How to Sell a BOR(Broker of Record) to Possible Client?

[Nirvana]

Hello,

New to Insurance. 3 months.

What is the best way to explain a BOR(Broker of Record) to a possible client?

I can not beat the client's current package but our Brokerage represents the company she is currently insured with. I want the package just need help on how to present the BOR in way it can benefit the client.

Suggestions?

Thank you.

Nirvana

 

[STIBROKER]

What is the best way to explain a BOR(Broker of Record) to a possible client?I can not beat the client's current package but our Brokerage represents the company she is currently insured with. I want the package just need help on how to present the BOR in way it can benefit the client.Suggestions?
Thank you.Nirvana

Well to start with try asking the client if they are happy with current agent....if answer is yes your toast....if no find out why and what the other agent has dropped the ball on and make promises that you would not do that and get them to sign a aor......and even in that case you might have a 15% chance of taking over.......

 

[CJHutsenpiller]

With BOR changes I like to find out why someone is shopping in the first place. It's typical 1 of 3 things; price, convenience, or customer service. A BOR is not going to help a price issue but the other two it will. I find out which it is and explain how your agency will be able to help them with (insert issue). Just make sure that you deliver on those promises or they will leave faster than they came.

 

[AZDave]

Make sure you understand the carriers BOR process too. Usually not as simple as providing them a signed BOR. Many require the policy to be 'rewritten' internally, which means new pricing. Many give the incumbent agent 10 days to counter the BOR. Be prepared to explain this process to the insured, and why this is going to be a benefit for them.

Good Selling.
Dave

 

[bps]

The real question is why should the client want you as their agent? The answer to that is how to sell a BOR/AOR change. Good luck.

 

[ncagent83]

Everyone hit it on the nail. If they're unhappy with their current agent, ask them why. Ask them what their expectations are. Also, be careful of what kind of customers you're going after. You don't want to do the other agent a favor by BOR'ing those clients if they're real PIA's.

 

[KYB]

All great answers so far. I'd make sure you know exactly what the insurance co's procedure is regarding these before doing anything!!