Networking is a crucial part of any insurance adviser’s career, though most advisers don’t give too much thought to ‘strategy’ when engaging other professionals - something IBANZ CEO Mel Gorham believes can be hugely helpful when trying to build your connections.
Gorham, who recently spoke at the Women in Insurance 2020 Summit, says the first question an adviser should ask themselves when establishing a new connection is ‘why’, and also emphasised the value of listening, understanding expectations, and knowing what you can bring to the table.
“There’s a saying that ‘it’s not what you know, it’s who you know’ - and I actually think it’s both, and that they’re interchangeable and work very well together,” Gorham said.
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“Looking at the sorts of questions that you need to ask to build your connections and relationships, I always start with ‘why.’ Why are you doing what you do, what is it that you want? Why would this person embark on a relationship with me? What is the type of connection - is it long or short term, is it personal, or is it business? All of these things should change the way you look at these connections.”
“If the connection is going to be a work one, I find asking questions about them or their business helps - but you need to listen,” she added.
“People hate repeating themselves, particularly in a business environment, so pay attention so that you can call back to it later. Listen for when their voice or face light up, because that’s something they’re interested in, and you can build on that and forge a stronger relationship with them by going down that avenue.”
Gorham says it’s also important to understand a contact’s sensitive topics or irritations, as avoiding or confronting these as needed can help build a stronger sense of respect and trust. She says having an honest view of who gets what out of the relationship is also vital, especially if you’re looking to create something long-term and meaningful.
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“Understanding their expectations is also very important,” Gorham said.
“That could be about timeframes, what expertise are they after, or whether they want you because of the connections you have. Do they like blunt honesty or sugar coating, or something in between?”
“Another question that’s worth asking is ‘why you?’ Why are the clients coming to you?” Gorham said.
“Make sure you understand what that is, and deliver on those things that they like.
“Finally, what are their issues and challenges? Don’t just talk about the good stuff. Make sure you can give them advice that’s appropriate for their situation.”
