on how you can remain competitive in the market

Using a broker should be a no-brainer. They are independent and knowledgeable, available to handle complex insurance needs and claims, and provide an individual approach to customer service.

However, when insurance is viewed as a commodity, with customers focussing on price as the key driver, brokers have to work hard to demonstrate the value they can provide. In response to this, we launched our Future of Broking initiative, looking at the challenges faced by brokers and customers now and in the future.

“Like many who may contact a broker, I think that my needs are unique and can’t be fulfilled using a mass market supplier. Above all I want to feel I’m getting individual attention from an expert.” BJ Cunningham, Brand Consultant

“A priority for me is to build relationships, so commercial and Personal Lines specialists can work together. If you can get trust and understanding between the brokers, then you will see more business.” Jas Ram, Area Director, South West at Aon Risk Solutions

“I don’t believe in just saying we offer ‘excellent service’ because this means different things to different people. For this reason, we need to define what it is, whether turning around a quote in a day or dealing with a complaint in a week – and make sure we communicate that with clients and keep them informed.” Neil McFarlane, Managing Director of TH March

As part of this initiative, we held a roundtable event with a number of leading brokers, industry experts, and marketing professionals, and considered how brokers can articulate their value to customers in a world that is becoming increasingly competitive.

The outcomes of this discussion and our downloadable whitepaper offer some helpful guidance for you:

  1. Articulate why customers should use you by identifying what makes you different.
  2. Understand what drives your customers to be able to analysis their risk more closely.
  3. Treat customers as individuals, understand their needs and provide cover that recognises their requirements.
  4. Reinforce case studies to help your customers understand how you can add value.
  5. Understand the needs of a customer from their perspective, ensuring you deliver tailored insurance solutions for them.

For more guidance on how you can articulate your value, read our Future of Broking Whitepaper which concludes the discussions from our roundtable.

How can Zurich help?

For more information on how to manage this and other risks, please contact your local Zurich Account Executive.

Image © Getty

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