The insurance industry is closely tied to the economy, & when times are tough it’s a challenge to maintain turnover whilst also maintaining the service levels our customers have come to expect.
So when our MD Karen Weir was asked to be part of a panel to speak at The BIBA 2023 Conference in Manchester, she jumped at the chance to represent Brokers up and down the Country to provide insight, to some of the challenges we face and how to navigate challenging economic times.
Here are some of the main points and tips that I took from the session;
- Focus on Value: In tough economic times, customers are likely to be more cost-conscious than ever. It is imperative we focus on providing value, whilst advising them what covers are essential and how best to mitigate the risks that they face on a day to day basis.
- Communication: Communication is key in challenging times. Early communication with customers is essential, be available to answer any queries they may have whilst managing expectations, given them an understanding of the current insurance market, climate and likely price increases.
- Be flexible: The world is still recovering from COVID-19 and many business are only now starting to feel the effect. Business Bounce back Loans need to be repaid and customers may be juggling their cash flow. Be flexible with customers and work hard to find solutions, which could include adjusting their cover or finance plans, weekly or monthly payments.
- Embrace Technology: The industry is technologically ten years ahead of where it would have thanks to the pandemic. It is essential to embrace technology to stay competitive, this will help streamline processes and improve efficiency.
- Customer Service: lastly and probably the most important is to focus on customer service. In challenging times customer service is more important than ever, customer journey is paramount even if that means going above and beyond what’s expected. This will help build strong relationships with customers and build that trusted advisor status.
In Conclusion the current economic times will be a challenge for Brokers, but there are steps that we can take to succeed. Stay informed, early communication with customers and suppliers, being flexible and embracing technology and focusing on customer service.
John B (Commercial Exec, Weir Insurance Brokers)
