Insurance broker keeping tabs on you? It’s a good sign. Photo: CentralITAlliance.
Canberra insurance broker Tate Harris recalls times when clients have promoted events or a new line of products or services on social media, and he has called to ask: Have you considered how that might impact your insurance?
It’s par for the course for the allinsure broker, who monitors client social media and will generally contact his clients numerous times throughout the year.
The company also regularly shares insights on emerging risks, newsletters, social posts and information sessions.
It’s not to pester. Proactivity, Tate says, is the hallmark of a good insurance broker.
“Our clients appreciate it,” he says.
“Most brokers will only contact their clients when their policies are due for renewal. In our experience, a lot can change in 12 months, and it’s often hard for the client to remember what has changed over the space of a year.”
Tate says one of the greatest prevailing misconceptions about brokers is that they work on behalf of the insurer.
“We’re often thought to play the same role as a life insurance or mortgage broker, where it’s largely a set-and-forget or a transactional situation,” he says.
“The policies roll on year after year, and there are no further touch points unless instigated by the client.”
Things are different in the general and business insurance space, Tate says.
While brokers sell policies, a good one also looks after you as your business or financial needs change and advocates for you when trouble comes knocking.
“We’re not just salespeople — we wear a lot of different hats,” he says.
This means taking a more holistic approach to insurance than a direct market insurer, gaining a deep understanding of risk profiles and working with other key business advisors to build a tailored insurance program that meets your requirements.
Those requirements are constantly changing, too. Over the course of 12 months, a business may expand, pivot, or shift in a completely new direction.
A good broker will notice those shifts and ensure that clients understand what they mean for their coverage.
“You need to know what your options are so you can make informed decisions about next steps,” Tate says.
Tate Harris says that having someone in your corner who understands your business, your risk profile, and can manage an insurance program that keeps pace with your needs is good business practice. Photo: Michelle Kroll.
That may involve consulting other expert business advisors where needed, such as accountants or lawyers.
“For example, we can often review lease agreements and sub-contractor arrangements to identify anything that may impact your insurance requirements, such as minimum coverage needs, indemnity or ‘hold harmless’ clauses,” Tate says.
“But we’re not lawyers. If we’re unsure a client has met their legal requirements, we will encourage them to consult their legal advisor, or we can speak to them on their behalf to help reach the desired outcome.”
A deep understanding of the big picture can often lead to better terms, lower premiums, and peace of mind for clients regarding the efficacy of their coverage.
As claims increase and premiums continue to shift with a changing market, this is more important than ever.
“If there’s an unknown in terms of the business’s activities or risk profile, a direct market insurer will likely build in a worst-case scenario premium loading,” Tate says.
“If we can address those concerns and provide a detailed picture as to what’s going on, that gives insurers a greater level of comfort and typically results in better outcomes for clients.”
One of the best opportunities for a broker to demonstrate their capabilities to a client, however, comes long after signing on the dotted line.
It comes when trouble hits.
“At allinsure, we believe that one of our most important roles as a broker or insurance adviser is to advocate for our clients in the event of a claim,” Tate says.
“If we have taken the time to understand the client’s business, advised on a policy or constructed a portfolio in a certain way, we believe that we should be there to help them navigate the entire process. This includes providing them with empathy and support throughout the process.
“Many brokerages outsource their claims management. We don’t do that. We have a relationship with our clients, and we know that when they’re at their most vulnerable, they want to be dealing with the person who understands their business and has placed the policy based on that knowledge.
“Claims management and advocacy are also good ways for us to further our knowledge as brokers. We gain insight into how policies respond and identify new pitfalls to consider moving forward.
“Insurance is an evolving space, and we will evolve with it.”
For more information, visit allinsure.
