Beyond Management Liability Insurance

In some industries, value-added services are easy to identify. In telecommunications, for example, cellular providers tout data packages, long-distance rates, voicemail, and ring tones as value-added services to augment their core services. Liability insurance value-added services (VAS) are far more complex yet no less essential in building long-term relationships and increasing client retention.

 

What value-added services can liability insurance providers offer?

 

Know your client and look to reduce their pain points.

 

  1. Mitigate Risk: checklists, surveys, one-on-one advisory or small group training clinics, online employee training software, employee handbooks, walk-throughs to evaluate the effectiveness of personnel and procedures, human resource audits, and white-hat hacker attacks
  2. Handel a Claim: test employee response readiness, training to file a claim effectively
  3. Crisis Advisory: ransom negotiations, legal advice, PR advice, cyberattack remedy services, guidance for implementing alternative business operations

 

Some insurance agencies will also curate certain benefits to VIP clients for an additional fee (some of which are outsourced to third parties). For example, a discount for accounting services or professionally prepared and designed plans for how to deal with specific situations that clients encounter (like disasters or customer injury lawsuits).

 

High-quality, well-suited value-added services can be the deciding factor for a client when selecting insurance. Value-added services can help clients improve profitability and improve their product offerings. To create these benefits, insurance agents must understand the changing needs of customers and brokers and expand new services based on those needs.

 

Not sure where to start? Talk to your valued clients, discover what worries or pains them most, and start small. You could provide an online checklist to existing client “members” or a well-written blog or email newsletter offering free tips, guidelines, and referrals to other professionals like lawyers or human resources consultants. If clients trust a source, it’s value-added.

 

Value-added services help your agency to stand out from your competitors. Investing in services that insurance clients value will help to retain your existing customers and possibly help to attract new clients.

Liability insurance questions? Contact the liability insurance specialists at CSRisks today.