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Consumer issues
News Release from: Insurancewide.com Services | Subject: Insurance policies
Edited by the Insidemoneytalk Editorial
Team on 07 April 2008
Insurancewide CEO challenges brokers to
overhaul customer service
In response to recent reports that at least one aggregator is banning the brokers on its system from cross selling policies, James Harrison, CEO of Insurancewide.com,
suggests that the basis of the relationship between brokers and aggregators needs "Banning brokers from cross selling represents a marked shift in power of the aggregator but it's not the right way forward we certainly don't advocate it
This article was originally published on Insidemoneytalk on 29 Mar 2007 at 8.00am (UK)
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However, this whole issue is a timely wake up call to the broking world to overhaul its attitude to customer service.
The question is simple: is the way they operate now adding any value to the customer? If so, how can they best project this to the customer to attract them and retain them.
They have direct contact with a customer something an aggregator does not, that is a huge advantage for a broker, if they provide a good service.
If they add no value, the customer will not associate with them and will return to the aggregator when they next need insurance.Without doubt brokers should welcome the opportunity to work closely with aggregators and should invest in the technology.
There are huge volumes from aggregators and all being offered at a fixed marketing cost payable only on success, it is a wonderful opportunity for customer acquisition A sophisticated broker should select a business niche to determine where it wants to appear on an aggregator's system, whether it be for drivers with convictions, drivers over a certain age or drivers of commercial vehicles.
It should seek the best rates from insurers, seek to add value within their policy and then provide an excellent service when outbounding the customer.
It is a reality, either add value or disappear.Another opportunity there for the taking is for brokers to integrate aggregators into their own search systems.
This would mean that the customer who comes direct to them would be offered a wider choice that just their broker panel.
They would be behaving transparently and helping their customer rather than displaying their lack of competitiveness.
If the best value policy comes from a comparison website rather than the broker's own system, the broker benefits from a fee and is remembered by the customer for being flexible, not territorial.
On every level it makes business sense.
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