Just had a rough 2 weeks, a competitor broker keeps winning accounts, by lowering dwelling coverage and raising deductible.
I get notice from carrier/insured and i ask why and what coverage. They all tell me the same story, its the same coverage but cheaper so i went with them no hard feelings. I asked to see the quote, and explain that their deductible was raised and their dwelling was lowered to get this price.
They said they didnt know he raised the deductible, but then justifies it by saying they save a couple hundred dollars.
This one new broker keeps doing this to my clients/new prospect... very frustrating when you try to explain the difference in coinsurance penalty and deductible. The insured is clueless and keep justifying it by saying its so much cheaper.
how can we take back accounts with coverage and no price?
I would never say to be unethical about it, but give your clients what they want. Lower price? Fine, higher deductibles will lower the premium. They go away happy. It's the coverage they want.
You're sitting on a high horse, and losing clients because of it. And the new agent is charging fees when it sounds like you don't. Double win for him. I'd target all of your clients too.