If you’ve been working in health insurance sales for a while, you may think you know the best ways to nurture your client relationships. Unfortunately, it’s possible you’re wrong.
To be successful, you need to avoid three things.
3 Common Mistakes Brokers Make When Building Client Trust
Many brokers unintentionally damage client trust by leading with a sales pitch instead of curiosity, overpromising on rates or coverage to close a deal, and going quiet after enrollment until renewal season. Trust is built by asking questions early, staying honest about what a plan can and can’t guarantee, and checking in with clients throughout the year — not just at renewal.
1. Leading With a Pitch Instead of Curiosity
We understand. When meeting with new clients, you want to demonstrate your expertise. So, you lead by discussing what’s new and what is being talked about in the market. You probably make a pitch for yourself and why you’re the right person to help your client find the coverage they need at the right price.
Unfortunately, for you, that pitch is off. Trust starts with curiosity – not a pitch. Ask questions to get to know your client and their employees. That will help you zero in on the right solution. Don’t make the related mistake of treating all the clients – regardless of group size – the same. A five-person shop and a 50-person do not have the same fears or decision-making process. Every business situation is different, and it’s important you ask questions to find out about each client wants and needs. What will best satisfy their employees’ needs and preferences?
2. Overpromising to Win or Keep an Account
Something else that brokers often get wrong is overpromising to win or maintain an account. Promising a rate won’t go up or that a recommended plan “will cover everything” to close a deal is foolhardy. It will come back to haunt you. And you will only be embarrassed when you have to walk it back later. The lost trust from overpromising costs far more than any temporary gain.
3. Going Quiet Until Renewal Season
Inexperienced brokers often pour so much energy into closing and then go quiet until renewal. Business owners and benefits managers remember those who show up during the year to check in, when nothing is wrong. As we mentioned in another blog, A Broker’s Guide to Client Retention: Preparing for the Renewal Conversation, earlier this year, renewal does not begin 90 days – or even 180 days – out. It really begins in the month after your case closes. That is if you are successful enough to get it in the first place.
Embracing these strategies will help you nurture a positive, long-lasting relationship with your clients. It will also help you gain referrals that are important to your business pipeline.
How Word & Brown Helps You Be a Trusted Advisor
Be the trusted advisor your clients need by offering them valuable counsel. Word & Brown can help! Whatever your market niche and group size focus, the teams at W&B are here for you. We have the portfolio, tech, and experts to help you do your job better. Contact your W&B rep to learn more.
If you are not already working with us, it’s easy to get started. Register online today. Or reach out to me.
