Becoming the Trusted Advisor – Part 1

Looking around the industry and seeing many (maybe too many!) different agencies, I started to notice that the best ones have a common thread running through them. Whether consciously or unconsciously, they have moved away from “selling insurance” and upgraded their work to being the trusted advisor of the customer. Not every agency takes the same approach to how they enhance their agency’s customer experience in their shift to being the trusted advisor, but there are enough common elements to help you build a solid framework within your agency for improved results.

 As I noticed the trend, I reached out to David Levy – a regular consultant and business growth coach for insurance agencies and other businesses. He has been helping agencies make this kind of transition for many years and structured a program that steps the agency through the process of making a successful transition into this new way of operating. The benefits he has found for these agencies who make this commitment are significant.

One thing that emerges from this process – everyone in the agency – staff and leadership, those connected the agency – customers, vendors, and centers of influence as well as those outsides just watching at a distance, find a significant improvement to the quality of the relationships and opportunities made available through this shift.

Here is a list from what David has witnessed firsthand:

1.      Increase Average Cash Value of a customer

2.      Increased Lifetime Cash Value of a customer

3.      Increase potential for and higher quality referrals

4.      Less customer maintenance

5.      Drive results

6.      Better risk management

7.     Higher level of customer satisfaction

8.      Better customer experience

9.      Strong corporate identity

10.  Stand out in the industry and community

All these benefits are obviously impacting the top line revenue and the bottom-line profitability of an agency in a positive way. To achieve this kind of transformation, the agency and it’s staff will begin to think differently and approach the work of the agency differently…and it all starts with how customers are engaged.

Our next post will focus on the three key elements necessary to successfully make the transition and how these three pieces come together to impact the results of the agency in such a positive and significant way.