For Producers

Looking for a Competitive Edge? Start by Creating Real Value for Your Clients

In today’s ultra-competitive market, it’s not enough to sell insurance on price alone. Between automated quote generators and thousands of agents available online, prospective clients have seemingly endless options when it comes to choosing insurance. So, how do you differentiate yourself in order to develop – and maintain – your business? You must identify and optimize unique opportunities to add meaningful value to your services beyond your core offering.

Here are four simple ways to set yourself apart by creating real value for your clients:

  • Define Your Value Proposition: Your value proposition is a summary of the practical, functional and emotional benefits that prospective clients can expect to receive should they choose to work with you. This is your chance to explain why – and how – you provide unique value beyond just rates and quotes. This includes the products you offer, the soft skills that complement your product offerings, and the reasons you provide a superior service compared to your competition. For example, if you can deliver extraordinary customer service and convenience through an easy-to-use online client portal, talk about it in your Value Proposition statement. Perhaps you are an expert in a certain niche, which enables you to solve problems more effectively for clients in that market. This will set you apart from your competitors and contribute to the creation of your competitive advantage. Your Value Proposition should appear on your website, social media, and print publications to clearly define your mission.
  • Identify Individual Needs: Every organization is different and, as such, will have unique insurance needs. Take time to actively listen to a prospective client’s goals and concerns rather than overwhelming them with a “product dump” of information about yourself and your services. Then, investigate every element of the organization in order to identify where you can add value and mitigate risk. Utilize your resources, like the risk assessment tools available to members of the Beyond Insurance Global Network, to identify gaps in coverage that other risk consultants might overlook. Honest, open dialogue and thorough risk evaluation are some of the most important yet underrated aspects of insurance – that a “Robo Agent” will never be able to replicate!
  • Develop Your “VAS”: Value-Added Services, or VAS, are additional services that enhance your current core offering and boost the perceived value of a policy – thereby increasing client satisfaction and the likelihood of renewal. The nature of each VAS offering is entirely dependent on the individual client. For example, you might offer private fire prevention for homes located in high brush and wildfire hazard areas, or partner with a local HR consulting firm to provide your client with payroll processing services at a discounted rate.
  • Maintain Connection: When you devote time to developing the relationship with your clients, they will be less likely to consider replacing you with another agent – even if they’re offering a more competitive price. Whether it’s a round of golf or sending a “Hurricane Preparation Checklist” before a big storm, it’s important to show that you have your client’s best interest at heart, as this will increase trust and strengthen your connection.

    The most crucial component of connection is communication. This means responding to phone calls, texts and emails immediately with thoroughly researched information, ready to answer any questions your client might have. As a risk consultant, you should be the most reliable person in your clients’ contact list.

By identifying and capitalizing on the right opportunities to create unique value within your services, you can revolutionize your client relationships and optimize growth and retention of your business. Now, let’s get started!