The latest batch of results released by
Vero as part of its SME Index have found that broker clients want more than just insurance advice.
With more than 1,500 small business owners surveyed nationally, Vero found that more than 60% believe it is very important to receive advice outside of business insurance on topics such as personal insurance and other financial products.
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Anthony Pagano, head of commercial intermediaries at Vero, highlighted that around 20% of broker clients seek broader advice but are not receiving it.
“Insurance is just one aspect of an SME’s financial services environment and when looking to attract new broker clients, for example, or retain existing clients, brokers need to start thinking about the conversations they have beyond their area of expertise in business insurance,” Pagano told
Insurance Business.
“That showcases more diverse, attractive skills for SMEs and gets them out of their uncomfortableness in the other areas that they don’t have the focus. At the same time, it helps the client save time and money in areas they are looking for assistance and support on.”
The research found that two in five broker clients say they would like to receive advice on bundling options available to include business insurance with other insurance and financial services products.
“The brokers that are going to make it easier for the customers to understand the broader reach and capability of the financial services environment look to gain considerably in their relationship with their clients,” Pagano continued.
For brokers looking to offer more advice outside their traditional core, Pagano said it is vital to understand the specific needs of your clients.
“You need to get intimate with your clients,” he noted. “What are the things making them tick, or keeping them awake at night? Are there opportunities to help grow your relationship with their business and your services?”
Pagano said it is then important to consider opportunities to offer more. If a broker is part of a cluster group, they may have more resources available, but it is important to consider whether it is best to develop an in-house solution, look to outsource or become a facilitator of advice by partnering with experts in other areas.
While there are considerations to make from a legal and regulatory perspective when offering advice on any financial services product, Pagano said that the key is to have an “open and transparent” conversation with clients.
“The journey of one SME talking to another SME, with the network a broker has access to, can make that opportunity a real competitive gain for them,” he concluded.
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