22 Apr Success Starts With Advising Your Clients About Risks, New Rules
Insurance agents are sometimes put in the tricky position of being a source for risk management advice and not just selling your clients policies.
They will often look to you for information and advice about new regulations or laws that will affect their policies. For example, if you are focused on senior markets and Medicare, you need to stay on top of all the new regulations that the Center for Medicare and Medicaid Services issues. Often new rules can have a profound effect on your clients’ coverage and if you don’t stay on top of those new rules – and especially if you don’t pass that information along to your clients – they in turn can end up making bad decisions. And if those bad decisions come back to bite them, you’ll feel your clients’ wrath. Some oversights could mean a loss of business.
The same goes for commercial insurance brokers. Since workers’ comp is often one of your biggest revenue sources, you should really stay on top of new OSHA regulations that can affect your clients. If you are the first to tell your clients about new safety regulations that are coming down the pike, they’ll thank you for it. If you fail to inform them, well, they’re going to be wondering why you didn’t and think the relationship is just one of you selling them insurance and pocketing the commission. These days, it pays to keep your clients informed. Since you are selling products that help them pay for their claims, it is incumbent on you to also serve as a risk advisor.
The key for you is getting that content to your clients and potential clients. Get it to your clients in the form of newsletters or news blasts to them to help you retain business. Get it to prospects to attract new clients and show you go a step beyond other brokerages.