June 26, 2024
With the Olympics just around the corner, the world’s best athletes will be gathering in Paris to test their abilities against one another. Many events at the Olympics focus on isolated qualities—the speed of the 100-meter sprint, the strength of throwing the shot-put, the agility of pole-vaulting. But only the decathlon combines all of these trials to measure how well-rounded an athlete is. That’s why the winner of the decathlon has traditionally been given the title of World’s Greatest Athlete.
If there was a decathlon for brokers—rather than speed or strength—what aptitudes would we measure them by? What are the 10 areas they need to excel at, to be named World’s Greatest Broker?
That’s the question we put to a panel of brokers. Of course, not all of these would apply to every broker. But many brokers rely on these key aptitudes daily and being above average at all of them should guarantee professional success. Looking at this list, you may find areas you could give additional attention to round out your professional portfolio. We’ve provided suggested training for each.
1. Decision-Making & Problem Solving
On a daily basis, brokers are confronted with challenging decisions. These can require both critical thinking and ethical reasoning, all while on a deadline of right now. Decision-making is one of those things you get better at with experience, but there are frameworks you can adopt to accelerate that process.
Suggested Training: IBAO’s free Ethics eLearning courses
2. Community & Industry Involvement
The nature of insurance places brokers in their clients’ lives during highs—the purchase of a new house, starting a new business—and their lows following a loss. Giving back and being visible is essential for brokers to establish themselves as a vital part of their communities outside those big life events. Volunteering with industry groups helps you gain a broader understanding of the industry while creating new professional connections.
Suggested Training: Join your local affiliate
3. Insurance Knowledge
In-depth knowledge of insurance philosophies, products and regulations is fundamental for any broker. It’s necessary for providing accurate advice and for building trust with clients who rely on your guidance. You’ll never stop learning on the job, but there’s always more broker education available that’ll allow you to cram a lot of info at once.
Suggested Training: Any of our designation programs
4. Technology
At this point, it’s cliché to point out that the pace of technological advancement is increasing. But it is! Beyond just utilizing standard tools like broker management systems and online quoters, brokers need to follow emerging technologies like AI, robotic process automation, application programming interfaces (APIs) and data analytics to retain their competitive edge.
Suggested Training: Following industry publications and podcasts like the Digital Insurance Pint
5. Empathy
Empathy is crucial in the insurance industry where clients often face stressful situations. Demonstrating genuine concern and understanding helps build strong, trusting relationships. Empathetic brokers can better assess their clients’ needs and provide more personalized and effective solutions.
Suggested Training: Reading first-person fiction has been shown to improve people’s ability to put themselves in other’s shoes
6. Communication & Negotiation
Effective communication is key to a broker’s success. This includes the ability to actively listen, explain complex information clearly enough for clients to grasp, and negotiating favourable terms. Strong conversation and negotiation skills can lead to better client relationships and successful policy agreements.
Suggested Training: Keep detailed notes of client interactions and actively refine your approach with each one
7. Networking
Building a robust professional network is invaluable. Networking helps brokers stay informed about industry trends, gain referrals and establish partnerships. Attending industry events, joining professional associations and leveraging online platforms are all key to expanding your network.
Suggested Training: Attending IBAOcon
8. Marketing
Marketing skills are essential for attracting and retaining clients. This includes understanding target audiences, creating compelling marketing materials and utilizing digital marketing strategies. Effective marketing can enhance a broker’s visibility, reputation and client base.
Suggested Training: We have a bunch of eLearning Marketing courses—all free or inexpensive
9. Organization & Time-Management
Brokers juggle numerous tasks for numerous clients, making organization and time-management critical. Efficiently managing time and staying organized helps brokers meet deadlines, follow up on leads and provide timely service to clients. Utilizing tools like calendars, task lists and project management software can enhance productivity and efficiency.
Suggested Training: There are many free courses online, including this one from LinkedIn Learning
10. Leadership
Leadership skills are vital for brokers who manage teams or aspire to higher positions within their organizations. Effective leaders aren’t always in a leadership role, but leadership skills can still allow you to inspire and motivate, foster a positive work environment and drive strategic initiatives. Leadership involves not only guiding others but also continuously developing oneself through learning and adapting to new challenges.
Suggested Training: Our RIBO L3 course, Principal Pathway