Insurance is fundamentally an industry based on relationships. Many people can attest that much of what happens in the insurance industry is driven by relationships. From the connections insurers have with reinsurers to the bonds insurers form with brokers, and the relationships brokers maintain with their clients, it’s all about relationships.
Therefore, networking, which involves interacting with others to exchange information and develop professional social contacts, is crucial in insurance. Building relationships in this industry is achieved by creating and nurturing valuable networks.
Another way to put it is that we are in the business of people. As people in the business of people, understanding others is crucial. If we don’t understand people, we don’t understand business. To truly understand and connect with people, we need to build relationships. And these relationships are formed through networking.
However, networking might not be something that comes naturally to everyone, and some people might be asking what the best way is to make connections and nurture relationships. I would say that the first thing would be intentionality. Understand why you want to build networks, what you want to get out of them, and what you want to bring into them.
It’s a give-and-take process. You gain skills and connections, but you also need to bring something to the table – your experience, vulnerability or whatever you have to offer. It’s a two-way street.
Intentionality is key in creating connections and understanding why you want to create them.
Secondly, even introverts can make great connections. Introverts often target specific people they want to speak to, rather than randomly hoping someone will talk to them. They also make excellent networkers because they listen well.
So, don’t attend industry events just for the sake of attending. Be intentional about what you want to get out of them and who you want to speak to. Listen intently to build meaningful relationships. Networking isn’t just about making connections; it’s about building relationships that are valuable and reciprocal.
Some people – especially the younger generation that is entering the workforce now – might find it easier to connect with others online. For instance, I can send a message on LinkedIn, chat with the person to form a rapport before meeting them, and that works very well for me.
On the other hand, extroverts might be quite happy to approach someone they’ve never met before in person. There’s value in balancing digital interactions with in-person connections.
However, you can never take away the value of building face-to-face relationships by attending industry events. These events offer young people many opportunities to build networks and relationships. Once you’ve met someone, shaken their hand and looked them in the eye, it’s much easier to get responses. You’ve built a relationship, and they’re not just dealing with a faceless person online.
Networking is also a great way to gather information and grow professionally, and can be invaluable for expanding our knowledge beyond the day-to-day tasks at the office. If you exclude yourself from networking opportunities, don’t socialise or don’t get involved with what’s happening in the industry, you could easily get left behind.
We like to say that we live and breathe within the communities we serve. This speaks to the value of networking, even with your customers. By networking with customers, you can better understand their needs and tailor products to suit those needs, rather than just assuming what they want.
Ultimately, living and breathing within the communities and ecosystems where you create products helps you elevate your business. It allows you to create solutions that truly meet the needs of your customers, fostering stronger relationships and driving growth.