Insurance Brokers: It’s Time to Protect Your Revenue

The assistance package announced by the major Australian insurers to assist SME customers impacted by COVID 19 will impact your revenue and cash flow.

The finer details are still being ironed out between the brokering industry, insures, and regulators.

However, there several pro-active things you can and should be doing today to help protect your business.

Take charge of your client conversations

Pro-active action items:

Identify and make a list of your top 20% of clients that generate 80% of your revenues.

Contact each of your top clients (meet with the decision-maker) via telephone or even better virtually with Skype, Zoom, or Facetime.

Ask: “What can I do help?”

Offer assistance:

Reducing cost

Reviewing risk profile

Provided updates on insurance issues

Be a sounding board

Provide alternatives

Maintain regular contact – it’s better to error on the side of over-communication.

You should own your client relationship and be their trusted advisor. In the end, if your client does require support from the insurance carrier at least they are doing so whilst working in partnership with you.

Remember -you still own the relationship!