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

[the mayor]

Air,
They are $150K+ accounts in big construction....every carrier wants every detail before they'll even look at it.
The "timely fashion" on l/r's is the law...but open to interpretation...as in I'll get them a day after renewal.

saieddie,
how do you talk price before you know exactly what you're quoting?

 

[FLInsa]

Easy.

Just quote subject to loss runs.

If you know your u/w well enough, he/she will play ball with you.

 

[saieddie]

Didn't you say they stalled out late in the game?

"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."


If i'd mined all the info and just didn't have the loss runs or financials, i'd give them the quote with the info I had with the stipulation that the price was open to change pending the missing info.

 

[PotentialFarmer]

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.

Can anyone share with me the Loss Runs requests they're using? I've been sending blah blah blah blah . . . "And as I'm sure you know California Insurance Code states this must be returned within 10 business days of receipt of the request. Please contact me if there is anything I can do to help speed this process."

It's working alright for me, but I'm pretty sure in my small town those letters aren't making other agents too happy haha.

 

[Air Jer]

Air,
They are $150K+ accounts in big construction....every carrier wants every detail before they'll even look at it.
The "timely fashion" on l/r's is the law...but open to interpretation...as in I'll get them a day after renewal.

The Mayor - Yes on $150K+ construction accts you will need loss runs. As for interpretation of the law, here in Illinois it is a simple interpretation. If an insured requests loss runs, the carrier is to have them in the insured's hand in 30 days or less. It works here but I can't speak to your state.

 

[GradyC]

Have any of you looked into or tried one of the online services offering Loss Run procurement assistance?

 

[the mayor]

Have any of you looked into or tried one of the online services offering Loss Run procurement assistance?

I have looked at them....but if a prospect won't take a minute to call for loss runs,are they going to take a minute to take a look at my proposal? And are they really going to move the business over to me?

I have been working with big construction....and any big construction is going to have losses...which is why carriers won't even talk until they see the l/r's.

 

[GradyC]

In the interest of full disclosure, I am currently employed with a company that provides online loss run procurement service. Our service is designed to minimize the involvement of the insured as much as possible while still remaining within DOI regulations. All you need from the insured is to know who their current and previous carriers are, and get their signature authorizing the request. Our service takes care of the rest, with guaranteed results. PM me if you'd like information, or I would be happy to continue answering questions in this thread.

 

[need2know]

Wouldn't you guys agree that when a formerly good prospect goes cold/turns off that it's usually because the incumbent agent got to them? That's been my experience on the few that give a reason. And it's usually around the time Loss Runs are requested.

I just try to work that in as we go. That the incumbent is gonna do all they can to keep you. If they say, 'well if our agent can beat your price, I'll stay', I walk. If they're buddies with the incumbent, I walk, but stay in touch in case they ever have a big disagreement.

 

[Air Jer]

need2know: yes