What are the best practices for ensuring your product recommendations are in the customer's best interest?

1 Know your customer

Before you suggest any product, you need to understand your customer's situation, preferences, and expectations. You can do this by asking open-ended questions, listening actively, and summarizing their responses. You should also verify their information and update their profile regularly. By knowing your customer, you can tailor your recommendations to their specific needs and avoid unsuitable or unnecessary products.

2 Compare options

You should not limit your customer to one product or provider. Instead, you should present them with a range of options that meet their criteria and explain the pros and cons of each one. You should also disclose any fees, charges, exclusions, or limitations that may affect their decision. By comparing options, you can help your customer make an informed choice and demonstrate your transparency and professionalism.

3 Educate your customer

You should not assume that your customer knows everything about insurance or the product you are recommending. You should explain the features, benefits, and risks of the product in simple and clear terms. You should also use examples, scenarios, or visuals to illustrate how the product works and how it can help them achieve their goals. By educating your customer, you can build trust and confidence and avoid misunderstandings or complaints.

4 Document your process

You should keep a record of your interactions with your customer, including the questions you asked, the information you provided, the options you compared, and the reasons for your recommendation. You should also obtain your customer's consent and acknowledgment in writing or electronically. By documenting your process, you can protect yourself from liability and show that you followed ethical and legal standards.

5 Follow up and review

You should not end your relationship with your customer after you make a sale. You should follow up with them to ensure that they are satisfied with the product and that it meets their expectations. You should also review their situation and needs periodically and suggest any changes or adjustments if necessary. By following up and reviewing, you can maintain your customer's loyalty and satisfaction and identify new opportunities.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?