Stand Tall Above Your Competition
In all types of businesses, the ability to outshine your rivals is vital for success. The insurance business is no exception. Picture two insurance entrepreneurs offering the same product to a client; have you ever wondered why the client chooses to work with one agent and not the other? Many say it’s strictly business, but it’s really a personal choice. Here are the top 5 reasons for a client to choose you over your competition:
Find Your Niche Market– New recruits in the insurance industry tend to approach everyone they know for business. This is not the right strategy. In order to increase your success rate with clients, you should focus on people you understand in terms of lifestyle needs. For example, a young working adult should target his peers as he can relate to their general desires in life and easily connect with them.
Understand Each Client– A client may fit a broad category but each individual has their unique needs. It is important not to rush any client into making a decision. Your impatience may be a big turnoff and subsequently cost you the deal. Take your time to get to know a new client’s financial and life aspirations – before you customise a solution based on his or her specific requirements.
Good Customer Service– Many insurance entrepreneurs slack on after-sale service once a deal is done. This is a big mistake. You should always follow up diligently with a client not just for a renewal or claim. In fact, what you do to keep in touch casually is usually more effective in maintaining the relationship. Then when it comes to business, your professional and speedy response to a client’s request will further cement that relationship, which augurs well for future business.
A Matter of Trust– The secret to building a sustainable long term business relationship in the insurance industry is never to forget about a client once the deal is signed. Make an effort to catch up with them occasionally. Be their friend and show them that you genuinely care about them. When your sincerity rings through, a client is most likely to work with you again or even make a business referral.
Build Your Reputation– Investing in insurance is a big commitment for many. Hence, clients are more likely to choose an agent with a solid and professional reputation. Zurich Insurance Malaysia offers courses for new recruits and existing entrepreneurs to continuously enhance their industry knowledge and self-image. Another approach would be to create a digital presence for your business profile via social media platforms such as LinkedIn, Facebook or Twitter. You can showcase your knowledge in discussions and forums in these platforms. Most importantly, always act in the best interest of a potential client by providing sound and well-researched advice.
It is not enough to know your product and services well for a client to pick you over your rivals. The key is to match the benefits to your potential client’s needs. When they see the value you can create for them, they will choose you over your competitors.