Development coach Brian Tracy said, “The glue that holds business relationships together is trust, and this trust is purely based on integrity.”
I believe Tracy articulated the ancient wisdom of the world with this statement – wisdom on which MUA has built its foundation over the past three decades, and the foundation upon which MUA will continue to build relationships into the future.
For over three decades, we have partnered with select specialist brokers who provide advice to high-net-worth individuals across South Africa. Establishing long-term relationships with these brokers has been part of the business modus operandi since inception. Nurturing these relationships has given us unmatched industry insights, which have served us well, allowing us to be responsive to market needs and create products that serve the market’s needs at any given time.
Trust With Intent
For any underwriter, this in-depth knowledge is only attainable through excellent working relationships with one’s intermediaries. Trust is by no means accidental. Instead, it is undoubtedly intentional. Global studies support the significance of intermediaries within the insurance landscape.
The McKinsey 2022 Global Insurance Report supports this approach, emphasising that, “Over the past five to ten years, brokers have emerged as the clear winners of the industry, with both public and private investors recognising their position of strength in the insurance value chain.”
When posed with the question of fostering trust in an industry as dynamic as the insurance landscape, there are vital factors to consider, particularly when considering underwriting for discerning individuals:
- Authenticity, transparency, and trust are inextricably linked. Within the context of insurance, integrity and transparency are relatively simple. Do what you say you will do. Deliver to your brokers what you say you will deliver and if you are unable to, be upfront about it. Thereafter, work to find a solution because there is always a solution.
- Provide value. Take the time to understand what your brokers need and provide solutions and value for them. Providing value also entails being flexible when it matters most. Lessons from the past two years have demonstrated the importance of being nimble and adapting when needed.
- Remain consistent. Consistency in any relationship is critical. Furthermore, consistency leads to honouring commitments and honouring commitments re-reinforces trust.
As an underwriter dedicated to providing bespoke insurance solutions for high-net-worth individuals, these three facets of trust are paramount to maintaining the relationships that MUA has established with its brokers and the feedback we receive is evidence that they work.
In a world that is constantly changing, it will serve the industry well to remember that the fundamentals of a solid relationship will always remain constant. Hold onto those and we will continue to succeed, whatever plot twists the future may throw our way.