When the Deal Stalls, how do you deal with it?

[the mayor]

I sell commercial P&C. Over the past 2 years, I have had a few experiences where a customer just stalled out during the quote process. It seemed like all was going well...but they'd either just stop cooperating or stop returning calls.

In the past 2 months, I have had 2 large prospects stall out very late in the game. This was after several meetings and discussions. All the data had been mined and they were very open and cooperative. But one said " I don't have the time" when I asked them to request loss runs...after we'd spent time going over info and I had explained they would need to request them. Another stalled out on financial info which they were going to get...but at the end said " I can't give you this info". When I explained that we wouldn't be able to continue with out the info, that I had a quote that may benefit them ( pending the info) and that they had already spent X amount of time and energy with out any benefit...they just died out.

Has this happened to you?
Did you find a resolution?

 

[HealthGuy]

Re: When the Deal Stalls...

Don't be a quoting whore. Before you lift a finger to do anything with them ask them who they are working with besides you and remind them all the quotes are the same anyway. Ask them if they are open to working with someone new. Why waste your time and theirs working with two people?

 

[the mayor]

Re: When the Deal Stalls...

I did ask all the hard questions.
I never just throw a quote and hope it sticks.
And I have had a few that died when the prospect found out they'd have to work a little and give me info...I had no problem letting those die.
These last 2 happened after a lot of work on both sides...

 

[Air Jer]

Re: When the Deal Stalls...

It happens and it sucks. They are not interested anymore for whatever reason. You set it up the right way but sometimes you get screwed. All you can do is go look for the next one.

 

[Bertolinoins]

Re: When the Deal Stalls...

Makes them do less work. Have them sign a loss run request instead of having them request the LR's themselves. They probably requested them from the current agent and got a visit from the agent reassuring them instead. New prospects are always tight with financial info (specifically during this poor economy)... See if the UW will quote the account subject to the financials upon binding. That way the prospect doesn't have to open up to you until they know they are going to do business with you. They key is to be easy to do business with.

 

[the mayor]

Thanks for the replies, Air and Bertolino.

I have tried the letter to request l/r with mixed success. although the prospect will often sign them...the incumbent will not accept them.
And in this case...I know the incumbent agent didn't come back. It just blows me away, that after she spent so much time getting me all the info and the fact that she is very unhappy with her current agent for many reasons...she absolutely refuses to make a call for loss runs.

As far as the financial info...I should have been more clear in that I had a proposal based on early "guesstimates"...and I have better coverage and pricing, but didn't want to put the proposal on the table and then have to dig myself out of a hole. And I'm talking a $10+K savings on an industry that is struggling.

If any of this had happened early on or they were small accounts....I would have walked away.

But I guess I have to now and just move on.

 

[saieddie]

If you're just selling on price, just give them the quote and tell them you need the loss runs to finalize it and get the policy issued and leave it at that.
Don't waste anymore time and energy on them until they get back with you.

 

[the mayor]

If you're just selling on price, just give them the quote and tell them you need the loss runs to finalize it and get the policy issued and leave it at that.
Don't waste anymore time and energy on them until they get back with you.

I am not handing over anything.
If I'm not getting the policy....I am not going to hand over my work to another agent

 

[saieddie]

If I met with you for a quote, and you could'nt at least give me an indication of the price after giving you my info, I wouldn't go further and get loss runs and financials either.

 

[Air Jer]

I might be missing something here as I am mentally slow. In this soft market, many carriers will quote subject to on many accounts. Contractors and larger accounts being exceptions. As for getting loss runs, most states have as part of their insurance code that insurance companies have to provide loss runs if the insured requests them and they have to be provided in a timely fashion. I will take a letter out that I've typed up "from the insured" that requests loss runs to be sent to the insured and then I mail it myself to the companies. I will then contact the prospect about 2 weeks later and I usually get them that day.