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What kind of materials should our commercial insurance brokers be using?

We have a team of commercial sales brokers that are trying to hit increasingly higher sales targets. If you were running a business, or operating the purchasing, what kind of materials would be influential to you? Brochures? Realtor style folders? Referral programs? SWAG?

I'm hoping to give our brokers the best opportunities for success. Let me know what you think would be most impactful.

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Doug’s Answer

Since most businesses will purchase insurance and most commercial insurance firms offer similar products, I would consider strategies and tactics for communicating my value proposition over competitors and providing superior value and service. Let me give you an example.

Nearly every bank offers mortgage products. I recently had the opportunity to do business with a mortgage company. Choosing was difficult because there are so many. Eventually, the reasons I decided on one company over another were these:

• Convenience (everything could be done online).
• Many positive reviews and rankings.
• Superior customer service and communication throughout the process. Every time I had a personal interaction the agents were helpful, they knew my name, and they made every effort to help me and follow up on my requests. Following every interaction I was sent an email or text requesting me to answer a few questions about the agent and my experience (helps with agent accountability and these reviews are done through a third party which makes them more credible. They are also posted and contribute to their JD Power ranking). Additionally, agents humanized themselves by asking personal questions and making small talk, and being relatable. This put a face on the cold impersonal retail lending market.
• Excellent digital-first technology that was fast, and intuitive.
• Intelligent automated messaging and trigger based drip email campaigns.
• Transparency and accurate forecasting of timelines every step of the way.

So rather than thinking about which tactical initiatives are most influential (any of your ideas could be influential given the right strategy), I would think more about how can we differentiate ourselves from competitors and provide a superior level of service.

Beyond that, consider sales and marketing alignment, unifying teams around shared goals, KPIs, and technology. Often there is a disconnect between the two but they are really working toward the same goals. Integrating them removes information silos and improves the operational efficiency of both teams.
Thank you comment icon Thank you for the insight! I'll talk with our team and see if we can better align our processes. Jake
Thank you comment icon You're welcome. Good luck! Doug Hughes
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John’s Answer

Commercial insurance brokers should be using a variety of materials in order to effectively serve their clients. Some examples of materials they may use include:

1. Insurance policy forms and endorsements: Brokers should be familiar with the different types of insurance policies and endorsements available, so they can help clients select the coverage that is right for them.

2. Underwriting guidelines: Brokers need to be familiar with the underwriting guidelines of the insurance companies they work with, so they can accurately assess the risk of a potential client.

3. State-specific regulations: Each state has its own insurance regulations, and brokers should be familiar with the regulations that apply to their clients.

4. Rating software: Brokers may use software to quickly and accurately quote insurance rates for their clients.

5. Marketing materials: Brokers may use materials such as brochures, flyers, and videos to promote their services to potential clients.

6. Communication tools: Brokers should have tools in place to communicate with clients, such as email, telephone and video conferencing.

7. Risk management resources: Brokers should have access to materials and resources that can help clients manage their risk, such as safety training programs and loss control services.

8. Continuing education resources: Brokers need to stay current with industry trends and regulations, so they should have access to continuing education resources such as seminars, webinars and e-learning materials.




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