Tag Archives: compare

06.29.15
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Dear Insurance agent losing business to me;

I hope this finds you doing well.  It’s been a bit and I know things can be tough for some of us.  Safe to say it could be more challenging now than when you started in the business.   Honestly, if there was an insurance police this would be something they would want to know about, but since there is not I’ll just write this note to you.

For a while, I honestly thought it was mostly the on-line quoting machines that were making such a simple mistake.  Than I started to see more and more captives acting this way.  Yes, indpendents are not completely innocent but  I don’t take as much business from independents.  I’ve always wondered if it was 1) a mistake 2) a lack of knowledge or worse 3) a mandate from the company they work for.  In the case of the local captive agent, I am guessing it is more of a product of desperation. Really needing every phone call to result in business so you cut corners.  You cut corners you wouldn’t cut for your family but would do it in the name of  “low rates” or worse binding a policy today for a commission or some sort of contest.

Here’s the thing, by short changing your customer, you are actually short changing yourself.  In the short term you are costing yourself commission and potentially your customer some much needed coverage.

WHY?

Honestly, I have no idea.

Now take this from the sales side.  If your fellow agents are doing things one way, why would you want to go down to their level?  You wouldn’t!!!!  So please stop doing it.

How do you fix this?  Simple.  When you are quoting auto insurance, whenever possible you provide the same amount of supplemental un and underinsured motorist coverage as the liability coverage you are providing.  Really not hard.  If you are quoting $500,000 in liability, you quote $500,000 in un/underinsured motorist.  SIMPLE, now just do it.  EVERY TIME.

  • it’s the right thing to do for your customer
  • it’s the right thing to do for your family
  • it’s the right thing to do for your top line
  • it’s the right thing to do for your bottom line
  • it’s the right thing to do for society
  • you’ll close more deals because you’ll stand out
  • you’ll make the industry better

Seriously, if you need more reasons it might be time for another business.  Anyhow, happy selling.

 

Sincerely,

 

The agent taking your business

01.04.11
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New Year New Insurance?

Why not?  When was the last time you changed companies?  When was the last time you actually made your agent or broker actually earn their commission.  Make them actually shop around, we are in a competitive market here in New York why not take advantage of it.

How do you start? 

Pretty simple, two steps;

  1. Start with a “baseline” of coverage that you are comfortable with having in place.
  2. Talk to 3-5 companies to see where your rate compares.

That’s it.  Worst case scenario you feel really good about your rate.  Best case you save some money and maybe find a better agent.

UPDATE May 26 2015

Not much has changed.  Still that simple.  There are some okay new tools available now that weren’t around when I wrote this.  You could try

Reality is, if you have not shopped in the last four years two things have likely happened

  1. Your coverage has fell out of alignment with what you need to have or should have
  2. You are likely overpaying

Either way, it is your money.  Spend it how you would like.