6 Ways Insurance Brokers Can Be a Resource to Clients During COVID-19 Crisis

April 28, 2020 by

Risk managers at companies of all kinds have been forced to rapidly evaluate how the coronavirus pandemic is affecting their businesses. They’ve had to react quickly with limited information while trying to forecast future developments. At the same time, they must build a plan for when their businesses return to some level of normalcy on an uncertain time-frame.

In a black swan event like the coronavirus outbreak, there’s bound to be some uncertainty and gaps in planning for and addressing all of the risks. A crisis like this requires evolving responses and a fluid risk management approach.

Yet the success of any response to a crisis of this magnitude is predicated on receiving high quality and timely information. In a fast-evolving crisis like this, with risks and mitigation tactics changing daily, it can be all too easy to overlook the news of the day, which could affect future plans. Each new risk identified and action taken demands careful consideration in a larger risk mitigation plan.

Brokers have an opportunity to showcase their expertise by making themselves a go-to resource.

Insurance brokers play a critical role in identifying new information, distilling it, and translating it in ways that provide tangible and actionable insights for clients. The coronavirus provides brokers and agents with an opportunity to show their value in keeping clients informed and operating during this crisis. Below are six ways brokers can do this effectively:

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  • Serve as a true resource hub by connecting to other industry leaders and experts as well as additional public health resources. Make your website and social channels a go-to resource for your clients looking for information. Provide regular updates that prominently feature the most important news of the day, and include tips for these leaders to communicate critical information to their employees.
  • Provide information specific to each area of the policyholder’s business in a way that allows department leaders to prioritize these updates and stay on top of the evolving situation. It is the job of a broker to account for areas of risk across an entire organization. HR professionals, CFOs and compliance officers all face their own unique challenges in a crisis of this nature. Brokers should segment the information they provide in ways that can be easily targeted to these individual groups and quickly digested.
  • Create task forces to address specific concerns that clients might have. These task forces should be made up of a variety of experienced professionals available to answer any questions. Certain developments, like the recent passage of the CARES Act, affect nearly every business in the U.S. This law addresses mandatory employee sick leave policies, the availability of healthcare for employees and additional sources of funding. Nearly every business in the country must take a look at this law. Brokers that boil down some of the highlights can save their clients time and resources.
  • Communicate on all levels of the crisis, including political updates, healthcare coverage changes, tax implications, and more. At some point, a broker’s clients must face all of these issues. Anticipating these needs, no matter how small, can position the broker as a valuable resource and put business leaders’ minds at ease when the time comes to address a given problem.

    • We’re living in unprecedented times. Some level of these steps is possible for agents and brokers of all sizes. Each company’s efforts must be tailored to its own needs, customers and capabilities. Businesses must remain proactive and arm themselves with valuable and useful information that can help them make better decisions as they navigate these unique challenges. This provides brokers with an opportunity to showcase their expertise by making themselves a go-to resource for these organizations. In doing so, they will cement their status as true business partner to their clients.

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