Dear RCCAQ members:
I've headed my own brokerage firm since 2009, so I'm familiar with the ups and downs of entrepreneurial life. At the beginning, I was excited by the idea of building my own company and achieving success. But I soon realized that the desire to succeed and to be a good businessman isn't enough. After all, that's what every entrepreneur wants!
So what accounts for the fact that some entrepreneurs enjoy only a brief taste of the good life while others are spectacularly successful over the long term? There are myriad underlying reasons and details, with luck playing a part as well. But truly successful companies have one thing in common: they find a way to attract clients with a range of appealing products or services. As a result, 1) their clients are eager to buy; 2) their clients want to repeat the experience; and 3) their clients love talking about their favourite companies! The rest is a question of managerial skill. So the key is what we offer and how we offer it!
We have a tendency to confuse client service and the client experience. Although these two concepts overlap, the former refers to direct contacts between a company and its clients or customers, whereas the latter is much broader and includes the value added of a product or service, as well as the quality of interactions with the company.
So why are Apple stores so crowded? It's certainly not due to a shortage of product! In fact, the Apple brand, passionately supported by its customers, is not only associated with cutting-edge smart phones—it has also become a lifestyle. And that feeling goes above and beyond any electronic devices you may have bought....
That's why the concept of the client experience—the theme of the RCCAQ's 2016 convention—is so crucial. We decided on this theme because it opens the door to discussing value creation for our clients via the products and services we offer. Given the Internet's growing importance and the direct insurers' increasingly sophisticated approaches, brokers must demonstrate that they have more to offer than competitive prices.
I recently came across a few statistics that provided further confirmation that our industry needs to reflect more on the client experience. Here are a few of them:
- In 2016, 89% of market leaders rely on the client experience to set themselves apart. Four years ago, this figure was only 36%.
(source: Gartner)
- All industries are working hard to create a unique experience. It is unthinkable for insurance brokerages not to do the same.
80% of companies believe that they offer their clients a "superior" level of service, whereas only 8% of their clients agree.
(source: Lee Resources).
- Complacency is the greatest danger: we should never rest on our laurels thinking our clients are satisfied when they're not.
Between 2007 and 2012, leading client experience-focused companies saw their performance grow by an average of 43% while companies that ignored the idea saw their business decline by 33.9%.
(source: Forrester).
With these statistics in mind, there's really no need to remind you that the RCCAQ's annual convention is a must-attend event. This year, we have assembled a roster of experts who are client experience specialists. In addition, CEOs of companies that have truly embraced the client experience will be on hand to discuss their experiences.
We look forward to seeing you on November 23-24. The future of our industry and your brokerage firm depends on it!
Patrick Bouchard, CIP
RCCAQ Chairman
