Brokers are the matchmakers of the insurance industry, working on behalf of their clients to find the best insurance policies in a crowded insurance market. However, it is not enough to only focus on increasing the number of clients you have; it is crucial to build relationships with them to ensure you meet their needs and address the risks and challenges they face.
Three insurance brokers who won this year's Insurance Business Australia (IB) Elite Brokers awards shared how they remain close to their clients and stand out among their peers despite being in a difficult market caused by the COVID-19 pandemic, regulatory changes, extreme weather events, and other factors.
Andrew Bramble, senior broker at Sanderson Insurance, said he maintains his clients' loyalty by having a consistent service and passion for ensuring their needs are heard and met, including seeking extensive knowledge on a wide range of policies and industries and refusing to offer products that do not suit his clients' business needs.
“I have the clients' best interests at heart, and I take the time to get to know the clients and their businesses,” he told IB.
Abbie Wilson, who goes by “Your Trusted Broker” at National Insurance Brokers, decreased her income amid premium increases to help her clients afford the most adequate insurance coverage.
“There is no requirement for me to reduce my income; I purely do this as a way to support my clients,” she said.
Meanwhile, Retha Van Der Merwe, executive director at Omnisure, said honesty, integrity, and knowledge are enough to maintain client loyalty.
“It's often not a conversation a client wants to hear but something they have to hear,” she said. “At the end of the day, if an insurance contract doesn't fulfill the purpose it was purchased for, then there is no point in purchasing it in the first place.
“It's always tricky to pump your own tires; however, I take an extremely personal approach to insurance with my clients. This is a long-term relationship for us, and I treat it as such. We have seen many times companies started in people's garages that have now become very large, listed companies – with us every step of the way.”
See the rest of this year's IB Elite Brokers, and how they remained outstanding despite the challenges in the industry, by reading the IB Elite Brokers 2022 report.
