The broker – How to showcase your value to clients

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Amid new technologies reshaping the financial services landscape, many financial advisers are questioning their future role. It is therefore important to take stock of our value-add to the client.

“An intermediary plays an important role in supporting clients,” says Andrew Coutts, Head of Intermediated Business at Santam. “They help simplify complex terms, assess and address risk, provide expert advice and negotiate pricing with insurance companies.”

Coutts highlights the following as key value factors an insurance broker can bring to the table:

An understanding of business operations
Different businesses present varied challenges and risks, which means brokers must familiarise themselves with the unique circumstances of each of their clients. In addition to this, they will also visit the business to do an in-depth risk assessment and advise on the best insurance cover to protect the business’s assets.
Proactive risk management
Brokers are often experts within specific fields, such as retail, technology or manufacturing. Their years of expertise will ensure they work with their client as well as follow a well-established procedure when implementing any risk management process.
Good risk evaluation skills
Brokers are used to working with businesses of different sizes and can enable a more accurate underwriting process. This includes safeguarding a company’s ability to grow and evaluating whether a company is underinsured or requires business interruption cover.
Sourcing the best cover
A broker is an expert with detailed knowledge of products and solutions available in the market. They will match the best risk solution for a client’s needs with the best risk products, at the best price, in the market.
Simplifying the claims process for a better experience
For clients, the claims process is often the most tedious. And this is also where having a broker comes in handy. They are able to streamline the process by working with the insurer and can alleviate the stress for the client by helping them with documentation.

“…while there is a place for direct-to-consumer, the value an intermediary provides is second to none,” Coutts stresses.

Client loyalty is often under attack from those who sell on price only – often the online product providers. Your strongest defence is for your clients to experience your value via the points highlighted above.