THE VALUE OF TRADE SHOWS & CUSTOMERS vs PROVIDERS

At a weekly meeting with several of our affiliates, including: BenefitPlace, Vesta Worksite, and Vesta h&l, we covered a number of important topics, including "The value and ROI generated from attending and/or exhibiting at Trade Shows?".  For a review of this discussion, please visit the BenefitPlace Blog!  We'd appreciate your opinion!  


Following the above conversation, the discussion turned to "Customer Service" and a J.D. Powers & Associates study reported by National Underwriter p&c titled "Agents Give Most Business To Insurers That Satisfy".  The recap stated that agents give their business to "insurers who provide contact people, prices, products, and other factors they like..."!  While our first reaction was"That's obvious", further review lead to additional considerations.  These included:

• A wide "point gap" was reported in the rankings of insurers.  What it takes to attract business must not have been obvious to, or a concern of, those insurers with lower rankings!
• Policyholders have a stronger bond with agents than with insurers.  The closer the contact the closer the bond!
• According to Jeremy Bowers of J.D. Powers, the bond between insured and the agents makes "it essential for insurers to satisfy their appointed agents".
• The more frequent the contact by the insurer with the agents, the greater the satisfaction!
• While these results may seem obvious, one of our affiliates pointed out that the same rules hold true between agents and their clients.  
• Clients equally gravitate, and stay with, agents who provide contact, pricing, products, and other factors they like.
• Clients tend to have a stronger bond with the agent than the agency.
• Agencies must satisfy their agents to maximize retention.
• Agents need to keep in frequent contact with clients.

We wrapped up the meeting realizing that we are all both Customers and Providers.  We must all learn and play by the same rules to succeed!  It's back to "Do unto other as you would have others do unto you!   


NOTE: We, with BenefitPlace & the other Vesta Cos. have created a business trade group, the "Insurance Forum" on Linkedin.  We invite you to join on Linkedin or contact us for more information - email max@benefitplace.biz or call 216.921.1583!


We, and our Community, appreciate your thoughts and comments!  Have a Great Week!