Startups are known for their innovative workplace style, perks and culture. In fact, a recent Inc. article touts workplace culture as the main reason employees will still miss their former place of business long after they are gone. Creating a nurturing work environment with like-minded individuals is a key component of any startup's success, but can also be applied to the way in which client relationships are forged and supported.
When it comes to the broker industry, a lot can be learned from the startup mentality. In order for brokers to succeed in this rapidly changing landscape, here are three ways brokers can elevate their client interaction by taking hints from the world of startups:
Find a cultural fit. A big perk to a startup is the emphasis of culture. Taking the time to hire based on cultural fit is a detail that helps small workplaces like these thrive. The same philosophy can be applied to the world of benefits. In order for brokers to empathize with their client's needs, they must immerse themselves into their culture and provide health care plans that are right for them. In today's health insurance landscape, there are many new boutique plans that offer unique benefits like discounted or free health club memberships, acupuncture, and massage therapy. Listen to your clients, observe their culture and recommend unique benefits that are right for them. They'll appreciate your attention to detail.
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Strive for transparency. Transparency provides intrinsic value to a startup given that it provides a lean company with the agility they need to make efficient decisions and collaborate with the populations they wish to serve. Startup communication strategies are a prime example of this. One strengh startups have in their communication strategy is their ability to find more efficient and transparent ways of communicating while remaining personable and engaging. Part of that is meeting clients where they are. In this technology-based world we live in, clients are yearning to spend less and less time on the phone and more time online. Having this online presence to communicate with clients makes for a more interactive experience, engaging them each step of the way and providing easier accessibility to a topic like insurance that is often daunting and confusing. Further, brokers have the ability to show prospects their pricing model and provide demos of the services they provide. Starting the client relationship with a baseline of transparency not only helps to better serve the client, it also benefits the business by being able to deliver solutions to their pain points faster.
Invest in technology. For the vast majority of startups, technology is their business. Providing innovative solutions for their industry's problems requires upfront investment in technology that can bridge those gaps. For many startups this represents nearly 30 percent of their internal team and the majority of their payroll. And for those startups that aren't building it themselves, they are partnering with others that do. Investment in technology is no longer a luxury, it's essential for businesses to adapt and grow in increasingly competitive markets. Startups get this, and take it one step further. They don't just embrace technology; they get excited by it. The broker industry is catching on, but in order to stay ahead of the curve, it will take more than just understanding technological advances being made in the insurance industry, it will mean adopting them.
The client relationship is the bedrock of the broker business. This highly competitive market means that every day brokers are not only proving their worth to obtain clients, but displaying their worth to maintain them. In turn, clients rely on the expertise of their brokers, entrusting them with large emotional and financial decisions for their businesses and families. Learning from the nimble nature of startups only works to make the most of the ways in which brokers are already excelling, and standing out.
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