{"id":6491,"date":"2020-07-03T12:30:00","date_gmt":"2020-07-03T04:30:00","guid":{"rendered":"http:\/\/18.220.128.78\/2020\/09\/why-insurance-agents-should-care-about-collaboration\/"},"modified":"2020-07-03T12:30:00","modified_gmt":"2020-07-03T04:30:00","slug":"why-insurance-agents-should-care-about-collaboration","status":"publish","type":"post","link":"https:\/\/www.legacyshield.com\/industry-news\/why-insurance-agents-should-care-about-collaboration\/","title":{"rendered":"Why Insurance Agents Should Care About Collaboration"},"content":{"rendered":"\n<p>Policyholders are looking for more than just a policy these days. Customers want an insurance agent who acts as their trusted advisor, collaborating with them to protect their assets and help them reach financial goals. <strong>In fact, <\/strong><a href=\"https:\/\/www.salesforce.com\/blog\/2016\/08\/from-insurance-agent-to-trusted-advisor.html\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>75% of policyholders<\/strong><\/a><strong> would switch insurers to get more personalized service. <\/strong><\/p>\n\n\n\n<p>It\u2019s time for a mindset shift in the insurance industry. The focus should be less on \u201cselling to\u201d customers and more on \u201cworking with\u201d them. Client collaboration, backed by insurance technology, has become an incredibly effective strategy for expanding your business with current and new clients.<\/p>\n\n\n\n<!--more-->\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"111\" src=\"http:\/\/18.220.128.78\/wp-content\/uploads\/2020\/12\/shutterstock_1150489556-300x111.png\" alt=\"Collaboration\" class=\"wp-image-6492\" srcset=\"https:\/\/www.legacyshield.com\/wp-content\/uploads\/2020\/12\/shutterstock_1150489556-300x111.png 300w, https:\/\/www.legacyshield.com\/wp-content\/uploads\/2020\/12\/shutterstock_1150489556-1024x379.png 1024w, https:\/\/www.legacyshield.com\/wp-content\/uploads\/2020\/12\/shutterstock_1150489556-768x284.png 768w, https:\/\/www.legacyshield.com\/wp-content\/uploads\/2020\/12\/shutterstock_1150489556-1536x569.png 1536w, https:\/\/www.legacyshield.com\/wp-content\/uploads\/2020\/12\/shutterstock_1150489556.png 1702w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/figure><\/div>\n\n\n\n<p><br>Here\u2019s how collaborating with clients helps advisors build a strong, long-lasting customer base.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Benefits of Collaborating with Clients<\/strong><\/h2>\n\n\n\n<p>Trust is the foundation of a good client-advisor relationship. When clients trust that their advisor is keeping their information secure and providing personalized service, then they are likely to share more details about their lives. In turn, this allows advisors to make even better recommendations and further build trust.<\/p>\n\n\n\n<p>This positive feedback loop is only possible through open communication and collaboration between both parties. <strong>Research shows that collaboration increases client satisfaction.<\/strong> <a href=\"https:\/\/www.limra.com\/en\/newsroom\/industry-trends\/2020\/limra-advisors-adjust-their-practices-in-light-of-coronavirus\/\" target=\"_blank\" rel=\"noopener noreferrer\">Clients who regularly communicate<\/a> with their insurance advisors are 74% more likely to recommend their advisor to others. And <a href=\"https:\/\/www.bain.com\/insights\/insurers_how_to_lead_in_the_new_era_of_connectivity\/\" target=\"_blank\" rel=\"noopener noreferrer\">research from Bain<\/a> found that Millennial clients who had increased connectivity with insurance providers were more loyal, bought more products from them, and rated them more highly.<\/p>\n\n\n\n<p>For insurance advisors, the benefits of collaborating with clients include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Retaining clients by building trust and loyalty<\/li><li>Increasing the number of products clients buy from you<\/li><li>Getting more recommendations from your clients<\/li><\/ul>\n\n\n\n<p>But how exactly do you enact a collaborative approach that is scalable to many clients, especially as <a href=\"\/industry-news\/what-insurance-agents-and-advisors-need-to-know-about-privacy\" target=\"_blank\" rel=\"noopener noreferrer\">privacy laws<\/a> put more limitations on digital communications for the insurance industry? The answer comes in the form of insurtech designed for advisors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Insurtech: The Engine Powering Collaboration<\/strong><\/h2>\n\n\n\n<p>Advisors now have access to powerful insurtech platforms that allow them to work directly with clients on their schedule while gaining advanced insights to fuel growth and sales.<\/p>\n\n\n\n<p>Platforms like <a href=\"https:\/\/go.legacyshield.com\/link\" target=\"_blank\" rel=\"noopener noreferrer\">Link by LegacyShield<\/a> act as a secure virtual workspace where advisors and clients can collaborate. These workspaces facilitate two-way communication between both parties. Not only can advisors easily and securely deliver information to clients, but clients are also empowered to make changes to files, upload additional information, and message their advisors through the platform. Advisors receive alerts when clients perform these tasks so that you can identify gaps in coverage and recommend solutions that result in sales.<\/p>\n\n\n\n<p>In essence, a digital platform gives advisors the tools to enact a <i>proactive <\/i>versus <i>reactive <\/i>approach. Instead of clients having to reach out to you for help, you can proactively provide them with tailored recommendations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Key to Growing Multigeneration Connections<\/strong><\/h2>\n\n\n\n<p>With insurtech, collaboration doesn\u2019t begin and end with your current clients. A secure virtual workspace allows you to connect with your clients\u2019 network and organically build referrals. When clients use a digital workspace like Link, they can add their parents, children, friends, and other loved ones onto their platform and share important information via automated document sharing.<\/p>\n\n\n\n<p>These client connections become your new sales leads.<\/p>\n\n\n\n<p>The collaborative approach, empowered by the secure virtual workspace, is the key to <a href=\"\/industry-news\/break-the-rule-of-66\" target=\"_blank\" rel=\"noopener noreferrer\">breaking the \u201cRule of 66\u201d<\/a> and connecting with multiple generations. Instead of spending time constantly hunting new leads, insurance advisors can focus on collaborating with clients and providing high-quality customer service. The result is gaining more business with your current clients and naturally uncovering your clients\u2019 best referral sources.<\/p>\n\n\n\n<p>For more information on why you need to regularly communicate with clients to compete in the digital era, read our blog, \u201c<a href=\"\/industry-news\/unlocking-success-for-insurance-providers\" target=\"_blank\" rel=\"noopener noreferrer\">Unlocking Success for Insurance Agents<\/a>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Policyholders are looking for more than just a policy these days. Customers want an insurance&#8230;<\/p>\n","protected":false},"author":3,"featured_media":7073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[18],"tags":[30,37,49,50],"class_list":{"0":"post-6491","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-successful-insurance-agent","8":"tag-client-engagement","9":"tag-financial-advisor-tips-for-success","10":"tag-insurance-book-of-business","11":"tag-insurtech"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Insurance Agents Should Care About Collaboration - LegacyShield<\/title>\n<meta name=\"description\" content=\"Client collaboration, backed by insurance technology, has become an incredibly effective strategy for expanding your business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/centrian.legacyshield.com\/industry-news\/why-insurance-agents-should-care-about-collaboration\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Insurance Agents Should Care About Collaboration - 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