It’s no secret that one of the cornerstones of a successful business is strong client relationships, and that strong client relationships lead to advocacy and increased referrals.
For many businesses, it’s the first impression that counts. But for a risk advice business, it’s often not until your client needs to make a claim that you have a real opportunity to cement the trust required for a strong, long-term relationship.
The lead role goes to…
When it comes to claim time, there is an implied commitment that you will step up to the mark and take charge, because as a specialised risk adviser, you have:
- an established relationship with your client;
- detailed knowledge of their personal, business and financial situation;
- strong relationships with insurers and their claims teams;
- a detailed understanding of the claims assessment process;
- knowledge of the intricacies of the various current and legacy products; and
- the ability to help clients utilise the rehabilitation aspects of their claims assessment to get them back to health and back to work, as quickly as possible.
The client also has an understanding that, if necessary, you will appropriately challenge the claims assessment process and decisions made.
Beware the understudy
Something is changing in our industry. We’re seeing increased involvement from lawyers stepping in to play the role of financial saviour at the commencement of a claim.
This is happening despite the fact that in many cases lawyers have limited previous personal or professional contact with the claimant. They are also unlikely to have a relationship with insurers, and therefore may not have the detailed understanding of each insurer’s internal claims assessment process that you have attained over the years. Their involvement may also mean increased costs for your clients.
Changing the script
What can you do to own the claims space, maintain the leading role for your clients during a claim and at the same time build value into your own business?
- Be clear about the part you play: Explaining the value of your role in the claims process to your clients upfront will increase the likelihood that they’ll come to you if they need to claim.
- Take on the supporting role: Regular contact with your client’s case manager and your client means you can explain each step of the claims assessment. Keeping detailed file notes will also help you manage the process.
- Know your lines: Use your client’s case manager, the internet and your dealer group to find out more about an illness, disease or injury – your knowledge will help your client.
- Manage your client’s expectations: Make sure you understand the policy definition of a potential claim before giving a commitment to your client – if a client’s expectations have been incorrectly set, it’s a difficult conversation you’ll need to have to correct them.
Claims time is when your clients need you most. It’s when your client’s world has been turned upside down that they need support expertise and ultimately the security that you, their financial adviser, are there to provide.
The views and opinions contained in this article are the general views of Craig Parker and Affinia but the author notes that each case will depend on its own facts and circumstances.
