Brokers and consumers are locked in a misunderstanding of trust

Published: November 4, 2017

Updated: July 24, 2018

Author: Luke Jones

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Insurance brokers are working hard to build trust with customers, but are not winning the battle fast enough. One industry expert and former broker believes there be one fundamental problem separating brokers from the consumer.

Meiron Lees, a former broker who now acts as a corporate advisor, says that the true nature of what trust is and means is being misunderstood:

“On the surface, people understand that trust is an important thing, but they don’t understand the fragility of trust and they don’t recognise the importance of continually building trust,” said Lees.

“People don’t understand that it’s an ongoing process and they don’t understand that, in every interaction, trust is either being built or it’s breaking down,” he told Insurance Business.

Lees suggests brokers misunderstand customers, believing they will be loyal if trust is created. That has never been the case, even more so today.

“Brokers need to be consciously aware of the fact that trust is either increasing and strengthening or decreasing and weakening in every interaction they have,” said Lees.

“A lot of people don’t spend enough time at the beginning of meetings just having a chat and building some rapport,” said Lees. “Don’t just get straight into it – ask how they are, how the family is, show you care beyond the transaction and you’ll become more than just a service provider.”