H Having a good relationship with your Wholesaler can be beneficial for all parties involved. Working together you will be able to increase number of markets and products available to your Clients. Providing more access to various product/services will help your Client save money, as well as increase their coverage. Achieving these goals will help you to fulfill the needs of your Client, and incentivize them to become lifelong consumer. When working with a Wholesaler it is important to keep a few thing in mind.
First and foremost your Wholesaler is here to work for YOU, and your Client. They should be easily accessible, and able to answer any questions you may have. When push comes to shove, you have a duty to your Client, and if something goes wrong they will blame you and not the Wholesaler.
The next most important aspect to any Wholesaler is the Carriers that they represent. The Carriers used by the Wholesaler should have a quality claims department, good customer service, and sound financial backing. When a Client incurs a loss, the responsibility falls on the Broker to resolve the claim. If the Wholesaler has a terrible claims department, it will make it difficult to indemnify the Client, and will make things take longer than they otherwise should. Research suggests that the longer it takes to resolve a Claim, the more inclined a Client is to switch Retailer’s.
Last but not least, make sure that the Wholesaler you use is reputable. It is easy enough to conduct some background research using the internet to find out more information about the Wholesaler you intend to use. Look for company reviews, news, and even ask around. The last thing you would want to do, is work with someone who has a bad rapport. It will not only lose the respectability of your current Client, but potential consumers as well.
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