2021 – The challenge or the opportunity?
Are you going to be a victim of the perfect storm sweeping the UK Insurance broking community or will you take advantage of the opportunity that presents itself?
As we start the new year, we continue to be with the challenges of COVID-19, Brexit, lack of social contact and an insurance market becoming increasingly difficult to navigate.
While 2021 is set to be a challenging year, there are plenty of opportunities to differentiate yourself and grow your business.
Insurance Broking remains a people and relationship business. The pandemic won’t change this. Like yourself, business owners will continue to adapt to the effects of COVID post the pandemic and many will still be reluctant to engage in face-to-face contact, both in the short and long term. Tailoring your contact and engagement to their needs is critical to ensure that your service and support continues to meet their needs and, most importantly, the strength of relationships are maintained.
The need to invest in digital capabilities will be prevalent when prospecting new business and even securing existing business. Those brokers who maintain connections with their clients during these difficult times will, no doubt, only strengthen their relationships.
Be prepared to be flexible and try new ways to get in front of your clients.
The opportunity for growth in the next few years is immense, so long as we embrace change, commit to agile development and evolve our skills and offerings to support our clients’ ever-changing needs.
The core elements of what client’s value most remain the same – advocacy, expertise and reliable support in times of need.
Show the value of your expertise
The implications of Brexit and COVID have meant businesses are looking for more and more support and advice from their professional advisors. UK Businesses have had to adapt, and they are straying into unchartered territory and this comes with uncertainty and increased risk for them and their business. The resilience of the UK business community is to be applauded, but helping them to understand the implications of these decisions and the emerging risks associated is at the heart of what you do and creates an opportunity to reaffirm the benefits of having you as their insurance broker.
While the hardening market is a difficult message to deliver it is the perfect opportunity to review cover and impart wisdom to your clients benefit.
There has never been a more opportune time and benefit to do a full review of your client’s insurance arrangements.
Become the broker of choice
There is no shortage of options for UK businesses when it comes to insurance brokers, but chances are you are the best kept secret in your chosen market.
Building your brand isn’t “bigging yourself up” it’s about reinforcing the USP’s of your business and creating awareness of what the benefits you give your clients.
With a small investment of time each week you can utilise social media, your local community and network to help spread the message and ultimately create new opportunities.
Testimonials and reviews can provide the unbiased view for prospective clients and are also proven to be a new business generator. Google reviews not only provide additional online presence but also provide increased traffic to your website and engagement. This can also be replicated within LinkedIn, Facebook and other social media.
One size doesn’t fit all, it’s about finding what works for you!
Strengthen your network
One thing 2020 has shown us is that proactivity and innovation is key. The reactive way in which we run our businesses is a thing of the past. The old adage by Henry Ford ‘if you always do what you’ve always done then you will always get what you’ve always got’ has never been more true.
Networking groups aren’t for everyone however “networking” is a little more than early morning starts and a hotel breakfast.
Networking groups are an effective acquisition tool for some and are proven to work. Several of Momentum’s broker partners can attribute over 30% of their income to networking groups and can see the direct correlation of effort to income.
Your existing clients and their relationships create a substantial opportunity for you and understanding who your advocates are can create an immediate extension of your network. When was the last time you asked your clients for a referral? They trust you with their business insurance so why not spread the news?
Build your introducer network. More and more businesses are looking to diversify and look at alternative income streams. It shouldn’t be deemed to be given that you need to remunerate those who refer business your way but if you do it can be a cost effective solution for new business acquisition.
Now is the time to try something new and stand tall and be proud of what you and your business have created.