Karoshi – don’t die due to overwork!

Karoshi is a Japanese term that translates to 'death from overwork,' referring to the phenomenon where individuals suffer fatal health consequences due to excessive work hours and stress. In the last 12 months 2,900 deaths have been attributed to Karoshi…what a terrifying statistic!

Introduction 

The life of a broker may sometimes feel like there is so much to do and so little time, so understanding your priorities and then fine tuning them to the ‘Key Results Areas’ is a vital part of building a successful business, keeping & building your customer base and staying well clear of Karoshi!

What are the 10 top priorities?

Insurance brokers play a vital role in the insurance industry by helping customers find the best insurance policies to suit their needs.

Here are the key tasks you will typically perform:

Customer Consultation: Meeting with customers to discuss their insurance needs, financial situation, and any specific requirements they have.

Risk Assessment: Evaluate the risks associated with the customer's property, health, or business to determine the most appropriate insurance coverage.

Market Research: Research and compare various insurance policies from different providers to find the best options for customers.

Policy Recommendation: Recommend insurance policies that meet the customer's needs and budget; explaining the coverage, terms, and conditions.

Policy Negotiation: Negotiate with insurance providers to get the best rates and coverage for customers.

Policy Issuance: Assist customers in completing insurance applications and ensure that all necessary documentation is submitted and recorded.

Claims Assistance: Help customers file insurance claims and navigate the claims process, ensuring they receive fair compensation.

Policy Review: Regularly review customers' insurance policies to ensure they remain adequate and make recommendations for adjustments if needed.

Regulatory Compliance: Stay up to date with insurance regulations and ensure that all activities comply with legal and industry standards.

Customer Service: Provide ongoing support and advice to customers, addressing any questions or concerns they may have about their insurance coverage.

These tasks require strong communication, negotiation, and analytical skills, as well as a thorough understanding of the insurance market. Within these priorities, we believe there are three that must always be at the top of your task list…what we call the KEY RESULTS AREAS (KRAs). This is not saying the rest of the priorities can be ignored, however dropping the ball on one of the three KRAs will negatively impact your business.

The three KRAs are:

Customer Consultation: Understanding the customer's needs and building a strong relationship is crucial. This helps brokers tailor their services to individual requirements and build trust.

Policy Recommendation: After understanding the customer's needs, finding and recommending the most suitable policies is essential. This directly impacts customer satisfaction and ensures they are adequately covered.

Claims Assistance: Helping customers navigate the claims process ensures they receive the compensation they deserve. Providing this support is vital for maintaining a good customer relationship and reputation.

These three tasks form the foundation of a successful insurance broker-customer relationship. Prioritising them can lead to better customer outcomes and satisfaction. We make no apology for focusing on the customer first in the priorities!

The thread…

If you are reading this and wondering, how can I ensure we are keeping our focus on the KRAs while still managing other priorities?

Ask us about how we can provide support that will keep you operating effectively and compliantly, and we will work with you to provide a solution that gives you confidence and the conviction that building customer trust and experience is making a positive impact within your business and on your customer relations.

And Finally…

I have got some great jokes about priorities…but I have some other jokes I’d rather tell you first!