Why some brokers suck!

[Martian]

In another business I had worked with and set up the meetings and was going in to get the papers signed another agent from my company, different region though called and when asked if they worked for me they said yes and that I asked them to call and then come by to get the papers signed.

 

[Sam]

I have a pretty blunt pitch, where I specifically ask what their current arrangement is and how the relationship is. I explain what I do and how much of a value it is. I then ask exactly what needs to happen for me to earn their business.

In the middle market, people will usually respond to bluntness with bluntness and it helps me weed out the relationship barriers from the other more easily overcome barriers.

 

[SME]

I agree with the blunt approach. But if I were you I would let that brokerage know that they have lost your future business because of this. When it comes to group I have no patience for this kind of thing. I suggest you chalk it up to experience and move forward a little wiser.

 

[Delta76]

I feel for you, I've been down the road all too often, but it happens very infrequently now (there will always be prospects who blatantly lie). Two thoughts:

-You had a group you could help, but you didn't have a prospect to start with. This business is about relationships and you need to qualify the current relationship and decision making process before you get started. Here's my process after I look at there plan and get the census.

"Mary (HR), I don't know if I can help you or not at this point. If there is a way, I'll find out how to do it. Can I ask you a tough questions? (people don't get mad when you get permission first) Let's pretend I go back to the office and find a way to lower your premiums, what happens next?"

In a bigger company, they will usually then take the information to the owner, committe, ect. Even if they say they make the decision I qualify harder:

"Mary, you mean that you don't consult with anyone before making the decision?" (usually the truth comes out here). You need committment to get the owner in the room at the next meeting or you have no deal.

If you have the decision maker or even if you don't, here is the key question:

"Mr. Owner, my biggest fear is that I'm going to go back and put in the time and resources to find a solution for your situation and then, even if I have a good fit, you current broker will get the business. Would it be okay if we talk about that for a minute?"

If you don't get committment, you don't have a prospect.

 

[Mr. Bill]

To me this speaks Sandler volumes. Anyone else? I know I would be t.o.'d and not Terrell Owens.

 

[Bhains Insurance Broker]

I have a business I have been cold calling on and talking with the Human Resources director with for weeks now. He finally stated yesterday that the owner of the business will only buy if it is through the brokerage he deals with. I called the brokerage to see if I can work with them, the guy says he has an agent that works with us already that his life/health agent deals with, thanks for the information I will pass it to him. Effectively giving all my work and negotiation with a 150+ person group to another agent as a referral.

I have done all the work, visited the business, dropped off the material and everything else and his agent, who he couldn't remember the name for since he doesn't work on the life/health side will get the account, the commissions and everything else.

The deal is that his brokerage is under contract with my company and he could easily worked with me for the same commission splits, but wouldn't.

What would you do?

You have to understand something about business is that its not only about the money, but relating with them on a personal basis. You're not going to be liked by everyone and you cannot impress everyone. You want to stay true to yourself and you will make relationships based off of those who like you and trust what you are doing. That's what i've experienced so far. I didn't like to hear it at first, but that's just the nature of the industry!

Hope that helps!

 

[Martian]

Thank you, I know there isn't much for me to do. I just hoped that the agent I talked with at the brokerage would have enough honesty not to steal a prospect to give to another agent that works in my company.

I would have understood if this broker worked with a competitor, it just pissed me off that he is giving it to another agent in my own company, and I can't even find out who it is until they get get the signed paperwork.

I doubt the agent from my company will know how this broker got the referral until I contact them after they get the account secured. Then I hope they are ethical enough to allow me work on the account.

Live and learn.

 

[Survivor]

Thank you, I know there isn't much for me to do. I just hoped that the agent I talked with at the brokerage would have enough honesty not to steal a prospect to give to another agent that works in my company.

I would have understood if this broker worked with a competitor, it just pissed me off that he is giving it to another agent in my own company, and I can't even find out who it is until they get get the signed paperwork.

I doubt the agent from my company will know how this broker got the referral until I contact them after they get the account secured. Then I hope they are ethical enough to allow me work on the account.

Live and learn.

I don't know exactly what your company arrangement is, but if I were you I'd run to the boss. Explain to the boss how unhappy you are, how you brought this business, and see if he will put pressure on the agent to at least give you a 50% split. Maybe you could even go to that agent first.

 

[Martian]

My district is trying to find out who it is and set up something to let me get something out of the group.

 

[Mr. Bill]

Good luck with that! Perhaps there is a way to salvage something out of it (if your upline isn't much help). You must have impressed someone at the company to some extent. Maybe work on an educational program, brown bag lunch or something, that could help their employees better understand their benefits? It might be a way to "prove yourself" and if you can't get the BOR letter now, get it next year!