Insurance partnerships can last for years, even decades, and can become quite personal in nature. In order to be strong and effective, brokers and carriers alike build successful rapport and trust with one another to find the best outcome for both parties.
However, if you’re new to the industry, or building a new book of business, it can be challenging to build strong carrier partnerships. These partnerships are pivotal in the benefits industry.
Here are five tips to help you strengthen relationships with carriers.
1. Prioritize consistent, ongoing communication
Just like with any personal or professional relationship, consistent, predictable communication is a necessity for building strong rapport. Checking in periodically—and not only when you have an issue—can make your team and client top-of-mind for your contact at the carrier organization.
2. Align on mutual success
In our industry, the strongest relationships are based on the success of mutual clients. To serve them best, it’s important to have a shared understanding of their challenges, goals, and needs. Foster partnerships that can give these mutual clients the best outcomes with benefits that fit their needs appropriately.
3. Invest in tools that save time and reduce friction
If you’re spending most of your time on administrative tasks, you have less time to focus on carrier relationships. Investing in a Benefits Placement System (BPS) like ThreeFlow can help you become more efficient, effective, and productive when helping clients procure benefits. A BPS can address the end-to-end needs of renewals and new business RFPs. A more efficient placement process will take many of those manual tasks off your plate and allow you to focus on what you do best—building carrier relationships and taking care of your mutual clients.
4. Add over-the-top value to both clients and carriers
What are your key differentiators in the industry? You’ve surely thought about what makes you or your team stand out from the rest when you’re seeking new client relationships. Perhaps you're known for your white-glove service or your quick response times. Leverage your differentiators as you build out carrier relationships, too. Consider both pointing out what makes you different and proving it.
5. Ask for feedback
While you may not feel comfortable early on in your partnership, as you become more established, seek feedback from carriers. Providing the space for key collaborators to share where you’re excelling, as well as the areas you could improve, will help the carrier understand that you’re looking to grow. They’ll also know you’re serious about maintaining a strong partnership if you're actively seeking ways to improve the way you work.
If you're looking for ways to make your benefits placement processes more efficient and productive, chat with a ThreeFlow expert today.