When Do You Give a Quote?

[VaDwayne]

Let's say that during your prospecting, you have several businesses with a renewal date that is 90 days or so away. Realizing the time it will take to even prepare a quote, when do you like to actually give it?

Let's say the business has a renewal date of 12-1-2010, when should I plan to actually discuss there quote or even offer to work on it?

 

[Air Jer]

You can usually get it quoted within 30 days if not a very large complex account. However, if you can get in there earlier, do so as you can block markets. Nothing worse than having your favorite company decline to quote for you because they already have it from another agent.
As for when to deliver the proposal, Dynamics of Selling would have you go in 2 weeks prior to the renewal date if you can negotiate the last look. Otherwise, as late as possible.

 

[VaDwayne]

You can usually get it quoted within 30 days if not a very large complex account. However, if you can get in there earlier, do so as you can block markets. Nothing worse than having your favorite company decline to quote for you because they already have it from another agent.

As for when to deliver the proposal, Dynamics of Selling would have you go in 2 weeks prior to the renewal date if you can negotiate the last look. Otherwise, as late as possible.

I figured the later the better, thank you....

 

[passivesf]

Why as late as possible? Wouldn't you want as soon as possible before another agent puts another quote in front of them to consider?

 

[isgutah]

More time for the incumbent to come close to matching your price. If you go in early you will lose 90% of the time.

 

[Bertolinoins]

A week before his renewal. That gives them plenty of time to compare and for you to bind coverage and get his renewal certs out to the various cert holders... any earlier than that and you are probably just handing your work over to the incumbent agent. On new business that I got into via a cold call or direct mail... I don't even tell them the carrier... Just the am best rating, admitted or not and the terms and
conditions.

 

[the mayor]

A week before his renewal. That gives them plenty of time to compare and for you to bind coverage and get his renewal certs out to the various cert holders... any earlier than that and you are probably just handing your work over to the incumbent agent. On new business that I got into via a cold call or direct mail... I don't even tell them the carrier... Just the am best rating, admitted or not and the terms and
conditions.

Bertolino,
Please stop giving out this information!
I don't want my competition to read it.

 

[Bertolinoins]

Bertolino,
Please stop giving out this information!
I don't want my competition to read it.

The few guys insurance professonals that are active in this forum and read the trade journals are generally not your competition for small and middle market business... It is usually some hack FIG agent or a semi retired independent who is on cruise control. The quality of agent working on smaller acounts is typically not very high.

 

[the mayor]

The few guys insurance professonals that are active in this forum and read the trade journals are generally not your competition for small and middle market business... It is usually some hack FIG agent or a semi retired independent who is on cruise control. The quality of agent working on smaller acounts is typically not very high.

Hack or not...I never dismiss my competition.
I have had Mega-Hacks come in and drop their draws and sell a low ball policy...usually with bad coverage. And the client bought it...either on price...or because they were with that hack agent and too lazy to switch.

Btw...I was kidding...I enjoy your advice.
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And for the record, I do not give quotes.
But I do give Sales Presentations....with some success.