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In a rapidly changing market, the ability for aggregators to be agile and adapt their service offering is becoming the differentiator for brokers in developing a sustainable business.
More than a century ago, Thomas Edison said: “Unfortunately, there seems to be far more opportunity out there than ability.... we should remember that good fortune often happens when opportunity meets with preparation.”
The business landscape may have changed since Edison’s time, but being prepared to be able to act when the opportunity arises, is timeless. And for brokers, this means being prepared for the market of today, and tomorrow, through agile aggregation which can provide them with that competitive edge.
With an environment increasingly subject to ongoing compliance, changing consumer trends as well as the usual ebb and flow of financial market forces, the broker’s general business adaptability rests largely on the ability of their aggregator to not simply just be intuitive, but above all, be nimble in their response to innovate for a continually evolving market.
And for aggregators, their level of agility is determined by three business deliverables:
1. PLATFORMS AND PEOPLE
Combining the best of digital expertise with people contact is essential for brokers to deliver exceptional service, and an aggregation platform should provide everything the broker needs.
A proprietary system allows brokers to benefit from the ability of the aggregator to fast-track new offerings in response to a changing environment, allowing brokers to take care of more of the client’s needs, in less time. This adds to nurturing the broker/client relationship, but importantly allows them to spend more time on their business and business development.
However a dedicated platform should also be supported by the ability to tap into the practical capability of experienced specialists, whenever they need it - particularly during periods of market and compliance change.
Intrinsic to the broker’s success is also their BDM’s first-hand knowledge of the industry, as well as their experience in the commercial realities of running a business.
2. PROGRAMS
Having access to business-building resources such as lead generation programs and concierge support enables brokers to improve their customer reach and engagement, and ultimately offers the tools to boost their bottom line.
But advantages can also be delivered to brokers by having access to an aggregator’s digital programs, which embrace actual consumer feedback. These programs are critical in gaining insight into the specific needs of customers, positively influencing the design and development of more powerful products and services on the aggregation platform that are more targeted and less cumbersome for brokers to offer.
3. PARTNERS
Partnerships with key service providers to assist diversification beyond commercial asset and insurance, offers the broker the opportunity to more broadly cater to the discerning, yet time-poor consumer.
Agile aggregators recognise this and are moving more deeply into establishing partnerships which can support brokers in meeting the specific needs of the consumer as they enter into the process of purchasing, refinancing and restructuring their finances.
This means brokers can benefit from the ability to organise personal and general insurances, water, power, gas, internet connectivity, removalists, conveyancing, building and pest and more, all digitally, as a part of their obligation-free service to clients.
Tomorrow-ready brokers know that diversification in today’s market is not just a commercial consideration; it’s about genuinely providing a greater depth of support to the client which really builds the broker’s long term value proposition and contributes to the ongoing relationship.
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