Education is key, from account executives to clients and prospects

Monday, August 25, 2014
Written By
Abbie Michaelson

When you look at leaders in the business world today, whether they are in finance, politics, sales or insurance, there is one commonality that sets the best clearly ahead of the others—the ability to educate. Every human being has an innate inclination towards self- improvement. When you are thinking of buying a house, you educate yourself as to the safest areas, good transport links and of course, if you have children, the best schooling systems. Education is paramount in business too; Michael Dell, the founder of the electronics giant that bears his name, famously advises everyone to be wary of being the smartest man in the room when making any business decisions.

The importance of client education

I’ve often wondered why clients don’t inspect their schedules and policies, or why certain essential covers (such as directors and officers or business interruption insurance) are not presented to every client. I have come to the conclusion that education is the issue. Clients don’t examine their schedules and policies because the task is fruitless; they often don’t have a true understanding of the words and terminology used. Imagine how effective an account executive would be with a client or prospect if he or she walked in with easy to read hand-outs that explained the covers in detail but in plain English (and with examples where necessary). Now think about the confidence of your account executives who receive calls from clients and prospects asking about specific covers, such as D & O insurance. Do they understand the covers enough to present it to the client in a way that the client will easily understand or will it become overly sales focused and influence the mind-set of the client negatively? How about cyber liability and risks?  Can you put your hand on your heart and say that you and your teams fully understand these opportunities and have the knowledge to put it into action?

Education across your business is critical to your clients and to the future success of your brokerage. Gone are the days where the clients are disengaged and disinterested in insurance. Buyers are now more informed than ever and expect more out of their broker.

How to execute

However, education takes time and effort—and you certainly don’t want the insurers to be the ones educating your clients, as it drives loyalty to the insurer and their specific offerings instead of your brokerage. Zywave brokers, on the other hand, educate their clients, prospects and even their employees with loads of brokerage-branded educational materials. Educate your clients and prospects with automatic monthly, industry-specific distributions and provide in-depth, easy to understand resources. Educate your account executives and allow them to gain confidence and walk into meetings displaying the knowledge of an industry veteran.

Educational resources, like the ones provided in Zywave’s sales and marketing engine, help you work smarter rather than harder to educate your clients, prospects and employees – helping you differentiate and compete with the top brokerages in today’s market.

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