For years, people have said that insurance is sold and not bought. The stigma surrounding the industry and those representing it still hangs thick in our social memory, with old stories of brokers peddling policies purely to earn commission instead of seeking the best needs of their clients.
However, in the last decade or so, I’ve been told that financial planners have seen a shift in motivation for sales, with a breed of financial planners and advisors emerging who choose to put their clients first, not the product providers, insurance houses and investment offices.
Coupled with pandemic-influenced buying habits and near-limitless access to information, risk products are being requested more and more, shifting it to a product class that is bought and not sold. This means that EVERYTHING changes.
Interestingly, people are only sometimes using cost as a motivator for their final choices. I believe that the role of financial advisors has shifted from being gatekeepers of information to being gatekeepers of value. Where clients would typically ask for information about different products, conversations are shifting more to understanding which products best suit their lifestyles and future goals. This means that cost is only one consideration, if it even features.
In a world of fake news, value is now found in service providers who can fulfil their promises and offer flexibility, integrated value and robust client engagement. Near-instant communication through websites, email, online chats, social media and platforms like WhatsApp, means that your clients expect faster and more comprehensive feedback on claims, adjustments, annual changes and product upgrades.
BUT – they also expect more (and deeper) connection, not just increased content being sent to them. This is where financial advisors who work with us are seeing the most change. Keeping in touch helps you keep your clients. It’s about creating conversational space, not just updates on products or annual reviews.
Value is found in the whole communication experience; greater accessibility through digital platforms, and technology innovations requiring less invasive online engagement, mean that your clients are looking to see if you understand their needs and can deliver on your promises on their terms.
And – they want to be reminded that you’re a good fit in their life.
