As we’ve mentioned in previous posts. brokers who want to grow must prioritize their relationships and embed value throughout their interactions with clients and prospects.
By embedding value for your clients, you can help them proactively recognize and manage areas of risk while earning the credit for saving them money. You can embed your agency in the insurance process and become something more than a commodity seller—not just a broker, but a problem-solver.
KPA built a free Stewardship Score Assessment to help you grade your stewardship activities—take a few minutes to see how well you’re doing.
Focusing on the Details, Here’s Where Brokers Can Do Better
We looked previously at the areas brokers are doing well. But we’ve got lots of data showing where brokers can focus and improve. Let’s dig in…
Only 12% of respondents can easily report on how well their insureds’ employees are trained. You might be wondering how would I get this information and why would I want it.
First, any solid risk management software, built to be a broker-provided tool should provide this insight.
Second, there’s a good chance employee training might not be happening effectively or consistently throughout your clients’ workforces. This is a risky way to operate—one you can easily solve. Be the hero and recommend training topics that help close their knowledge gaps, saving them thousands upfront and exponentially more in the long term.
63% of respondents either don’t track or find it challenging to track their clients’ compliance status. Helping your clients gain better visibility into their workplace safety initiatives can only happen if you understand their current situation.
Unfortunately, many brokers choose tools that were built for brokers, not for their insureds. These tools are all about making the broker look good without doing much to make clients’ lives easier. Clients see through this façade pretty quickly.
Helping your clients get ahead of workplace hazards is not something they’ll quickly forget.
A quick way to accomplish that is to select a tool like the Risk Management Center, which has both a comprehensive Risk Management Library and a weekly email designed to educate insureds on the ever-changing regulatory landscape. KPA is here to help you become the problem-solver your insureds are looking for.
Providing them the tools, insights, and expertise they need is the foundation of a long, fulfilling relationship.
Overall, There’s Value To Add
If we look at each of these questions, rank the responses one to five (left to right), and find the average, we get the results above.
Overall, our respondents have built a solid framework. The majority provide tools, check in regularly, and know their clients’ risks. Now it’s time for the hard part, building out the details that enable them to be the true problem-solver their clients need.
Improve your client stewardship using the Risk Management Center
KPA is here to help you shine. The Risk Management Center and our compliance experts have all the tools your clients are looking for.
As the data shows, brokers looking to grow their book of business must prioritize relationships and embed value throughout their interactions with clients and prospects. While new business is key to agency growth, retaining current clients is equally important.
Whether your focus is Property & Casualty or Employee Benefits, the Risk Management is a comprehensive solution that lets your clients control and mitigate operational, regulatory, and compliance risks associated with their business.
The newly launched Stewardship Report provides a solution for brokers to continually demonstrate their commitment to delivering valuable solutions that impact the customer’s bottom line. The report details usage statistics of the Risk Management Center and the resources engaged over the policy period.
The Risk Management Center provides insurance clients the tools to manage insurance costs, provide top-down visibility and stay on top of regulatory requirements. Creating value for clients supports retention and new business for insurance agencies.