Tips for adding value beyond the transaction
By Heath Shearon
Throughout my 20 years of industry experience, I’ve witnessed an evolution, a shift if you will, from a transactional approach to more of a relationship approach. I can tell you now that I am here for it; a relationship approach is built on trust, expertise, and personalized value.
Today, as a seasoned professional, I find myself reflecting on my journey and the profound impact of being more than just an insurance agent or industry professional, but a trusted advisor. Trust is the bedrock of any lasting client-advisor relationship, especially in our field.
Over the years, I’ve realized that trust doesn’t magically happen, or happen overnight; it’s intentionally built like a skilled artisan crafting a masterpiece. It starts with understanding, truly comprehending your clients’ needs, fears, and aspirations. It begins with asking the right questions, but then taking the next step, which is to listen, take notes, and be active in the conversation. This requires a level of empathy and listening that goes beyond the superficial.
Every client interaction is an opportunity to demonstrate that you’re not just there to sell a policy, but to protect a part of their lives. If you can show your prospects and clients that your relationship is just that, a relationship and not a transaction, then that is when the true value begins.
Crafting personalized solutions
In the realm of insurance, one size never fits all. Personalization is key. Early on, I made it a point to delve into the specifics of each client’s life, understanding their individual risk profiles and long-term goals. This approach enabled me to offer solutions that resonated on a level that allowed my customers and prospective customers to feel that they were more than just a number to me.
Early on in my career, I discovered the power of building niches or verticals, whichever you prefer. This provided me a way to focus my attention on becoming a trusted advisor. By developing a particular niche in HVAC and service contractors, I was able to focus on the needs of the customer and become an expert on what matters most to them. That enabled me to show my value beyond the empty transactional approach that some of my competitors may have had in the past.
Isn’t that what it’s all about? It is about making sure that you are a value add to their business. Can they look to you for advice? Can they pick your brain about best practices for their business? Are you a valued teammate or just another bill to pay, or another voice in their ear?
You always want to position yourself as that valued partner. By niching down into particular classes of business, you are able to learn all of the coverages they need, why they need them, and how much or little they need. You can really advise them, like a friend or family member.
I was able to develop lasting relationships that truly mattered by taking this approach.
Building relationships
that endure
Relationship-building, I’ve found, is not a one-off exercise but a continuous endeavor. It’s about being present—not just during the annual policy renewal but at every significant juncture of your clients’ lives. Whether it’s a marriage, the birth of a child, or a new business venture, these life moments are opportunities to reassess their needs and demonstrate that you’re invested in their journey, not just their business.
One of the most rewarding and easiest ways to develop that trust in the relationship is educating your clients. The world of insurance can be daunting, laden with jargon and complex concepts. Breaking these down and simplifying them without oversimplifying is an art. It’s about empowering clients to make informed decisions. When they understand what they’re buying and why it matters, their trust in you solidifies.
In an industry unfortunately known by mistrust, being a beacon of honesty has been my calling card. This is also easy for me to accomplish and portray because it’s something I am passionate about in my own life. This isn’t always easy, though. But then again, no one said it would be easy. This means having transparent conversations about fees, commissions, and any potential conflicts of interest. Trust is fragile; once broken, it’s nearly impossible to rebuild.
Once you build that trust and show your value, now it becomes about finding ways to enhance and grow your value. You can do that by trying the following:
- Embracing technology to enhance value. The digital transformation has been a game changer. Adopting new technologies for customer relationship management, data analysis, and streamlined communication not only has increased efficiency but also has allowed me to provide more tailored services. Technology, when used wisely, can amplify the value you bring to the table.
Anticipating clients’ needs has set me apart in my career. Proactivity means not waiting for them to identify a problem, but using your expertise to foresee and address issues before they arise. It’s about being two steps ahead—a quality that clients immensely appreciate.
- The power of networking and collaboration. No man is an island, and this holds true in our industry. Building a network of professionals—Realtors, mortgage brokers, accountants, financial advisors and others—has enabled me to offer a holistic service to clients. When you can confidently refer your clients to other trusted professionals, you become more than an advisor; you become a resource hub.
This is also why becoming involved in your local community is important, whether it’s the Chamber of Commerce, Rotary Club, or local boards. Being involved in your local community not only will help you grow your referral partners and your business, but also will help you build personal friendships, too. Who doesn’t want that?
- References and reviews. One of the most valuable lessons I’ve learned is the power of feedback. Regularly asking clients for Google or Yelp reviews is a fantastic way to gain valuable input into your services.
Being a trusted advisor is about so much more than just
selling policies; it’s about being a pivotal part of our clients’
lives, guiding them through uncertainty, and helping secure their futures.
Now the tricky part: There is no way to guarantee the results you desire. Sometimes those reviews in public forums can be a punch in the gut or a slap in the face. The way you handle those types of reviews can be the difference in success or failure. The way you respond to those comments and reviews and genuinely act on this feedback demonstrates that you value their opinion and are committed to continuous improvement, which leads to the next point.
- Continuous improvement: The path to excellence. In a constantly evolving industry, stagnation is the enemy. I have seen countless agencies find contentment or complacency in the worst way. They get to a place where they are comfortable and kick back and relax. I’ve committed myself to continual learning—attending conferences, participating in workshops, and keeping abreast of the latest industry developments. This quest for knowledge not only enhances my expertise, but also signals to my clients that I’m equipped to handle their evolving needs.
Building a consistent brand
Creating a strong and consistent brand is absolutely vital to your success. Through various channels—be it social media, writing articles, or speaking engagements—I’ve shared my insights and experiences, establishing myself as a thought leader in the insurance domain. Your personal brand should reflect your values, your approach to client service, and your unique perspective. Your brand should tell your story and give your clients something to identify with; it should give your prospects something to relate to.
Once you build that brand, it becomes your reputation; protect that with your life. Provide employee training to make sure that they are representing the brand properly. Write it down and revisit and update often. Make sure it is consistent with everything you do; it should be a compass. One of the best ways to present yourself as a trusted advisor is to build a consistent brand and protect it and build it up day by day.
As I look back on my career, the most gratifying aspect has been the trust I’ve built with my clients. This trust has turned first-time clients into lifelong partners and, in many cases, friends. Being a trusted advisor is about so much more than just selling policies; it’s about being a pivotal part of our clients’ lives, guiding them through uncertainty, and helping secure their futures. The role is challenging and demands a high level of commitment, but the impact you make on your clients’ lives is immeasurable and, personally, the most rewarding aspect of my professional journey.
The author
Heath Shearon is a second-generation insurance professional, creator of the Insurance Town podcast, and sales coach. He built a successful agency before transitioning to the carrier side. Working with hundreds of insurance agencies throughout his career as a marketing representative and consultant, he has a natural ability to network and build relationships. He has parlayed that into a career in consulting with agencies all over the country in the areas of sales strategies, niche marketing, relationship building, cross-selling, customer retention, mergers and acquisitions, developing culture, and brand-building—among other things. Heath is a strong believer of the accountability factor in coaching and enjoys working with agencies both large and small. Over the past two years, he has spent time working on his own brand, Insurance Town, and working with agencies to help them develop their own branding and culture for their businesses. Through accountability and consulting, he has helped agencies grow and achieve their goals, oftentimes exceeding them.
