- 25,020
No new sales under the brand. All Protective now.
Pitfalls of Selling Just One Carrier?
- Thread starter juggerburn
- Start date
No new sales under the brand. All Protective now.
- 4,132
There was a time where just one horse was good enough, but with the ability to check competitive options with a click of a button, you may be putting yourself at a competitive disadvantage going "old school".
Having a group of good companies works pretty well as all carriers are all things to all people. Do I care if they buy from company A, B or C? (assuming similar financials) NOPE. Just care that they buy from me.
My loyalty to one company came to an end 15 years ago as their loyalty to me went away. Never again.
Having a group of good companies works pretty well as all carriers are all things to all people. Do I care if they buy from company A, B or C? (assuming similar financials) NOPE. Just care that they buy from me.
My loyalty to one company came to an end 15 years ago as their loyalty to me went away. Never again.
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Gotcha!
On Protective's website, they still list them as a subsidiary so I guess they will keep the name around for a while so as not to confuse those who have WCL policies.
On Protective's website, they still list them as a subsidiary so I guess they will keep the name around for a while so as not to confuse those who have WCL policies.
- 25,020
Probably. You can convert WC to Protective. Same for any old Empire General term out there.
- Thread starter
- #15
juggerburn
Expert
- 46
Thanks for the replies everyone. I'll take into account everything that has been posted.
Two horses can pull a bigger wagon than one.
I agree wiht you on loyalty. In the 70s and 80s, there was a big change in the ways companies thought of thier agency force. When all the consolidations and buyouts and cutthroat competition the agent became just another commodity. National Life and Accident took great pride in the fact that they had never laid anybody off..not even a janitor.. not even during the Great Depression. American General got control of them and all that went by the wayside. AG closed offices and fired people left and right.
- Thread starter
- #17
juggerburn
Expert
- 46
Alright guys, help me out here. Usually when a product is more expensive, it has some sort of upside, like better quality. On the surface, from a consumer's perspective, all life insurance companies are the same, they just differ in price. So if I hear, "Well that's more expensive than company x." and assuming the face amount and rating classes were the same, I want to be able to say "Well I understand your concern about the pricing, but as the old saying goes, you get what you pay for. It may be slightly more expensive, but..."
This is where I'm guessing I would talk about the quality of the company. I need to be able to justify the expense so that the client feels that the price tag is worth it or makes sense. I know in the end that I should just get more carriers, as I will do.
This is where I'm guessing I would talk about the quality of the company. I need to be able to justify the expense so that the client feels that the price tag is worth it or makes sense. I know in the end that I should just get more carriers, as I will do.
- 25,020
First, if you compete on price you will lose on price. I am not always the lowest and am rarely replaced.
Second, the best place to get the company's talking points is from the marketing department of that company. If it is Assurity I would hit up Mark Rosenthal here on the forum.
Lee
- Thread starter
- #19
juggerburn
Expert
- 46
Good points, and good philosophy there. Alright, I think I've got this figured out.
- 15,041
FYI, if you are talking to someone who does not have coverage currently or is not looking to replace current coverage and they can tell you how much Company X charges for Y coverage, you are in trouble.
Price is not the issue here. Unless this person just started getting serious about coverage, there is another problem that you haven't been told. This is going to be the real issue, not price. Or you have someone who just lives to shop but never buys.
It is one thing if they have current coverage and you are trying to replace or if they really just began looking. Odds are that won't be the case though.
Price is not the issue here. Unless this person just started getting serious about coverage, there is another problem that you haven't been told. This is going to be the real issue, not price. Or you have someone who just lives to shop but never buys.
It is one thing if they have current coverage and you are trying to replace or if they really just began looking. Odds are that won't be the case though.
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