What are your superpowers? Can you walk through walls, become invisible, or fly through the skies? Probably not, but to your customers, you can be another kind of superhero. If you can solve insurance problems in a single bound, that is the kind of superhero that your customers ultimately need. Here's how to turn into the Wonder Woman or Superman of the insurance world.
1. You Understand the Complexity of the Insurance Industry
The insurance industry is not always easy for outsiders to understand, and your customers fall into that category. They may not know what flood coverage they need, or they might not know how to get the best insurance deal for a teen or senior driver. You can help them navigate through the maze of what insurance to get, making sure that they have coverage that's appropriate to their needs.
2. You Can Explain Insurance in Simple Language
While the insurance industry might make sense to you, most people have very little interaction with insurance in their daily lives, unless something goes wrong. They often do not understand the nature of their insurance policies, even if they have insurance. As an insurance agency, you also have the power to educate your customers about insurance through blog posts, in-person interactions, handouts, and workshops.
3. You Have Exceptional Customer Service
When problems do happen in your clients' lives, your business can be there to assess the situation and offer solutions. That's why people get insurance: to feel reassured that there is a financial solution in place should the worst happen to their home, their business, or their family. By focusing on prompt, responsive, and empathetic customer service, you'll make your customers feel like you're on their side as they navigate whatever challenge has led them to make an insurance claim. According to Insure My Path, after Hurricane Sandy, the value of insurance "was also an emotional one – a chance for millions of victims to rebuild and regain a sense of normalcy in their lives."
4. You Build the Community
Your insurance business can go far beyond helping individuals with personal disasters. It can be a vital part of your community as a whole, providing educational opportunities, fundraising for social issues, and contributing hands-on labor to communities. Collaborative organizations such as the Insurance Industry Charitable Foundation have contributed more than 240,000 hours to community causes.
Cover Yourself in Case Your Superpowers Fail
Every superhero has a weak point. You may not have a lot of them, but even so, you need to make sure that you are covered in case your insurance powers fail. While you train your employees well, sometimes they make errors. These errors can have serious implications for your insurance clients. Make sure that you are covered by E&O insurance so that if an error or omission has a negative impact on a client, you can ensure that you are protected from litigation.
At American Agents Alliance, we understand independent insurance agencies. We invite you to join us to help to advance your agency and other agencies as well. Contact us to learn more about our insurance business resources, including E&O insurance for independent insurance agencies.