Property & Casualty insurance is an increasingly competitive business, fueled by a hardening market, rapid consolidation, and increased consumer education among clientele.
Remaining viable in this market requires a holistic approach to the services and solutions you provide, and good advisors are continuously seeking ways to go deeper – retaining existing customers, acquiring new customers, and offering new services.
Expanding on client relationships remains a key component for continued success and increasing client retention and revenue.
Not only must you offer multiple lines of insurance, but you should also broaden your scope of risk management to cover a multitude of potential issues that can include premature death, unforeseen interruptions in income, and for business owners, uninsured buy/sell agreements.
Many P&C advisors realize the following measures are integral to continued success:
- Increasing client acquisition: Because acquisition and servicing costs can be high, property and casualty firms often need to hold on to a customer for several years to see a significant ROI. Retention is critically important. Tying your clients to you, via multiple products that cover multiple risks, is essential.
- Expanding into additional lines: Establishing a more inclusive set of product offerings to both your Personal and Commercial lines clients ultimately will generate higher profits and facilitate greater opportunities for cross-sales in disability, long term care, and life insurance.
Sophisticated P&C advisors should seek out insurance partners who offer a consultative approach and draw from their wealth of institutional knowledge to help save time, retain clients, and manage risk.
An ideal collaborator can assist with the following:
- Point-of-sale assistance: Many P&C firms believe they do not have time to take on additional service lines, such as disability or long-term care. However, the more lines of coverage you have feeding into an account increases your retention and stickiness with clients. The ideal advisors are also ideal collaborators who will work in tandem with you to identify new opportunities for protection, and subsequently help to identify the individuals who would benefit most from these products.
- Back office support: By relieving your independent agency of monotonous paperwork and administrative tasks, the ideal insurance partner can streamline and expedite business processes, while helping to free up resources that can be rededicated to far more important matters.
- Primary carrier supplementation. While your agency may have life insurance obligations with other primary carriers, occasionally clients will be declined coverage, a competitive situation will arise, or your clients will have needs that your primary carrier cannot – or will not – support. In cases like these, it is essential to have an insurance partner who can help you pinpoint additional options for coverage.
Belman Klein Associates, Ltd., can serve as an extension of your independent property and casualty agency.
We act as support, helping your team expertly navigate various risk management situations, while identifying myriad opportunities to better serve your clientele. By collaborating on your portfolio, we can help you hold on to customers, allowing you to optimize the return on your investment. By leveraging our expertise, you will be able to candidly discuss additional insurance options with the people who count on you for guidance.
Most importantly, we never split compensation with your agency. Our team is paid by the providers, which means we can help you create additional touchpoints with your clients at essentially no cost to you.
For more information, call us at 800-729-6007. Or register online today and get started.