In today’s business climate, customized insurance products and solutions are often what make or break a deal. Product development has often been a cumbersome, slow-moving process that requires input from multiple sources and can quite often get bogged down with outdated systems. This can lead to an improper focus on the product and process rather than the people involved.
For products and solutions to be effective, they must suit the client’s needs and must be developed by people, for people. Knowing your customer and their needs, then meeting those needs by involving the right people in the process, is the key to success.
Begin with the client. Who are the people involved, what do they need, and how do they need it delivered? What are the parameters you’re working with to build an insurance product/solution that matches their requirements? How can you involve them in the development in order to gain their trust and, ultimately, their business?
Getting to know your prospective client can be done in a number of ways:
• Background research & preparation – website visit, industry news, competitive situation, challenges & issues
• Face to face – probe for needs, identify challenges & issues, confirm information received and preferred processes
Whatever the client needs, however, the core goal should be to focus on the people being served. Over emphasis on the process and procedure ignores the fundamental fact that people are the driving force.