Building Relationships with Insurance Carriers

By June 4, 2021 June 30th, 2021 No Comments

For Insurance Agencies everyone knows how important it is to build relationships with their clients. But it is equally important for the agencies to build relationships with Insurance Carriers. Agencies should instigate a policy that is about making all relationships matter. Relationships with Insurance companies should be a priority and be valued. Agencies could look at their relationships with their clients and Insurance companies as a three way partnership. Everyone working together and trying to get the best possible results for every party involved. Relationships are what will help your agency succeed and help boost the insurance industry as a whole.

It may seem trivial to build relationships with Insurance carriers, but in the long run those relationships will benefit every party involved. Insurance is a relationship business. Just as you have worked and cultivated relationships with customers, the same should be said for insurance carriers. When you are giving your business to different carriers you are trusting them to give your clients the best coverage for the right price. You are relaying to the carrier accurate and honest information regarding your customers business and everyone involved is looking for a successful outcome. In order to have successful outcomes, honest and trusting relationships have to come about. 

Relationships are obviously built on trust. And it takes time to gain trust in others. It takes time to get to know your customers, understand their needs. It also takes times to develop trust with carriers. Time must be put in to the relationship with carriers and underwriters so that those relationships can build. There are different aspects of the insurance industry that require different specialty services. Different carriers will specialize in different services such as commercial construction, manufacturing, retail, etc. Make sure your agents have working relationships with different insurance companies that have their own niche. The ultimate end goal is to provide the best coverage for the best price for your customers. And by making sure you are working with carriers who fully understand what it is your client needs, you are making sure that all parties are satisfied. 

If the customers are ultimately the one bringing revenue to your agency, it is important that they receive the best coverage possible for the most competitive rate. They need to have an underwriter that is going to offer them all that they need. It is important to remember that your customers won’t just give you their trust. Trust is earned. And it can easily be taken away, so look at it as a lifelong investment. 

When relationships become personal, partnerships tend to excel. When you can pick up the phone and let a Carrier or Underwriter know that you need their help on something, and you have cultivated that relationship, you know that you will be getting their best and most sincere effort to help you with your task. When a customer can call you in a moment of panic about making sure they have the coverage they need, and they know that you will help them figure it out and let them know that you have already taken care of them. And that is where the relationships will have real value. When business transactions stop seeming so mundane and friendships and real conversation can be had, that is when the magic can happen. Your agency will flourish, the customer will flourish and so will the Insurance Carrier.