By: Bertus Visser, Chief Executive of Distribution at PSG Insure
2020 certainly highlighted the importance of good advice. Tackling a new year is often an opportunity to reflect on the year before and to devise ways to improve or sustain what is working in your business. The past year has taught us some hard lessons, and this provides all the more reason for advisers to ensure they lay the foundation right when it comes to ensuring the sustainability and growth of their insurance practice. Here are some important steps PSG Insure is encouraging its adviser to take on this year.
Remember that it’s about the journey
A journey generally takes navigation too. Giving clients access to time with their adviser (within reason) and knowledge is the core of a successful relationship. Clients want claims to go through without a hitch and to keep that outcome consistent does take time, and requires regular check-ins.
This year may be even more demanding in terms of your time (although last year may have been a trial run, based no doubt on clients having many questions and concerns, surrounding Covid-19 and their cover).
Stay abreast of any changes in the realm of insurance. The rules are dynamic, particularly these days, and must always be considered as they can change suddenly.
Being thorough, patient and allocating time practically will be very important this year. More than anything, clients want to know they can count on you for excellent service, so ensure you are always contactable and be clear when managing expectations on turn-around times.
Learn that long-term relationships are key to short-term success
Echoing the fact that it’s a journey, a sustainable relationship between an adviser and client is often built on a long-term arrangement of trust. Your clients need to trust you and feel like you trust them. Open and frequent communication to assists in this process. If long-term relationships last and cover meet expectations, there is no reason a second or third-generation relationship can’t form, providing sustainable revenue into the far future. We encourage keeping an open-mind when it comes to looking for new business. Remember you need to grow your business consistently, even in these tough times, so make it a focus and a priority throughout.
Keep your business sustainable
Advisers keep clients’ risks top of mind, especially those in commercial fields, advocating for a back-up plan such as emergency funds, a succession plan and of course, short-term insurance cover as vital components in business. Last year showed us why a plan is always needed, so these same tips apply to the advisers in our network, and should always be prioritised and reviewed frequently. There may be some staff changes or system implementations that could impact an already robust plan, so we suggest always ensuring your plans are revised and kept as up to date as possible as your practice evolves.
It’s important to leverage all the digital tools available too. While some clients will always opt for face-to-face advice, clients of all ages are increasingly open to digital, automated service. Saving time and working efficiently are a great combination for success, which works well towards achieving sustainable advisory businesses.
Don’t let fear or uncertainty distract you
This promises to be another year full of ups and downs (we, of course, hope for more ups), but it could take time for the world t ‘normalise’. We also encourage regular evaluations on product providers to ensure the best products are being offered to clients, always.
With the ups and downs of 2020 behind us, we can look ahead and hopefully make the most of the opportunities this year could bring. But by focusing on building trust, and striving to deliver excellence, you can always aim to set yourself apart from the competition