Closing Commercial Insurance Accounts.

[mmaedelins]

Hey Everyone,
I'm still a newbie at this so I'm looking for advice from a few seasoned veterans.

I seem to have an easy time getting business owners to let me give them a quote for BOP and garagekeepers coverage but my issue is closing the sale. Right now, I go out to them to collect their current insurance info, am able to show increased coverage with a savings but always hit a brick wall at that point. They usually want to call their current agent, talk to their wife or business partners and when I call back a week or so later, they've decided not to switch.

How did you all get over this in the beginning of your careers? What are your common 'brick walls' and how do you blast through them? Any and all advice on closing a commercial sale is greatly appreciated! Thanks in advance!

 

[mywaytotalk]

Ask good questions prior to the quote. When you are gathering the quote ask questions along the lines of when they changed last, why they changed, what would drive them to a change and what they would like to accomplish through the process of you providing a quote. Many times you can gain committment prior to doing the quote so that when you go back to quote you review, meet their goals and then assume the sale which is the committment they have already made.

 

[ShannonO]

Ask good questions prior to the quote. When you are gathering the quote ask questions along the lines of when they changed last, why they changed, what would drive them to a change and what they would like to accomplish through the process of you providing a quote. Many times you can gain committment prior to doing the quote so that when you go back to quote you review, meet their goals and then assume the sale which is the committment they have already made.

I totally agree with this. Easy mistake to make when we get started because we somehow have it in our head that if we do the quote and it's a good price that we will get the sale. Sometimes that is the case. But by asking as many questions about their business and why they are shopping, etc. you will either get a warm committment up front or you will know that if you proceed you will just be practice quoting and unlikely to get the sale. It's hard to tell someone that it sounds like they are happy where they are at (regardless of the coverage or premium savings you might get for them), but sometimes that is the best thing to do so that you can move on to someone who wants to buy.

 

[mmaedelins]

Great advice from the both of you! Thanks!
Now, what if it seems all along as though they are looking to switch and you have great coverage at a great price for them, you seem to have a good relationship with the person and, all of the sudden, bam! they say they are going to stay where they are? Do you have a comeback for this? Do you keep their info and call them back again the next year before renewal?

 

[briko3]

Great advice from the both of you! Thanks!
Now, what if it seems all along as though they are looking to switch and you have great coverage at a great price for them, you seem to have a good relationship with the person and, all of the sudden, bam! they say they are going to stay where they are? Do you have a comeback for this? Do you keep their info and call them back again the next year before renewal?

Don't give them hard facts on the quote until they commit. What they're doing is using your quote to get a better deal with their current agent.

 

[mmaedelins]

True...so how do you get them to commit without telling them the price? So far it seems as though that's the only major piece of info they need to go back to their agent with to get a lower price but I'm not sure how/why they would commit without knowing how much it will cost.

 

[rudy323]

Hey Melissa, have you solved this riddle yet?
I am still working on it but its hit or miss
Let's say they are paying $2100

"We have quotes ranging from $3000 to $1700, Would you like to continue the process?"

doesn't quite have that killer instinct in the "Would you like to" part but I feel like it gives you a chance to read their response and move on

 

[agentinnc]

I highly recommend reading "The Wedge" or "The Wedge for Financial Advisors". The latter can be used/tailored to P&C, especially commercial as well. A good book on creating some doubt with their incumbent advisor/broker/agent.

 

[xrac]

I highly recommend reading "The Wedge" or "The Wedge for Financial Advisors". The latter can be used/tailored to P&C, especially commercial as well. A good book on creating some doubt with their incumbent advisor/broker/agent.

Yes! Yes! Yes! Yes! Yes!

 

[VaDwayne]

Hey Everyone,
I'm still a newbie at this so I'm looking for advice from a few seasoned veterans.

I seem to have an easy time getting business owners to let me give them a quote for BOP and garagekeepers coverage but my issue is closing the sale. Right now, I go out to them to collect their current insurance info, am able to show increased coverage with a savings but always hit a brick wall at that point. They usually want to call their current agent, talk to their wife or business partners and when I call back a week or so later, they've decided not to switch.

How did you all get over this in the beginning of your careers? What are your common 'brick walls' and how do you blast through them? Any and all advice on closing a commercial sale is greatly appreciated! Thanks in advance!

READ "the wedge"................