So apparently I was buying a lot in September of 2012 and just had to write about it https://theinsurancebill.com/?p=202
If you are a broker, people leave. Period. No one is 100% for more than a year or two. People die, people move, people get rid of cars and homes, etc. To think you can keep your policy count and customer count growing is a better goal than keeping 100% of your customers. Often they leave without warning. This hurts, sometimes. But, most of us maintain customers because the effort to switch doesn’t match either
- The possible savings
- The uncertainty that comes with new
But, taking “negative advantage” of these scenarios is not a good idea. It is why insurance is where it is. It’s why some of what EZLynx’s rating engine is interesting. It is why seeing Covera test a theory that I have executed on for 6ish years really interesting.
On the other hand, I firmly believe that a review that starts with ” They saved me a lot of money….” or ” WOW, they helped me lower my price…” including an arbitrary “our average savings is $572 per year…” Is some of the worst advertising you’ll see. Sure, maybe a fact is being shared, but wanting to be known for this is not a wise idea.
Consider an alternative; try being the person who offers what people consider a consistently fair price. Seriously, leading with the lowest price does some long-term damage to your business it also sends some bad signals out to the universe. Price Consciousness is normal, sadly we are in a consumerist culture that has ruined, or at least hindered capitalism. Sure, you are “happy” that you saved them money. Nothing wrong with this, but what else did you do?
I wrote about being willing to “overpay” for some convenience because I am. Actually, most people are. If you are a broker and reading this you better know that well over 50% of your customers can lower their rates today but they stay.
Just consider looking at things from your business side as well as your personal side a bit differently. Feel free to take a piece of our formula;
” We’ll try and improve your coverage and improve your rate. Hopefully both”