Why An Experienced And Independent Advisor Can Make All The Difference

Why An Experienced And Independent Advisor Can Make All The Difference

The insurance industry is dramatically shifting, and it’s the latest to be caught in the crosshairs of disruption. While disruption has quickly become the new normal in the insurance industry, it’s up to the broker to adapt to the times and find innovative ways to translate that value onto the client by redefining what their unique value proposition is.

With that being said, it doesn’t come as much of a surprise when I hear about how parts of the broker’s function can become antiquated through technology. This is primarily because many have diluted their role to being strictly transactional instead of adapting to the times and carving out new ways to provide value, by assessing your personal needs and ensuring no small detail is overlooked.

There will always be a whole lot of fly-by digital brokers

We’re in a day and age where consumers want things quick, fast and convenient – and these are the value propositions that we are heavily pitched when it comes to almost any service – it almost has to be baked into a marketing strategy.

That’s why spending the time and executing your due diligence by working with an independent broker is doing a lot more for you in the long-run than you think. We will always see this type of broker try and find the easy way to penetrate a market, but it certainly doesn’t mean it is the norm.

Brokers are working for you – not the insurance company  

I don’t know why someone would buy their insurance in a call centre.

There is just so much that can go wrong, and you want to deal with one broker that can talk to you about all of the issues. It’s such a big responsibility to be brokering an insurance policy because it can save a lot of stress, and financial miscues down the road. 

Everything from explaining premiums, terms, conditions, all of the small print details to ensure there are no misunderstandings and nothing is overlooked.

“The consequences of a poorly packaged policy are impactful of a business where you simply cannot leave it to automation or a call centre.”

You don’t know what you don’t know

By and large, business owners are savvy and bright people. They have to not only carve out market share in a likely competitive environment, but also have the foresight to grow and adapt with the times.

While we are dealing with very forward-thinking people as clients, many still don’t know all the intricacies of what it means to put together a well-rounded policy. A consumer won’t know how to piece a policy together that covers them down the road.

And I know the disrupters in the space want to move towards that – but the value that a broker or an independent advisor brings is just so important – and the consequences are huge!

I shudder to think about someone buying their insurance without any independent advice.

The reality of the situation is that some clients can be extremely vulnerable and have incredible levels of exposure. As a broker, we help clients develop a brand-new insurance product that is so specialized, it covers all of their vulnerabilities, covering areas like this:

  • General Liability Insurance,
  • Commercial Auto Insurance,
  • Property Insurance,
  • Business owner’s policy,
  • Professional Liability Insurance,
  • Data Breach insurance
  • And so much more!

We all do have some type of exposure as a small business owner, and this is just a snippet showing a few of the products that might need to go into a tailormade policy, depending on ones’ business needs.

The scary thing is there are other brokers out there telling and selling their clients on a product that is not customized to their business – and they are doing them such a disservice.

92 years of experience

It still boils down to the brokers advice, knowledge and relationship that sets them apart from the omnichannel experience. It’s the trust and integrity, and not thinking about a commission, when putting together a product that is going to be something that is of value. That’s how an independent broker really separates themselves from the fly-by digital broker we see a lot of today.

And as we head into our 92nd year of business – that speaks a whole lot in this ever-evolving space.

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