We seek insurance brokers who can also give advice on risks (and not just sell me insurance without giving me any valuable advice). This is why we do not use the term “insurance brokers”, but rather “risk advisors” who can do both the brokering and the advising.
Have you ever seen the best lawyers or surgeons in the country advertising “sign up with me to save X% in cost” Well…likely not. So, how do you find your best advisors?
They are trustworthy and act with integrity. The clients need to trust that their advisors are acting in the clients’ best interests.
They understand the clients' unique situations and provide customized insurance and risk management solutions that meet the clients’ needs
They are able to explain complex insurance terms and policies in a clear and concise manner to their clients. They are also able to describe their client’s business and negotiate with insurance companies on behalf of their clients effectively.
They have a deep understanding of the insurance industry, including the different types of insurance policies, regulations, and trends. They keep up-to-date with changes in the industry to provide the best advice to their clients.
They have strong analytical skills to evaluate different insurance policies and compare them to find the best option for their clients. They are able to assess the probability of a risk occurring, the potential impact of the risk, and identify potential solutions to mitigate the risk.
They have strong interpersonal skills to build and maintain relationships with clients, insurance companies, and other stakeholders.
A great insurance broker and risk advisor is someone who has a combination of skills, experience, and knowledge, and is able to provide and communicate customized insurance solutions to their clients while building and maintaining strong relationships with them. Not easy. If you find them, keep them.
Risk advisors should be viewed as your trusted advisors. Please know this: Not everyone who knows how to spell insurance or sell insurance can be a risk advisor. Understand that people have different motives and those may be based on how they are incentivized. Watch how they communicate - are they here to sell or are they here to advise? Also, your risk advisors have other clients as well. It’s mutual respect to keep the urgency for truly urgent matters. I find it’s best to give my advisors time and space to digest whatever the situation is before accepting their assistance.
Aristotle