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Add value to your Portfolio: Identify Freelancers
Brokers their preferred clients are often the self-employed. However, less than a quarter of self-employed clients were identified by analyzing the portfolio of 11 brokers.
We carried out a study with 11 partner insurance brokers, representing more than 40,000 clients.
Less than a quarter of the self-employed are identified in BRIO
In total, that's less than 4% of clients identified as self-employed in the portfolio. In contrast, 17% of the Belgian working population has a main self-employed status (sources: Statbel, INASTI).
We see that obtaining complete customer data on the portfolio remains a real challenge. Whether it is because of a portfolio takeover or simply by managers who forget to update the files. However, this often represents a significant shortfall for brokers working on their portfolio.
On average, only 29% of the customer files have a social status or tax status on file. The most disciplined brokers have less than one out of two completed.
19% of customers identified as self-employed after an update
By organizing a data update on their portfolio, 19% of responding customers indicated that they were self-employed (independent contractors, business manager, liberal profession,..).
It should be noted that these figures are higher than the Walloon and Brussels average (respectively 15% and 18% of the active population). This is explained by the fact that the self-employed use a broker more systematically than an employee does.
During the update, some clients also indicated that they had changed status (employee, civil servant, etc.) to self-employed status.
A 38% higher rate of coverage for the self-employed
In addition to representing contracts with higher premiums, self-employed customers also have a higher rate of coverage.
On average, our brokers have a coverage rate of 2.1 contracts per client across the entire portfolio, while it is 3.4 contracts per client for self-employed customers. Hence, this is a difference of 38%.
3 good reasons to identify freelancers in your portfolio
Our partner brokers were thrilled – and surprised – with the results following their client data update. Here's why they found it's interesting to be able to identify freelancers in their portfolio:
- Ensure good advice for their clients: brokers ensured that clients are aware of professional liability insurance, guaranteed income, etc. This way brokers are able to remain the privileged advisor of their clients.
- Start or stimulate the business on life: some brokers recently trained employees or hired a salesperson for Life. In addition to intensive prospecting, sales representatives were able to reconnect with existing customers.
- Preparing for a portfolio resale: with medium-term resale projects (one or two years), some brokers have taken the opportunity to upgrade their portfolio.
Identify your self-employed clients with Penbox
Penbox works with insurance brokers to update customer data. The set-up is simple and takes no longer than 30 minutes for the broker.
The campaign is automated and the data can be directly imported into BRIO.