2020 has been a challenging time for insurance brokers but despite the difficulties that the sector is facing, and has faced, there are still opportunities for growth. Consumer behaviours have shifted considerably this year and the impact of technology has been widely felt. For many organisations the way forward inevitably involves updating to integrate this, as well as shifting business strategy to take into account the new post-COVID landscape. But these aren’t the only considerations - below are a few of the ways in which you can start to grow your insurance brokerage business once again, despite recent adverse conditions.
Invest some time in planning
Forecasts and planning for 2020 had to be largely thrown in the bin this year as COVID-19 upset the market for everyone. However, as economic stability starts to seem like less of a far-fetched concept now is the time to start this process again. How will you meet the insurance needs that your clients now have over the next 12 months? If you’re not planning then you don’t have a roadmap in place to ensure you get to where you’re hoping to go.
When do your clients have money to spend?
Getting to know a client’s budget cycle is a very simple but effective way to help grow your insurance business. With this kind of insight you’ll be aware of when they actually have money to spend and your communications can be far more effective as a result.
Offer a range of payment options
Particularly given the impact of the pandemic, covering the cost of a high insurance premium could seem completely out of reach for many clients right now. If you’re able to offer a range of payment options then you’re creating the perception of a more flexible business, as well as ensuring that you secure a customer even if they are not able to make the full payment up front.
Go to your existing clients
Growth is certainly about attracting new business but your existing clients also have a lot to offer when it comes to repeat and expanded business. What risks are your current client base facing and how could your products and services help them to mitigate these, especially given the events of this year?
What does success look like for your business?
It’s essential to have in mind what the client wants and to keep lines of communication open so that you can ensure that they get this. Agreeing in advance what the client is looking for from their insurance products is a sure fire way to pave a path to success and it’s also crucial to monitor sales so that you are tracking the growth that the business is achieving and measuring whether this aligns with how you’ve defined success.
Rethink the renewal cycle
What are the key moments that most affect the client during this process? If you’re working from a historic model and you have no real idea of where these are for your current clients then ask them and rethink the renewal cycle you use as a result.
Growth is going to be essential for insurance brokers in the next 12 months and these are some of the simplest ways to nurture it.