Let’s face it, the world is becoming more digital at an astounding pace. Wholesaler insurance brokers must adapt to the ever-changing market and find new ways to attract and keep new clientele. 2020 is the year of solutions! Technology and innovation are working together to bring faster solutions to everyday wholesaler challenges. We put together a few suggestions to improve the relationship between wholesalers and broker clients.
Communication and insights into the Industry is key
Past interactive relationships between brokers and wholesalers were mostly on an as-needed basis. Wholesalers owning the communication with brokers will lead to the best outcome in building and retaining a relationship. As industry leaders, wholesalers have a lot to offer retail brokers and sharing that array of knowledge and experience is a great way to keep and retain brokers as clients. This can be achieved by offering resource sites with FAQs and scheduled webinars.
Improving Customer Experience
According to a recent study conducted by CEI, 86% of customers are willing to pay more for better service while 40% will spend more with a company due to outstanding customer service. In the wholesaler business, the key to obtaining the best user experience is creating a process that provides efficiency, accuracy, and accessibility to affordable health insurance options, which in turn, allows the wholesaler’s clients to save more and service less. Improving the customer experience for your broker clients will be reciprocated with the increase in deal flow and customer longevity.
The average age of an insurance broker is 60 years old and the baby boomer generation had their own way of doing things. The old ways worked for their time but reaching customers and retaining them in today’s digital world has evolved with modern technology leading the way. Technology is changing prospecting and customer retention for brokers in a number of meaningful ways:
- Social media allows for the further reach of potential clients from across the country.
- Apps like Go-to-meeting, Skype, and Facebook allow brokers to virtually meet their customers without leaving the comfort of their home and increases client participation for scheduled meetings.
- Automated marketplaces offer more time for brokers to sell more and service less.
Candor USA is the SaaS company that empowers MGAs and Wholesale Brokers to digitally transform the healthcare insurance brokerage business.