- Thread starter
- #11
- 736
STI - thats what im going to do, quote like 1000 different things lol.
I Cant Win! Why Are Consumers So Price Oriented?
- Thread starter Milkman1265
- Start date
- Staff
- #12
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- 15,041
Time out.
So, you are getting the BOR courtesy notice from the company, meaning they aren't wanting to just process it. Yes, they have paid a broker fee to the other agent, so what? Unless you were wanting to charge one as well, that is something they will save next year. They are with the same company, so there isn't anything to switch, right?
To solve this, why not just have them solve another BOR to retain the policy and then submit an application to change the coverage to the deductible and coverage they are comfortable with?
So, you are getting the BOR courtesy notice from the company, meaning they aren't wanting to just process it. Yes, they have paid a broker fee to the other agent, so what? Unless you were wanting to charge one as well, that is something they will save next year. They are with the same company, so there isn't anything to switch, right?
To solve this, why not just have them solve another BOR to retain the policy and then submit an application to change the coverage to the deductible and coverage they are comfortable with?
- Thread starter
- #14
- 736
Sorry, i am confusing you guys.
Certain cases are new closings, so we both quote from same company and they hold a BOR so they release the quote to them.
Others are just quoting prospect and selling them on our policy. But in NYC, there are only a few major wholesalers so everyone got the same carriers.
then the one who are getting replaced are just getting replaced with another carrier with bigger deductible and less coverages
Certain cases are new closings, so we both quote from same company and they hold a BOR so they release the quote to them.
Others are just quoting prospect and selling them on our policy. But in NYC, there are only a few major wholesalers so everyone got the same carriers.
then the one who are getting replaced are just getting replaced with another carrier with bigger deductible and less coverages
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- 182
Maybe you should, in order to keep other accounts and get new ones, give the current and potential customers the range of options. Tell them outright: "I can lower your premium by XX%, but you will have a little less coverage and your deductive will go up, but it is a lot cheaper".
Hell, I am in the insurance world, and as an adjuster, I probably have a firmer grasp on the potential negative effects of insufficient coverage or co-insurance penalties than the vast majority of agents. That said, I currently have personal insurance on my home and vehicles that costs me a couple of hundred bucks a month. That does not include my company E&O, WC, HC (for me and employees) or whatever else I happen to pay for. Once you add all those up, it's probably closer to a couple of grand a month. That's a low end salary. A lot of people (including newbie agents and adjusters) literally gross less in a year that I spend on insurance, most of which is or is soon becoming mandatory to purchase. If someone came to me and said "I could make it a lot cheaper for you", they would certainly get my attention.
The short response would be "Offer them the whole range; don't just focus on the Cadillac plans".
I would leave the client with this..(friendly tone) "Bob, higher deductibles and lower co-insurance only matter during claim time. Just make sure you get a copy of his Errors and Omissions statement. You may want that when you have a client and are penalized by co-insurance requirements."
I would also make a concerted effort to reach out to your other existing clients and let them know why this new offer is not in their best interest.
Good luck
I would also make a concerted effort to reach out to your other existing clients and let them know why this new offer is not in their best interest.
Good luck
No scare tactics needed.
When you are doing your sales presentation, present 3 offers and let them decide. Don't hurt yourself with dwelling coverage variations, but present the deductibles from $1000, $2000, $2500. Talk about filing a claim and having to write the check, but with homeowners, you probably only file a claim every 7-10 years.
Let the prospect decide.
This does 2 things. It lets them buy what they want and it lets them know that agents offering to save them money are just playing games with numbers, you can do it as well, in fact, already offered them that choice.
Now, be proactive. Take your existing clients and mail/email them an offer to go over their coverages and offer them some alternatives and see if its possible to lower their premium. Get in front of the other broker.
Dan
When you are doing your sales presentation, present 3 offers and let them decide. Don't hurt yourself with dwelling coverage variations, but present the deductibles from $1000, $2000, $2500. Talk about filing a claim and having to write the check, but with homeowners, you probably only file a claim every 7-10 years.
Let the prospect decide.
This does 2 things. It lets them buy what they want and it lets them know that agents offering to save them money are just playing games with numbers, you can do it as well, in fact, already offered them that choice.
Now, be proactive. Take your existing clients and mail/email them an offer to go over their coverages and offer them some alternatives and see if its possible to lower their premium. Get in front of the other broker.
Dan
- 182
Seems like the latter should be done prior to making such a strong accusation.
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