What Did I Do Wrong and How Can I Improve This?

[iiinycboi]

So i got a referral for a HO quote. We talked and i told him that i can provide a free coverage analysis and see what he needs or paying too much for etc...

He obliges and brings in the policy. We sit down and we talk, everything is going well. His HO quote is for roughly 1.2k a year.

I started to sell on coverage, and noted that his home is under insured by 60% and that he needs to get this fixed. Also noted that he has a BASIC policy and very little is covered. I explained the differences and he starts to "complain" about his previous broker.

"why didn't he explain it?" "why didn't he give me proper coverage?"

i began to explain why working with me is great, i'll look into his account every 2 yrs and do an analysis etc... to make sure hes probably insured.

Then i show him my quote with dwelling upgraded with etc and BROAD for 800
Anyways he goes ok, everything looks good i will go home to "speak with the wife"

3 weeks i follow up, he tells me i've gone with my previous broker thanks for the help tho. i asked if he upgraded your coverage he goes yes. (sounds like he didn't) i said ok thanks, if you need any thing else please call.

did i give him too much info? or my follow up approach is weak.

just dont see how i couldnt get this account.

 

[kscheafer]

Three Weeks in my opinion was a little to long, I would of pinned him down as to when he was going to talk to his wife and perferrably within 72 hour's and stayed infront of him!

 

[NCAgent]

That sucks dude.

Sometimes people never intend to go with you but want to shop, this could have been one of those times. Others are lazy and just don't want to touch it. Usually you have to close in the same week.

It also sounds like maybe there wasn't a wedge strong enough put between the client and his current broker. Or it could have been that it was too good to be true and the guy was skeptical.

If you ask the client why he went with his current broker, what would he say? What did his broker tell him? If I hear something that sounds like shenanigans I ask for the agent to put it in writing and see what happens.

I would also establish in the beginning that your time is important and if you can save him money AND provide better coverage, could you earn his business? See what he says- do test closes and see if he is receptive. Also, for something that major, call up a few times and see how he is doing. it also might not hurt to "accidentally" tell the wife if she picks up. I think he is a good one to call back in 6 months or so and see how he is doing.

 

[iiinycboi]

That sucks dude.

Sometimes people never intend to go with you but want to shop, this could have been one of those times. Others are lazy and just don't want to touch it. Usually you have to close in the same week.

It also sounds like maybe there wasn't a wedge strong enough put between the client and his current broker. Or it could have been that it was too good to be true and the guy was skeptical.

If you ask the client why he went with his current broker, what would he say? What did his broker tell him? If I hear something that sounds like shenanigans I ask for the agent to put it in writing and see what happens.

I would also establish in the beginning that your time is important and if you can save him money AND provide better coverage, could you earn his business? See what he says- do test closes and see if he is receptive. Also, for something that major, call up a few times and see how he is doing. it also might not hurt to "accidentally" tell the wife if she picks up. I think he is a good one to call back in 6 months or so and see how he is doing.

i see, i guess the wedge wasnt strong enough and i waited too long. i'll keep a close eye on it. But i'm pretty sure he didnt upgrade his coverage, because i represent that company that he had, and it will bring his premium a couple hundred dollars more.

(need to finish the wedge book lol) I was just shocked when he said no. I was 100% set on writing him.
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Three Weeks in my opinion was a little to long, I would of pinned him down as to when he was going to talk to his wife and perferrably within 72 hour's and stayed infront of him!

(............................. meant to do multi quote)

 

[NCAgent]

i see, i guess the wedge wasnt strong enough and i waited too long. i'll keep a close eye on it. But i'm pretty sure he didnt upgrade his coverage, because i represent that company that he had, and it will bring his premium a couple hundred dollars more.

(need to finish the wedge book lol) I was just shocked when he said no. I was 100% set on writing him.
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(............................. meant to do multi quote)

Just touch base with him here and there and see what happens. I mean, the client is at a loss if something happens, so yeah...

I really think calling him up occasionally will be better than nothing, and see if the company he has does a rate change anytime soon.

You can also just flat out ask him why he stayed put. Was it the broker? Was it the coverage? Was it the company? Just flat out be abrupt and say "I saved you money and improved your coverage and you didn't have to do any work. Why aren't you moving?" You have nothing to lose by doing it that way.

 

[xrac]

i see, i guess the wedge wasnt strong enough and i waited too long......

That we be my take on it.

 

[theinsuranceman]

When he said "he had to talk with his wife" you should have said "I understand completely, I can't call you back tomorrow as I'm already booked up. I can call you the day after tomorrow, would morning or afternoon be best for you and your wife"?

 

[mmaedelins]

And if you get one in the future where you can save him money and increase coverage and he's still on the fence about going with you or staying with his current agent, just ask him this: "Let me ask you a question. If an agent were you come to you and offer you less coverage at an increased price, would you want to work with him?" Of course he will say no. Then you answer with, "Well, isn't that exactly what you are doing by staying with your current agent?"

It gets them thinking and I've used this several times and it's worked quite well.

 

[Bertolinoins]

You are being too nice and too passive. Most clients that go to the effort of seeking out a quote and meeting with you are wanting to be told what to do. I would have asked him to sign the paperwork and leave a deposit check... then "if your wife has an issue with you saving money and getting better coverage" then I will flat cancel the policy and shred your check.

 

[GMANPRO]

Unpaid consulting time buddy. Some people just want questions answered but are to lazy and/or worried to actually switch.