Managing Your Insurance Agency’s Reputation

Managing Your Insurance Agency’s Reputation

The art of reputation management is a tricky one. How can you build your insurance agency and do it well, in a way that gives you the best reputation in your local and digital communities? If you make a mistake, what happens then?

There are ways to navigate the potential pitfalls of reputation management, but it’s best to consider them before you have a reputation disaster on your hands.

What Is a Good Reputation?

When you’re considering reputation management, what is your goal? No agency is perfect. No business is perfect. What should you aim for when you are managing your reputation?

  • Consistency.  Your clients want to see you as an agency that reacts in a predictable way to problems. That way, they know how you will react if they have concerns with your agency.
  • Compassion.  Be human. While your clients may not always get exactly what they want, bending a little and having an understanding ear can really help your clients feel at ease with your insurance agency.
  • Communication.  Listen to your clients and communicate with them about their needs. Don’t disappear when the communication gets tough.
  • Preparedness. Your clients need to know that you have policies and that you’re ready to manage a situation. They appreciate it when you articulate those policies clearly.

Ongoing client communication is key to reputation management. 

Managing Your Reputation in a Crisis

Whether that crisis is a nasty social media post about your business or an angry client who threatens to take a story to the media, you need to manage each crisis to ensure that it does not negatively impact your business for a long time to come.

According to Customer Count, there are two aspects to addressing a reputation management crisis:

  • Actions to resolve the problem at hand, which include: “resolving the problem, communicating with the source of the problem and advising and training relevant internal staff involved with the problem.”
  • They also include “communicating your resolution actions (both internally and externally)” to limit the damage to your clients and your reputation and to rebuild trust.

In other words, you need to truly address the problem and calmly, clearly, and compassionately communicate what you are doing to resolve the problem.

E&O Insurance: Backup for Your Business

You don’t want to make a mistake that impacts your clients in a negative way. However, sometimes this happens. There’s a data breach, or you forget to add significant client information to a form. Your client receives incorrect information that leads to making a decision that has financial implications for that client.

Whether it’s a simple error or omission, something happens and your client suffers the impact.

If this happens, you could be sued. This can be devastating financially, and if you don’t have enough money to pay, it could be the end of your insurance agency.

According to Investopedia, E&O insurance “protects companies, their workers, and other professionals against claims of inadequate work or negligent actions.” It is an extra layer of security for your clients, and this can benefit your reputation. Clients know that if something goes awry, they are covered. This gives both you and them more peace of mind.

At The American Agents Alliance, we’re here to help you maintain a strong reputation in the community. Contact us today to learn more about our educational options and insurance agency discounts on services such as E&O insurance for insurance agents.

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