It’s Not Just about Rates. It’s about Valuable Service

This submit is a part of a collection sponsored by Outdated Republic Surety.

Sarabeth Scott offers an uncommon perspective for impartial brokers: She speaks as a surety firm consultant, however she spent 20 years on the company facet of the surety enterprise. She explains what impartial brokers ought to search for in a surety firm when putting their purchasers’ bonds.

In right now’s world, we’re surrounded by commercials. And regardless of the product is, promoting constantly drives worth to hook new clients. However is that the very best strategy?

Take into consideration promoting by means of the eyes of a shopper. I like to make use of the instance of buying a brand new automobile, which many people can relate to. It may be nerve-racking and time-consuming to seek for a automotive that’s dependable, protected and inexpensive. After you’ve researched on-line and know what you need, which dealership do you flip to?

It’s simple to be drawn towards the place providing the very best worth or the bottom mortgage price, however hardly ever will we hear concerning the service and expertise these corporations supply whenever you select them.

Essential value-added service questions

If I buy a brand new truck from a dealership providing to beat its competitor’s worth by $1,000, after all that sounds nice for my pockets, however what’s my expertise going to be like when working with this supplier versus others?

• Will they go above and past to supply me with a simple automotive shopping for expertise?
• Are they capable of educate me about my choices?
• Can I depend on them to supply me with a optimistic expertise for any servicing and upkeep down the highway?
• Will they deal with me as a worthwhile buyer, or will they be in search of a fast sale to hurry me out the door?

It’s vital to consider what issues most to you, and though worth, charges and reductions are an element, the value-added companies supplied by an organization must also play a key function in your choice.

Now, to convey this idea to surety bonds

There are quite a few markets out there right now for surety bonds, and every firm has its personal charges and companies — so your hardest choice as an agent might be selecting the very best surety firm or corporations. It may be simple to be drawn towards the businesses with the very best charges, particularly when your clients are pushed on worth — which I can relate to from my time engaged on the company facet. Nonetheless, when you take the time to judge every surety firm’s rankings, companies and merchandise, claims course of, underwriting assist, communication and reliability, you’ll shortly notice which corporations will offer you essentially the most worthwhile service.

A principal trusts their agent to put their bond with a surety firm that can worth them and supply superior service after they want it. If an agent then chooses the surety firm with the most cost effective price, however the service is gradual and claims processing is time-consuming, is that low-cost price actually price it? No. Most of the time, each the agent and their principal might be annoyed, and the ultimate price will exceed the preliminary financial savings from the decrease price. This could hurt the agent’s repute and their relationship with the principal.

Poor surety firm service may also harm the principal-obligee relationship. If the obligee has points with the principal’s surety firm, the obligee could possibly be hesitant to do enterprise with the principal sooner or later.

What does a surety bond firm with superior service present?

1. Specialists who’re superior communicators. They’re bonding consultants who are also knowledgeable communicators. They ask the precise questions and successfully hearken to the wants of their brokers and their principals. They successfully talk the worth their surety firm can convey to their company to satisfy particular wants and targets.
2. Specialists who’re glorious educators. A superior surety firm will be capable to supply a transparent understanding of their bond program, underwriting processes, claims processes, contact data for straightforward communication and assist, and can prepare company workers on bonds together with utilization of on-line bond portals.
3. Specialists who’re diligent researchers. A superior surety firm will present nice worth to their brokers by in search of new alternatives to assist develop their bonding ebook of enterprise and supply them with a constant stage of superior service each step of the way in which.

Each surety firm has consultants who can speak about every little thing they know. However a superior bonding firm has bonding consultants who’re distinctive communicators, educators and researchers. They permit a surety firm to construct belief with its purchasers after which develop robust relationships based mostly on that belief.

In case you have any questions on something concerning surety, attain out to an Outdated Republic Surety department nearest you.