Owing to the global pandemic, the economic crisis has led business owners to reassess their finances and insurance policies. The agents think they are offering the best services to their customers but customers may not think the same. This is found in new research conducted by Nationwide Insurance. The report says that there are differences in what agents offer and what the customer wants.
According to this report, insurance agents face various types of difficulties while helping their customers. When they face new hurdles, they get a chance to serve their knowledge in binding their customers and growing their businesses. The research report focused on strengthening the agent-customer relationship, keeping the current economic status in mind.
For a better understanding, Nationwide categorized its report into four sections:
A perception gap: There may be a difference in viewpoints of agents and customers. Agents think that their services have enough potential to satisfy their customers but business owners and other customers may have a different opinion.
The customers’ needs: The report highlighted that customers may need support for conventional insurance, succession plans, and disaster recoveries. So, agents should offer them other services and not just traditional insurance support.
Shared Challenges: Business owners and consumers may face challenges in understanding the areas of policy coverage and figuring out what is best for them. On the other hand, agents may face challenges in adopting new technology to stay updated and helping their clients with mitigation practices.
The economic perspective: Agents and their consumers may be on different tangents when it comes to discussing economic variability. Agents may think that their consumers are uncomfortable to talk about it while the consumers may feel like having a discussion on the same with their agents.