Meeting consumer expectations
Consumer expectations are far greater today than they were 10 years ago. But what exactly has changed? And how are brokers positioning themselves to better meet customer needs? Insurance Business gathered a round table of industry experts to share how their companies have adapted to the new age customer.
Video transcript below:
Reporter: How are brokers preparing for a customer who is going online first to educate themselves before looking for coverage? Insurance Business gathered some of the top brokers from Canada for a round table discussion called Know Your Customer, Know Your Competition.
Consumer expectations are far greater today than they were 10 years ago. But what exactly has changed and what are brokers doing to better position themselves to meet clients needs.
Danny Sgro, Jones DesLauriers Insurance
Danny Sgro: First of all from a technology perspective, there is an expectation that responses are quick. Clients expectations in terms of service are much higher and you know I think we are seeing, certainly we are seeing over the last 10 years, more and more of a global economy and pressure on our customers in terms of costs, you know in the environment where 10 years ago there was a big infrastructure as [related] to mismanagement. Customers are much leaner and the expectations as a broker, we take on more of those duties, whether it’s risk management in a superior sense or going beyond that and so, I think both of those elements, the technology element and the expectations of customers elevating at the same time is resulting in for us what is a more demanding job.
C.J. Nolan, Munn Insurance
C.J. Nolan: And of course you know when you talk about commercial, you have professional educated consumers who want a professionally educated advisor, basically what they want and I think that takes precedent. I think they know your name and all about your firm and they know a little about you, that helps too as well. I think you know professionalism and educated advisor is paramount.
Andrew Clark, Marsh Canada
Andrew Clark: Yeah, it’s certainly been our experience as well. My personal experience, it’s you know access to information and data about both insurance, risk and pure bench marking from other organisations, there is a lot more collaboration because of technology and a lot more interaction amongst our clients has [appeared] and then you know they are also accessing quite often because they feel the product is very commoditised they are looking at it very openly with other people in their industry and talking about, you know what they are getting and it’s kind of creating a different buying environment in the marketplace.
Norm McIntyre, Jardine Lloyd Thompson, Canada
Norm McIntyre: I am just going on with what Danny said. I think a lot of things are because of the information available to the customer now as opposed to before. You’ve got pretty educated customers when you come to the table to sell them products. So you’ve got to do your home work too in order to kind of put yourself at a different level that you are coming as an insurance broker. You’ve got add value and adding value is little bit different, than just walking in and putting in the insurance papers.
Jeff Purdy, Applied Systems
Jeff Purdy: So we have 12,000 insurance brokers and agents across North America and in the UK around one of our platforms and what we hear is their customers want them to expose their brokerages brand to the consumer. So the consumer wants to, wants their broker to be able to you know provide information to them that they can utilise 7x24x365. So whether that’s visiting the broker’s website and having the ability to bring up their [___] coverage information, self served and if it’s a small policy maybe get a price, if it’s a larger more complex risk, you may be understand the dimensions of the products that they’ve got insured. So we hear that across the board. So it’s then option of multi channel, you want to sell maybe through a multi channel, you want it serviced through a multi channel and at least have the spectrum of offerings within the firms, so that you can meet the needs of the different demographic.