Do I Have the Right to Yell at Another

[iiinycboi]

another broker or the insured?

i know i sound like a broken record by now.

But i get an referral by a family friend for property insurance (homeowners). They are currently paying 1200 for 300k dwelling and 1 MM liability. DP1

I advise that building RC is 850k and their 300k is ACV. 100 dollars more than their 300k policy. (new policy is DP-3)

I call you know because im so sure i know im closing this deal.

To my surprise, she said i dont need that much property coverage... its my house i dont even want 300k can you make it lower? The only thing i care about is the 1million dollar liability. Because i have heavy foot traffic out front and if someone burns to death in the house its still liability coverage.

Im shocked , i dont know what to say. I ask why do you believe that is so? She then begins to tell me how she has been with her broker for 25 years and never changed the insurance. But the insurance broker tells me that my liability risk is a lot higher than my property risk. They never pay out anyways. They always pay you like 10-20% and never pay anymore even if it burns down. I talk to my broker every year and he always tells me 1MM coverage is superior to everything else, because your property never pays out.

I'm like because youre under insured and acv?!?!?! are you a #$(#@ @#$@#$.

From all of your advice and my encounters, i dont even waste time explaining rc, acv, co insurance etc...

I say, ok thank you my proposal stands, if you wish to purchase call me *click*

Now, can i call up the broker and yell wtf are you teaching your clients? or can i flat out tell the insured youre wrong and you are wasting my time.

I need a way to filter and screen clients! another day in my agency lol

 

[gambrinus]

As you go along you get better at "pre-screening" your potential clients. If someone is ONLY looking for CHEAPER... doesn't know/care about coverage... you have a decision to make.

A: You educate them a bit, give them your proposal and pray.

B: You educate them a bit and make them ASK you for a proposal.

RW

 

[pcrossxx]

I would agree with gambrinus. It is known as "willing blindness" on the clients part. and the foot traffic sounds like a business is in the home,so the other agent better endorse correctly.

 

[iiinycboi]

its a residential home but its located on a busy street, where people get off the train and walk down her street all day...

i have an idea, but i dont know if this is frown upon or pure genius.

can i ask for 50 dollars deposit and say "hello Mr. X, getting a quote is no problem, but i have tons of people wasting my time, and i want to know if i can count on you to use me if i can get you a better pricing on better or same coverage? if they say yes, then i tell them i will require a 50 dollar service fee, if i can do what i asked and you decline my proposal i will keep your 50 dollars, if you decide to go with my proposal i will refund your 50 dollars? In the event, i do NOT do what i said, i will give you back your money"

I think this will turn off a lot of customers though, but i guess it will tell me who exactly is serious or not?

 

[gambrinus]

I know in CO we can't charge any kind of a "service fee" , no idea about your state.

As for weeding out time wasters...I know that my "knucklehead radar" is getting more finely tuned all the time. Know what questions to ask, and how to get the LEAD to ask certain questions is the skill to acquire. The other skill ( I'm still working on ) is to LISTEN. IF you really LISTEN to what they are saying rather than what you WANT to hear... you'll save yourself some headaches.

RW

 

[BTFuzz]

As you go along you get better at "pre-screening" your potential clients. If someone is ONLY looking for CHEAPER... doesn't know/care about coverage... you have a decision to make.

A: You educate them a bit, give them your proposal and pray.

B: You educate them a bit and make them ASK you for a proposal.

RW

Very sound advise right here. It took me awhile to figure this out at first but it is how I roll now.

 

[xrac]

It is just all a part of the business and the learning curve. There are tons of agents out there who willlie or deceive clients to retain the account or make the sale.

 

[Bertolinoins]

The solution is to have enough in the hopper that these kind of things don't even bother you. I quote business the right way (to value, proper limits and endorsements) and they can take it or leave it. When you have enough quality business in the hopper... you get less bothered by clients that don't get it.

I get a sick pleasure out of prospects or clients that have to come crawling back. I just had a nice apartment account come back after taking a stripped down quote on 7/1. I told her it would not work with her Fannie May loan and the "savings" would be eaten up by needed coverage adjustments and new loss control recommendations. Turns out after the adjustments and loss control recs... they ended up $3900 over my renewal quote. I took her back but I made her beg and promise to quit second guessing me.