It seems that the insurance buying process often sets up the perfect storm of comparing coverage, pricing, and service, but it ends up with low-cost winning in the short term and then losing when a claim occurs. How can we help change our understanding of this process so that everyone gets a win? Here are some thoughts.
Agents Should
Be prepared, educate yourself on insurance and risk management. Coming to consultations well-versed in the needs of the other person also assures them that you as the agent will go the extra mile on their behalf.
Listen, ultimately, you're here to help your customers. If they believe your plan takes precedence over theirs, your business relationship will not last long. You can only meet someone else's needs if you listen to what those needs are, so always be ready to listen as well as speak.
Try to sell rather than teach, here is what we like to do before we even say the word insurance. We ask questions to understand your needs better. We share our knowledge about your risks, and we help identify the individual risks you face and start the process of putting together a plan to protect you with a combination of insurance, risk transfer, and avoidance techniques.
Our clients routinely tell us that "this is the first time someone took the time to explain this to them. They feel empowered to control and have ownership of their insurance program.
Insurance Buyers Should
Shopping for insurance based solely on price. Comparing insurance policies can be perplexing, but resist the temptation to simply select the policy with the lowest premium. Consider the agent's qualification, experience, and the company's reputation, as well as the coverage you'd receive for the premium.
Understand what you are buying, make sure you understand what your insurance policy covers and does not cover.
Not updating your coverage, how long has your family or company had the same insurance policy or policies? You could be making a costly mistake if you simply renew your policy year after year. Consider how much your family or business has changed in the last year.