However they contact you your clients are increasingly looking at the total package you offer and what added value you give. So what is it? Put yourself in your clients' shoes and ask yourself if you're providing:
Value for money
You don't have to offer the cheapest product, but the client must be convinced that when paying extra they're getting added value.
Speed of service
It's important to understand how speed of service affects a client's satisfaction. Discover which elements of service speed and efficiency are the most critical to your clients' satisfaction.
Accuracy of service
Customer service and account management staff must get the basics right. In many industries the inability to do this is a major cause of defection from a supplier. Insurance is no exception.
A professional approach
You want to be seen as a professional, and do business with professionals. For small brokers, this can be a competitive advantage, because your clients come into direct contact with the directors.
It's becoming more common for brokers and their clients to formalise standard service levels and service level agreements (SLAs). Although legally they often cover only the basics of the service, they provide the client with a sense of security and professionalism. Many brokers also have "mission statements" and "customer charters". These are less specific than SLAs, but can be used to differentiate a broker from the competition.
Clients' special needs
Businesses appreciate being treated as unique, and local brokers are in a perfect position to do this. Clients expect an understanding of their special needs, and don't want to pay for products and services which do not suit their requirements.
Added value services
There are many ways to add value to services you offer. Risk management, a 24-hour service, attendance at large claim sites and health and safety audits are popular with many customers. In addition, you might want to offer loss prevention advice, claims handling, disaster recovery and employing your own loss adjuster. The long-term value of enhancing your relationship with the client will also have a bearing on your decision.
This is taken from The Cutting Edge - Part 3. Copies are available from your local CGU branch.