With the drive for profit and margin in the insurance industry proving constant, what can brokers do to retain and grow their custom in these increasingly competitive times?
Insurance Business UK sat down with Kevan Aubrey, head of commercial distribution at LV=, to discuss the challenges facing the industry and how brokers need to be thinking outside the box.
“In this industry it’s very difficult to be different,” commented Aubrey. “However, the freshness of the brand and the way we operate is one of the key factors that customers look for. LV= is naturally different from most insurers in the market – and it works for us. It’s a philosophy that brokers can follow too.”
So how is this done? According to Aubrey, it’s a mindset that starts internally and expands externally too.
“Think about how many insurance customers say they value a really good claims service,” he said. “The reality is that a good claims service starts from within – a company that treats its staff well, will in turn have staff that treat their customers well.
“From there you need to be forward thinking and look to go that extra mile for your customers – that will create good word of mouth.
“For example, recently there was a storm in Bournemouth. The storm affected a crane and it damaged a number of cars at an airport car park. At LV= we found out the registrations of the cars affected and matched them to our policyholders so that when our policyholders returned from their holidays, in many cases we already had car hire set up and ready to go for them.”
Above all, however, Aubrey believes it’s necessary to try and be the master of your trade – rather than a jack of all trades.
“It seems to me that many brokers try to do too much – in my opinion, you can’t be an expert at everything,” he said. “I believe that brokers need to have a niche. They need to align themselves with a specific business – so that they can be the ones who meet the needs of that specific industry.
“It doesn’t matter what your niche is – just have one. Brokers can’t have a scheme in every sector – be an expert in one area and you become much more valuable.”
