According to J.D. Power’s 2016 Large Commercial Insurance Findings, clients cited expertise as the number one attribute they look for in a broker. They want insurance experts in their class of business. They want specialists. They want problem solvers.
Becoming an expert requires hard work. You have to analyze applications to understand where coverage is excluded and what you will need to do to get it back. Closely observe your competition and compare your tactics to theirs. Learn from their mistakes and make note of what works well for them. Join associations and get involved. Pursue the CPCU, CIC or RPLU designations…or maybe all three.
Find a partner that can help you grow. Their expertise will eventually become yours. You will also want to read all of the information you can find on your target industries every chance you get. The more you educate yourself about your target industry, the easier it is to form connections with potential clients and to become the trusted expert they are seeking.
Look for quality risk control programs you can share with prospects to begin to sell yourself as an expert. Learn their pain points and find ways to offer helpful solutions to their problems. Ask yourself what value you can bring to the buying equation that would entice a prospect to become a client. Knowledgeable brokers make happy clients.
Investing the time and dedication it takes to become a true expert in your target industries will inevitably pay off largely. Clients have clearly stated that they look for expertise in a broker above everything else, and this is valuable information to take to heart. Work to fill this role for them, and to continue to fill it in the future, and reap the benefits.