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So we're in talks with a local regional bank in Southern California that doesn't do anything involving Property & Casualty or Life Insurance currently for their clients. I'm excited about the opportunity but trying to play devils advocate from their side.
If its me and I'm a Private Bank with big clients, I don't want to just give away my clients to P&C agents or Life guys without making anything in return. What's the upside for them? It's an added service, I'll make sure they're clients are well protected, haha, keeping their clients well protected could mean that more of their deposits stay in the bank instead of being paid out to cover dohnut holes in coverage!!!
At the same time its a big risk for them, they're sending their clients they've worked so hard to something that is inherritantly risky. Life insurance clients get declined or rated heavily for health issues quite often, even if we're talking about me who's independent and works with them all. Property & Casualty claims don't always go the way you want them to, or you get clients who no matter how many times you've explained exactly how they're coverage works will still expect more. "I killed my wife in my home, that should be covered by Homeowners, I 'accidentally' stabbed her in the gutt while chopping onions, isn't there a clause for that?"
I'm wondering if any of you have approached a small bank in this situation, how you answered those concerns in the past or how you would answer them now. My plan is to think of all the objections and lead with that. I.E. "I understand that a large institution who works so hard for their clients may be wary about making recommendations for products and services that you don't have control over the processes of. I know that some of your concern is from the idea that an insurance contract or even the application process could go wrong and some of the resentment would fall on your Bank. These are the awesome reasons why you shouldn't worry about them. . . [insert great ideas here]
I'm thinking that I'll do my best to separate the bank from the sale and the insurance aspect as best I can, so that I'm the fall guy should people be not approved. I'll sell myself on my strong customer service and hands on approach with my clients. Then suggest a trial period of 3 months where we can both see if its a good fit so they can see the value I can offer as well as how happy their clients are with my work. Potentially I could even create some sort of incentive program based off the number of clients the bank sends me, perhaps a small "spiff" paid to the bank employees who give referrals, obviously not paid on closes, just on the flat number of referrals themselves.
Anyone doing this?
If its me and I'm a Private Bank with big clients, I don't want to just give away my clients to P&C agents or Life guys without making anything in return. What's the upside for them? It's an added service, I'll make sure they're clients are well protected, haha, keeping their clients well protected could mean that more of their deposits stay in the bank instead of being paid out to cover dohnut holes in coverage!!!
At the same time its a big risk for them, they're sending their clients they've worked so hard to something that is inherritantly risky. Life insurance clients get declined or rated heavily for health issues quite often, even if we're talking about me who's independent and works with them all. Property & Casualty claims don't always go the way you want them to, or you get clients who no matter how many times you've explained exactly how they're coverage works will still expect more. "I killed my wife in my home, that should be covered by Homeowners, I 'accidentally' stabbed her in the gutt while chopping onions, isn't there a clause for that?"
I'm wondering if any of you have approached a small bank in this situation, how you answered those concerns in the past or how you would answer them now. My plan is to think of all the objections and lead with that. I.E. "I understand that a large institution who works so hard for their clients may be wary about making recommendations for products and services that you don't have control over the processes of. I know that some of your concern is from the idea that an insurance contract or even the application process could go wrong and some of the resentment would fall on your Bank. These are the awesome reasons why you shouldn't worry about them. . . [insert great ideas here]
I'm thinking that I'll do my best to separate the bank from the sale and the insurance aspect as best I can, so that I'm the fall guy should people be not approved. I'll sell myself on my strong customer service and hands on approach with my clients. Then suggest a trial period of 3 months where we can both see if its a good fit so they can see the value I can offer as well as how happy their clients are with my work. Potentially I could even create some sort of incentive program based off the number of clients the bank sends me, perhaps a small "spiff" paid to the bank employees who give referrals, obviously not paid on closes, just on the flat number of referrals themselves.
Anyone doing this?
