Best way to "terminate" previous agent/broker

[nauticalx]

Hi folks,

This might be a stupid question but as a newbie, I wanted to put best practices in place. What say you about the best way to "terminate" the previous agency once you procure and place a renewal for their former client? Obviously, we want to let them know to let-expire their policy and that our policy will be taking over, but do you usually fax or email them, and does anyone have a pleasant and professional template they use and can share?

I don't want to be rude or disrespectful, so to the extent someone has learned from bad practices of others, I'd love to implement a system that is respectful of my fellow agents. Thanks.

 

[goillini52]

Hi folks,

This might be a stupid question but as a newbie, I wanted to put best practices in place. What say you about the best way to "terminate" the previous agency once you procure and place a renewal for their former client? Obviously, we want to let them know to let-expire their policy and that our policy will be taking over, but do you usually fax or email them, and does anyone have a pleasant and professional template they use and can share?

I don't want to be rude or disrespectful, so to the extent someone has learned from bad practices of others, I'd love to implement a system that is respectful of my fellow agents. Thanks.

I have the policyholder sign a letter telling the company to remove them from the monthly bank draft and have them request to be billed direct and either fax it or mail it for them. If anything does go wrong, I can put them back on the bank draft, otherwise it'll lapse on it's own.

If you notify the "former" agent, you're inviting him back in to try and save his business.

I'm not sure what type of insurance you sell. I'm talking Life and Health.

 

[nauticalx]

property casualty insurance, typically for small businesses

 

[goillini52]

That probably wouldn't work for P & C ? Don't know, never done it.

 

[DHK]

It's been a long time since I read this book, but I think you'll find your answers in it. Actually, you make sure you know how your NEW CLIENT will respond to their incumbent agent if/when they call. Remember: they switched to you for a reason.

Amazon product ASIN 0471703117

 

[Markthebroker]

I have been doing this for about 7 years. Write the new policy first, then have them cancel it with the other agent. Have them send an email. There doesn't need to be any more to it than that. P&C agents win and lose business every day.

 

[mickeyma]

I have the policyholder sign a letter telling the company to remove them from the monthly bank draft and have them request to be billed direct and either fax it or mail it for them. If anything does go wrong, I can put them back on the bank draft, otherwise it'll lapse on it's own.

If you notify the "former" agent, you're inviting him back in to try and save his business.

I'm not sure what type of insurance you sell. I'm talking Life and Health.

I do the same. Works well.

 

[mickeyma]

I do the same. Works well.

 

[insurance1822]

Let the client handle it. If you did your job right, they're not gonna get sweet talked back. Too many policies don't get cancelled by the old agency & then you're dealing with "you told me you'd get my old insurance cancelled" and then they're potentially in collections and the rabbit hole goes deeper and deeper. Too much of a headache.

I freed up a substantial amount of time by STOPPING this practice. It's been about 2 years now & I've only over lost ONE PERSON and that was to scum bag GEICO who's pretty good at harassing people to stay.