{"id":5116,"date":"2021-08-21T14:39:34","date_gmt":"2021-08-21T14:39:34","guid":{"rendered":"https:\/\/getvymo.com\/us\/blog\/?p=5116"},"modified":"2021-10-08T10:47:06","modified_gmt":"2021-10-08T10:47:06","slug":"enhancing-broker-engagement","status":"publish","type":"post","link":"https:\/\/vymo.com\/blog\/enhancing-broker-engagement\/","title":{"rendered":"Enhancing Broker Engagement: A Playbook for 2021"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>[vc_row][vc_column][vc_column_text]The very fact that insurance sales is intensely competitive shows it has a great potential. And as an insurance carrier or a wholesaler that relies on brokers in order to grow, your organization should ask yourself a question: What are we doing to help our brokers to solve their sales problems?<\/p>\n<p>Selling insurance isn\u2019t what it used to be. The tools and terms of insurance broker engagement have changed. How people find a broker has changed. Customer expectations have changed and naturally brokers have adapted to the changes.<\/p>\n<p>That\u2018s exactly why we\u2019ve put together this Broker Engagement Playbook for 2021, where we talk about how brokers can better deal with these changes.<\/p>\n<p>We\u2019ve broken down this Playbook into 5 areas. Within each area, we\u2019ve identified the key challenge and discussed how you can overcome that challenge, improve engagement and boost sales.<\/p>\n<p>Let\u2019s start at the beginning![\/vc_column_text]<style>@media (min-width: 992px) { .ld_spacer_6a0738be530c0{height:45px};}<\/style>\r\n<div class=\"ld-empty-space ld_spacer_6a0738be530c0\"><\/div><style>.ld_images_group_element_6a0738be531e9 {margin-bottom:10px !important;  } .ld_images_group_element_6a0738be531e9 {margin-bottom:10px !important;  } <\/style><div id=\"ld_images_group_element_6a0738be531e9\" class=\"lqd-imggrp-single ld_images_group_element_6a0738be531e9\"   >\r\n\t\r\n\t<div class=\"lqd-imggrp-img-container\"    >\r\n\t\t\r\n\t\t\t\t\r\n\t\t\t\t<figure ><img loading=\"lazy\" decoding=\"async\" width=\"2880\" height=\"1600\" src=\"data:image\/svg+xml,%3Csvg xmlns=&#039;http:\/\/www.w3.org\/2000\/svg&#039; viewBox=&#039;0 0 2880 1600&#039;%3E%3C\/svg%3E\" class=\"attachment-full size-full ld-lazyload\" alt=\"\" data-src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-102-2.jpg\" data-srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-102-2.jpg 2880w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-102-2-300x167.jpg 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-102-2-1024x569.jpg 1024w\" data-sizes=\"(max-width: 2880px) 100vw, 2880px\" data-aspect=\"1.8\" title=\"\"><\/figure>\t\t\t\t\t\t\t\t\r\n\t<\/div><!-- \/.lqd-imggrp-content -->\r\n<\/div><!-- \/.lqd-imggrp-single -->[vc_column_text]<\/p>\n<h4>1. Improve how your brokers onboard customers<\/h4>\n<p><b>Key Challenge:<\/b> You sell a number of products and operate in many states. Your priorities and risk appetites for different products are also different. Are your brokers onboarding customers efficiently everywhere?<\/p>\n<p><b>Here\u2019s what to do:<\/b> A positive onboarding experience is the first step to your combined success. The faster and easier the onboarding, the better value your customers, RMs, and agents derive.<\/p>\n<p>A sales accelerator tool for insurers can do a lot of heavy lifting. For instance, you don\u2019t need to waste time in order to fulfill customer KYC (Know Your Customer) requirements; the tool will do it for you. Populating various important customer details? No problem, the sales tool will auto populate that as well.<\/p>\n<p>By onboarding your customers in a smooth, frictionless manner, you generate a better customer experience and help agents scale faster.<br \/>\n[\/vc_column_text]<style>@media (min-width: 992px) { .ld_spacer_6a0738be60f56{height:45px};}<\/style>\r\n<div class=\"ld-empty-space ld_spacer_6a0738be60f56\"><\/div><style>.ld_images_group_element_6a0738be6100e {margin-bottom:10px !important;  } .ld_images_group_element_6a0738be6100e {margin-bottom:10px !important;  } <\/style><div id=\"ld_images_group_element_6a0738be6100e\" class=\"lqd-imggrp-single ld_images_group_element_6a0738be6100e\"   >\r\n\t\r\n\t<div class=\"lqd-imggrp-img-container\"    >\r\n\t\t\r\n\t\t\t\t\r\n\t\t\t\t<figure ><img loading=\"lazy\" decoding=\"async\" width=\"2880\" height=\"1600\" src=\"data:image\/svg+xml,%3Csvg xmlns=&#039;http:\/\/www.w3.org\/2000\/svg&#039; viewBox=&#039;0 0 2880 1600&#039;%3E%3C\/svg%3E\" class=\"attachment-full size-full ld-lazyload\" alt=\"\" data-src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-103-2.jpg\" data-srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-103-2.jpg 2880w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-103-2-300x167.jpg 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-103-2-1024x569.jpg 1024w\" data-sizes=\"(max-width: 2880px) 100vw, 2880px\" data-aspect=\"1.8\" title=\"\"><\/figure>\t\t\t\t\t\t\t\t\r\n\t<\/div><!-- \/.lqd-imggrp-content -->\r\n<\/div><!-- \/.lqd-imggrp-single -->[vc_column_text]<\/p>\n<h4>2. Make data storage and retrieval empowering<\/h4>\n<p><b>Key Challenge:<\/b> Every sale generates more data. That data should generate insights that you can use to reach and serve more customers. How do you make storing and retrieving data more efficient?<\/p>\n<p><b>Here\u2019s what to do:<\/b> An intelligent sales accelerator tool will automate information capturing and sharing. That frees your agents to pursue business growth, because they should be spending time nurturing leads and closing sales, not entering data.<\/p>\n<p>Siloed data is another major challenge your RMs and their teams face. They waste time looking for data from multiple locations. A sales accelerator platform that stores data centrally solves this problem and empowers them to achieve more.<\/p>\n<p>For instance, agents can analyse customer profiles to identify existing customers with inadequate insurance cover. They can automate sending emails on anniversaries or insurance renewal dates. Basically, it raises wholesaler productivity.<br \/>\n[\/vc_column_text]<style>@media (min-width: 992px) { .ld_spacer_6a0738be6f2f0{height:45px};}<\/style>\r\n<div class=\"ld-empty-space ld_spacer_6a0738be6f2f0\"><\/div><style>.ld_images_group_element_6a0738be6f414 {margin-bottom:10px !important;  } .ld_images_group_element_6a0738be6f414 {margin-bottom:10px !important;  } <\/style><div id=\"ld_images_group_element_6a0738be6f414\" class=\"lqd-imggrp-single ld_images_group_element_6a0738be6f414\"   >\r\n\t\r\n\t<div class=\"lqd-imggrp-img-container\"    >\r\n\t\t\r\n\t\t\t\t\r\n\t\t\t\t<figure ><img loading=\"lazy\" decoding=\"async\" width=\"2880\" height=\"1600\" src=\"data:image\/svg+xml,%3Csvg xmlns=&#039;http:\/\/www.w3.org\/2000\/svg&#039; viewBox=&#039;0 0 2880 1600&#039;%3E%3C\/svg%3E\" class=\"attachment-full size-full ld-lazyload\" alt=\"\" data-src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-104-2.jpg\" data-srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-104-2.jpg 2880w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-104-2-300x167.jpg 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-104-2-1024x569.jpg 1024w\" data-sizes=\"(max-width: 2880px) 100vw, 2880px\" data-aspect=\"1.8\" title=\"\"><\/figure>\t\t\t\t\t\t\t\t\r\n\t<\/div><!-- \/.lqd-imggrp-content -->\r\n<\/div><!-- \/.lqd-imggrp-single -->[vc_column_text]<\/p>\n<h4>3. Help understand customer behavior<\/h4>\n<p><b>Key Challenge:<\/b> An increasing number of people are embracing digital. Consumers have seen the convenience and speed of online transactions and they are keen to see the same experience everywhere. How are you helping your agents decipher and meet new-age consumer expectations?<\/p>\n<p><b>Here\u2019s what to do:<\/b> Consumers have seen the convenience and speed of online transactions and they are keen to experience it everywhere. How are you helping your agents decipher and meet new-age customer expectations?<\/p>\n<p>For instance, every time an insurance is due for renewal, customer loyalty is put to severe tests. That\u2019s because it\u2019s the time customers hunt around for better offers. Train your brokers to use your sales accelerator platform for timely follow-ups and information on premium financing.<\/p>\n<p>Your sales accelerator platform can feed deep insights coupled with timely nudges. That will help agents prioritize leads, improve predicability, and improve conversion, almost like uncovering a magic formula.<br \/>\n[\/vc_column_text]<style>@media (min-width: 992px) { .ld_spacer_6a0738be7cfb4{height:45px};}<\/style>\r\n<div class=\"ld-empty-space ld_spacer_6a0738be7cfb4\"><\/div><style>.ld_images_group_element_6a0738be7d071 {margin-bottom:10px !important;  } .ld_images_group_element_6a0738be7d071 {margin-bottom:10px !important;  } <\/style><div id=\"ld_images_group_element_6a0738be7d071\" class=\"lqd-imggrp-single ld_images_group_element_6a0738be7d071\"   >\r\n\t\r\n\t<div class=\"lqd-imggrp-img-container\"    >\r\n\t\t\r\n\t\t\t\t\r\n\t\t\t\t<figure ><img loading=\"lazy\" decoding=\"async\" width=\"2880\" height=\"1600\" src=\"data:image\/svg+xml,%3Csvg xmlns=&#039;http:\/\/www.w3.org\/2000\/svg&#039; viewBox=&#039;0 0 2880 1600&#039;%3E%3C\/svg%3E\" class=\"attachment-full size-full ld-lazyload\" alt=\"\" data-src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-106-2.jpg\" data-srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-106-2.jpg 2880w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-106-2-300x167.jpg 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-106-2-1024x569.jpg 1024w\" data-sizes=\"(max-width: 2880px) 100vw, 2880px\" data-aspect=\"1.8\" title=\"\"><\/figure>\t\t\t\t\t\t\t\t\r\n\t<\/div><!-- \/.lqd-imggrp-content -->\r\n<\/div><!-- \/.lqd-imggrp-single -->[vc_column_text]<\/p>\n<h4>4.Turn your analytics into your trump card<\/h4>\n<p><b>Key Challenge:<\/b> Customers want your brokers to make targeted offers. The insurance carrier\u2019s success, and wholesaler engagement and success depend on whether brokers can customize offers. How will your brokers deliver on that?<\/p>\n<p><b>Here\u2019s what to do:<\/b> The answer lies in the deeper insights, something that legacy systems can\u2019t generate.<\/p>\n<p>Demand more from your sales accelerator platform in order to empower your brokers. Smart tools can, for instance, use data-backed insights for intelligent lead allocation and make the sales process more efficient.<\/p>\n<p>Also, granting your brokers access to your analytics can help them identify and capitalize upon upsell or cross-sell opportunities. Besides, the platform will \u2018learn\u2019 from the best performing RMs and distribute that learning among the rest of the team, substantially improving their performance.<br \/>\nning for this.[\/vc_column_text]<style>@media (min-width: 992px) { .ld_spacer_6a0738be8b3c9{height:45px};}<\/style>\r\n<div class=\"ld-empty-space ld_spacer_6a0738be8b3c9\"><\/div><style>.ld_images_group_element_6a0738be8b496 {margin-bottom:10px !important;  } .ld_images_group_element_6a0738be8b496 {margin-bottom:10px !important;  } <\/style><div id=\"ld_images_group_element_6a0738be8b496\" class=\"lqd-imggrp-single ld_images_group_element_6a0738be8b496\"   >\r\n\t\r\n\t<div class=\"lqd-imggrp-img-container\"    >\r\n\t\t\r\n\t\t\t\t\r\n\t\t\t\t<figure ><img loading=\"lazy\" decoding=\"async\" width=\"2880\" height=\"1600\" src=\"data:image\/svg+xml,%3Csvg xmlns=&#039;http:\/\/www.w3.org\/2000\/svg&#039; viewBox=&#039;0 0 2880 1600&#039;%3E%3C\/svg%3E\" class=\"attachment-full size-full ld-lazyload\" alt=\"\" data-src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-107-2.jpg\" data-srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-107-2.jpg 2880w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-107-2-300x167.jpg 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-107-2-1024x569.jpg 1024w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/08\/Frame-107-2-720x400.jpg 720w\" data-sizes=\"(max-width: 2880px) 100vw, 2880px\" data-aspect=\"1.8\" title=\"\"><\/figure>\t\t\t\t\t\t\t\t\r\n\t<\/div><!-- \/.lqd-imggrp-content -->\r\n<\/div><!-- \/.lqd-imggrp-single -->[vc_column_text]<\/p>\n<h4>5. Ensure continued broker engagement<\/h4>\n<p><b>Key Challenge:<\/b> The sales strategies that worked yesterday may no longer work today. Insurance professionals must constantly learn new things. How will you ensure your brokers remain relevant over time?<\/p>\n<p><b>Here\u2019s what to do:<\/b> Even after onboarding and coaching your insurance agents, you will need regular, continued engagement for efficient wholesaler distribution. You can channel lead management by mapping the right leads to the right RMs and optimize efforts.<\/p>\n<p>As a larger organization, you will have access to smarter technology tools. The tool will analyze what opportunities have worked for which agents in the past and guide them contextually. Additionally, you can use this understanding to muscle up your role as a motivator and encourage your agents to chase bigger targets or a wider basket of products.<\/p>\n<p>Smart tools can make processes efficient, build strong ties with brokers and do the heavy lifting to increase broker wallet share.<br \/>\n[\/vc_column_text][vc_column_text]<\/p>\n<h4>A closing word on broker engagement<\/h4>\n<p>It\u2019s a no-brainer that we\u2019ll continue seeing turbulence and disruption for a while. However, this is also an opportunity to increase the safety of your customers. Use data from your sales accelerator platform to learn if they have inadequate or missing insurance protection. Then you can suggest to them appropriate insurance cover. And your brokers will play a vital role in achieving this and also in unlocking Customer Lifetime Value (CLV). .<\/p>\n<p>Insurance brokers battle some unique challenges: for instance, insurance is a product that\u2019s not bought, it\u2019s sold. Seek to build lasting, more sustainable relationships with your brokers and squeeze more out of technology to make this relationship work. It\u2019s important to never lose sight of the fact that this relationship will only be as strong as the extent to which you contribute to your broker\u2019s success.<\/p>\n<p>Empathy, coaching, and humanising the use of technology will remain the three cornerstones of the Broker Engagement Model for not only 2021 but well into the future. Carriers and wholesales that prepare themselves to this end will find their journey fulfilling and successful.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]The very fact that insurance sales is intensely competitive shows it has a great potential. And as an insurance carrier or a wholesaler that relies on brokers in order to grow, your organization should ask yourself a question: What are we doing to help our brokers to solve their sales problems? Selling insurance isn\u2019t what [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[40],"class_list":["post-5116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-playbook"],"_links":{"self":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/5116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/comments?post=5116"}],"version-history":[{"count":11,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/5116\/revisions"}],"predecessor-version":[{"id":5331,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/5116\/revisions\/5331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media\/5236"}],"wp:attachment":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media?parent=5116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/categories?post=5116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/tags?post=5116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}