Developing a Client Driven Culture is something we live and breathe. After all, it is one of the 11 Maxims that drive the way we do business.
You may remember our previous post What it means to be Client Driven, where we highlighted two very important facets of a Client Driven business; one the ability to deliver on promises and two provide a high level of service to clients. Under promise and over deliver – Customer Service 101. However, being client-driven is more than just a process or standard service – it is a frame of mind that should be present in all aspects of your business development model, to ensure ultimate client satisfaction.
We are living in a world where consumers are highly knowledgeable and more empowered than ever – an age where information is at our fingertips and most customers have done extensive research on their purchase options well before dealing with any sales person. This has shaped what it means to have a client driven business to include more than just follow-through on commitments and providing clients with the level of service that they (rightfully) expect. Being client-driven is about anticipating the needs of your clients and honing your product or service to meet and exceed them. Being able to provide a solution to any current or future challenges, allows you to stay ahead of the curve as your industry grows and evolves around you.
So how can you stay ahead of the curve?
Things change constantly. Plan on it. Flow to the work.
Understanding and anticipating these challenges provides you with the insight needed to develop one of the most vital parts of any client driven business – an innovative solution. When done correctly, it truly provides you with an opportunity to shape the marketplace. Take one of the most age defining innovations of the 2000’s – the smart phone. Telephones were not a new idea, nor were computers – but the pairing of the two into a singular, portable device provided a solution for customers who wanted to have all the convenience of both a phone and a computer while still going about their busy lives every day. The resulting innovation has had a dramatic impact on how we interact as humans and a reach that has now expanded to over 2 billion users worldwide.
While the smartphone is an example of a drastic innovation – there have been numerous other technological advancements born as a result, some even coming from the insurance industry; such as the use of Big Data Analytics and Predictive Analytics in Life Underwriting.
How I apply a Client-Driven Culture in my Work
As an inside sales specialist working in the life insurance and reinsurance industries, I’m privileged to work with clients from around the world across the life insurance service chain and provide them with a full suite of solutions. However, to take the development of a Client Driven practice even further, as a business, we do more than just provide an expert solution to the problem at hand – we listen. Every client we work with experiences issues in different ways and have their own set of goals, and we often begin to notice trends within the issues being faced by the industry as a whole. Identifying these trends push us to think outside the box and come up with new ways to better serve our clients.
Two Examples of a Client Driven Culture Driving Innovation
TAI is the North American leader in life reinsurance software administration. One commonality we have noticed in many of the reinsurance projects we have worked on is that many errors in treaty, data and compliance can often go unnoticed and remain undetected until a formal review is conducted. These oversights in administration can have a major financial impact and affect how you manage risk within your portfolio. Since one of the major challenges with these errors is that they often go unnoticed, the innovative solution would need to make this information more easily accessible. As a result, TAI recently launched Insights – which provides better business transparency and the ability for your team to better understand your reinsurance and portfolio risk.
APEXA is a centralized web-based solution for Life Advisor Contracting & Compliance where previously, no centralized solution existed. In one of my previous roles, a portion of my scope and responsibilities was to manage a Life Advisor Contracting & Compliance team for a Canadian Insurer. When I first learned about APEXA, I was intrigued and excited for two reasons. The first being the amount of time and manual effort that would be saved by my administrative team who worked on Contracting and Compliance. Anyone who has worked in this particular part of the industry can attest to how time consuming obtaining all of the relevant information from multiple sources can be. Additionally, until compliance information is collected and complete, it can draw out the length of time it takes for life applications to be processed. The second reason was that this service was the first of its kind and represented a new, innovative and more efficient way of doing business.