Chapter 2 - Broker Skills, an Overview Flashcards
What are the elements of customer service?
- timeliness
- clarity in conveying info
- accuracy
- courtesy
- professional manner
- brokers sell a service
- they match a client’s needs to available insurance packages through investigating client’s exposure and through their expertise in the insurance enviro
What are the main communication skills associated with being a broker?
1) communicate effectively
- through both verbal and written skills
- verbal can be established through body language, tone, and the way words are delivered
- professional appearance and demeanour make communication effective
2) active listening
i) listening to what is being said
ii) interpreting how it is being said
iii) processing non-verbal cues
iv) questioning those parts that you did not understand
v) confirming that what you did absorb was understood correctly
benefits of active listening:
- shows you value and respect the person you are speaking with
- higher levels of trust will increase the degree of participation and cooperation
- developing a strong rapport will help you find out about the ppl who apply for insurance
3) Why ppl buy
- consider psychology of buyer
- start from common ground and apply more details from there
4) communicate clearly
- knowledge of ins should be apparent in all methods of comm, in person, telephone, or written comm
- when you present info to a client, it should be tailored to that clients background or experience
What should you do when you’re communicating to client by telephone?
- you will have to rely on tone, vocab, and on rate of speech for your understanding
- telephone calls link you and your client in a personal way
- active listening skills are essential
- verify understanding by repeating what you have understood
What can be used to make telephone discussions effective?
1) Cultivate your phone manners
i) the way you greet client creates first impression
- be courteous, professional, welcoming and non-confrontational
ii) adjust your style to that of your caller
- match tone and rate of speech to person you’re speaking with)
iii) use active listening
- allow client time to say what they need to say and respond in a way that takes what he/she said into account
iv) smiling helps
- tone and speech patterns are perceived to be more welcoming and friendly when you smile
i) Prepare:
- pad of paper, if you take notes manually
- pens/pencils
- access to comp files, if inputting notes directly
- client files for reference
- calculator
- any forms you may need
ii) limit interruptions
- if you require something in the middle of a convo, politely ask for a moment, and explain why you require time away from caller, and only take a moment
iii) focus
- before picking up the phone focus on what you want to discuss
- set a goal for the call
3) Document discussions
- sign and date your notes
- confirm phone convos in writing
4) honour your commitments
- fulfill clients expectations
- honoring verbal commitments with approproate action will preserve your professional rep
- keep client informed
- if there is a delay, advise client you are unable to completely fulfill commitment, and explain to client other alternatives where possible
5) Professional phone messages
i) leave concise informative messages
- include full name, phone # to be reached at, reason for your call, any other helpful info
- keep it short and to the point as possible
ii) effective voicemail
- personalize voicemail greeting
- conclude msg with personal statement expressing regreat at missing call, or advising caller that you believe their call is important to you, and promising to return call promptly
iii) never bind by voicemail
- ensure clients understand that they should contact you in person or in writing when thet wish to change insurance/purchase additional cov
What should you do when communicating through writing?
1) target message
- keep your audience in mind
- tone and technical level should match audience
- use written comm to achience a clear objective
tips:
i) avoid cliches and metaphors that you have heard or read many times before
ii) avoid foreign phrases, scientific words, insurance acronyms and jargon
iii) use short words where they can replace long words
iv) delete unnecessary words
v) use active voice, not passive whenever possible
2) email
- proofread email
- subject line should match content of msg
- should be clear and succinct, providing exact details of subject matter
How do you handle difficult situations?
- response should reflect the professionalism of insurance industry and exemplify proper business etiquette
- remain calm, clarify client’s position, keep discussion focussed on facts and avoid falling into traps inherent to specific situation
How do you deliver bad news effectively?
1) spend time with your client
- it will allow you to explain the insurers perspective and help client appreciate why a particular action is taken
- be empathetic and focus on th issue
2) appreciate client’s feelings
- will help maintain your objectivity
- realizing that feelings must be treated with due respect is a foundation from which to develop your skills
3) sympathy
- both sympathy and empathy imply relating in a caring way to someone else and deamnd an awareness of anothers circumstances
- is predicated on the ability to care intensely while sharing the feeling of loss/sorrow
4) empathy
- denotes a degress of objectivity that a sympathetic response lacks and permits greater neutrality
5) respond to the individual reaction
- help clients work through their reactions
- respond to how client is feeling at that moment
How do you handle complaint resolution?
1) Be objective
- don’t make assumptions about what the client’s concern is
- avoid making assumptions about client him/herself
- unbiased position will give you flexibility to respond to what the client actually wants
2) Express regret
- make it promptly and sincerely
- refrain from laying blame
- focus on finding a solution
3) Focus on solution
- try to reach an understanding
- may involve negotiation of sorts
- may have to refer a question to the insurer before you can agree to client’s proposed solution
4) Improve practices
- may help you to change a business practice for the better
- consider whether complaint indicates a need for change (if it does, what change yields best result)
- consider how to prevent problems in the future
5) Thank you client
- for making you aware of problem
What considerations are included in sales planning?
1) insurer preferences influence sales target
- which segment of market your brokerage targets is influenced by insurers your office does business with
- approach clients with types of risk they need
2) sales forecast
- planning begins with projection of sales forecast
- sales objectives are usually expressed in terms of the amt of business to be written and the type of business targeted (reviewed periodically throughout annual planning)
- sales objectives are usually tied to and coordinated with market analysis, segmentation, and targeting
3) Implementing sales plan
- appointing sales manager to oversee implementation of sales plan and working with ind. brokers to see that the sum of brokers personal sales objectives will result in achievement of brokerages overall sales objective
What is a target market?
- source of potential clients
- when groups are divided by age, socio-economic background, personal interests, business pursuits, cov needs
What is a lead?
- a member of a group of potential clients that fits a certain profile, which you have determined as your target market
Explain insurance markets.
- the term market applies to the segment of clients you will canvas business for (target market) and to those ins. companies that offer cov. (ins. market)
i) market familiarity - selecting the right market (insurer) requires that your knowledge of the markets be extensive
- consider market alternatives for your company
- can maximize success in sales by targeting clients who most closely fir the profile your insurers wish to insure
ii) match clients with insurers
- compare insurers u/w guidelines with your notes on your client
iii) non-standard business
- may have to seek alternative markets (wholesale broker)
iv) wholesale brokers assistance
- they fill a niche in the ins market
- they identify ins needs that average broker may rarely encounter
- they negotiate with insurers to arrange a coverage program that fits said needs
- they tend to specialize in finding cov for non-standard types of risk
- provide access to greater number of insurers
How do you qualify a client?
- solicit info from him/her to determine whether you can, want to, or assist client. Start with their profile:
1) name
2) address and email address
3) home and business phone # (including fax and cell)
4) family info
5) interests and hobbies
DETERMINE CLIENTS OBJECTIVE
- ask if client has obtained any other quotes and how client heard about you
- this will let you determine if you are dealing with a situation in which your services:
1) are being compared to those of another provider
2) are being referred by a client you alraedy have
3) are being solicited because of advertising/phonebook - from this you can deduce clients expectations
- then you select clients who are correct for you (fit target niche in terms of profile and their exposures to risk, and best protected by insurerance that you can offer)
Describe the process of selling.
SELLING IS A PROCESS
- is the process of meeting client needs with products
- involves knowing the client, the product and making a positive connection between the 2
- first research products available for client, then:
1) ask open-ended questions to uncover clients insurance needs and exposures
2) match these needs with satisfiers in your insurers products
3) close the meeting with questions that lead the client to accepting your product
KNOW YOUR PRODUCTS
- it is incumbent on you to become familiar with policies offered by your markets
What is a satisifier?
- are the elements of a policy that will meet a client need
