How can Brokers continue to succeed in personal lines?

With more and more people shopping on line, personal lines business is becoming harder to secure for the independent broker. But why does it matter that they continue to thrive in this area?
When it comes to cross selling PL insurance to your commercial customers, it’s potentially something which is short lived and not always seen as a critical part of the brokers strategy. However, strong relationships are built between the broker and the commercial client, so why let someone else take care of their personal lines insurance when it covers the things that are most precious to them? Capturing this business can not only strengthen your relationships, but will also generate valuable income. But what if that customer moves to a new company? The tie you have on PL could initiate a new commercial insurance opportunity…and so on..

It’s also important to look forward. Will future directors continue to use independent brokers?
There may be limited commercial products available on line right now, but will this still be the case in 5-10 years’ time? Brokers have a unique offering. Where else can customers find a solution to trawling the market and trying to figure out the best deal in their valuable leisure time. Brokers can offer independent advice, are capable of meeting all their insurance needs and are on hand to offer support should a claim arise.

Price still matters, especially in today’s climate, but if brokers do not talk to their customers, it becomes the only battleground. This is where clear explanations into the benefits of cover can really help to secure PL business. It’s only at the time of claim, that the policy becomes a real product and service, so this is where brokers can step up and retain that customer for years to come.

At OnClaims we understand that our claims service is a direct reflection on the broker. That’s why we remain professional whilst holding your customers hand through the process. With file view you can remain up to date with their claim, so your customer is always assured that we are working together.

Independent brokers have a great proposition to offer and there are a large number of customers that will value their services and want to place more business with them. However, they must have a clear strategy for growth in place and be supported by their staff.

December 22, 2014 in: News
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