Ring their bell

Ana Paula Nacif speaks to Hiscox brokers to find out why maintaining a relationship with customers is vital

Building up a solid client base is no mean feat and it involves a lot of time, money and effort. With tough competition in the marketplace and an economic environment that is far from ideal, the relationship between brokers and their clients can not only make or break the next deal, it can also have an impact on the business.

The good news is that those who put in the work can expect to reap the benefits. David Foster, Director of Lark Insurance Broking Group, says that the client/broker relationship is built on trust, respect and honesty. “It is like any relationship and, if you get it right, you keep your client; you have more referrals; you make more money,” he says. “It is as simple as that.”

It seems that a successful approach involves giving the client individual and personalised attention, keeping the communication channels open and keeping staff happy and well trained.

How can I help?
David explains that every client of his brokerage has a dedicated handler, adding that the company’s philosophy of giving clients direct lines to people in the business makes all the difference. “We don’t use call centres,” he adds. “And there is no recorded message or music; our clients get to speak to someone straightaway.

“Access is important. Busy people don’t want to be held in a queue by a message that says ‘Your call is important to us’, which is clearly not true because they haven’t invested in enough people to answer the phone.”

David also points out that it is important to find a balance between bombarding the client with courtesy phone calls, emails and letters and keeping them in the loop. “We don’t want to pester our clients, but at the same time, they don’t want to be contacted only when it is time to pay some money.”

Personal service
According to Andy Bray, Director of broker Bradshaw Bennett, brokers should tailor their approach to each client. “Knowing your customer needs is the key. Some people appreciate regular communication, while others don’t.”

His own approach to keeping clients happy – therefore, increasing retention and referral rates – is to regularly speak to them on the phone, send newsletters including relevant information and provide outstanding customer service. “We have the same people dealing with clients year in, year out,” Andy says. “This continuity helps build and maintain relationships.”

The best way to retain your staff is to invest in them, says David. “Better trained people who are loyal to you create better relationships with clients.”

The proof is in the pudding and David believes that, when brokers get it right, the relationship with their client works both ways. “Clients should ring their brokers, too, and many of ours ring for advice. Our benchmark is our retention rates, which we monitor closely alongside referral rates. If these rates are buoyant, we are doing a good job.”