“If I were you, I wouldn’t replace your current coverage.”
The phone went silent… for a long time.
“Ma’am, are you still there?”
“Yes,” she replied quietly. She was astonished. She asked me a very simple question. “Why are you not trying to talk me into a new policy?” My answer was simple: “It’s not in your best interest.”
Now, this was not the complete total sum of the conversation. The client was not happy with the amount of coverage she wanted. She needed more coverage. My recommendation was that she get a smaller policy to supplement her original one. This solution would be less expensive than writing a new policy for the larger amount.
She was surprised. I understand. Most people think when they call the ‘insurance guy’ that he’s going to try to strong arm them into the policy that is best for the salesperson, not them. We don’t take that approach. She was right to be suspicious, we make money on the amount of business we write. I was giving myself a real shave on commissions. The new policy was significantly less commission. Rewriting all the coverage would have meant a new swing set in the yard for my daughter. It doesn’t matter. I need to protect the interest of my clients.
Now, is this because I’m trying to apply for sainthood? No. There is real incentive for me to treat my clients fairly. Here are 3 practical reasons for your agent to offer you fair advice:
I depend on referals.
My business depends on referrals from clients. I can’t tell you how much joy I get when a happy client sends a friend or family member to me for coverage. That’s a sign to me that I’m doing a good job. The client is letting me know that they see the value that I bring to the table.
As an adviser, my job is to help clients get the best possible coverage for the best possible price. Insurance companies treat people differently depending on their health and lifestyle. My job is to play match-maker and connect the right client with the company that will be most fair to them in their situation.
Unhappy clients often stop paying for their policies.
This is a bad situation for multiple reasons. One reason is, I can loose my commission (which is how I put food on the table). The other more important reason is this:
The client didn’t end up getting the protection they needed.
When people come to me they have a problem. My job is to fix the problem. They know that when they pass there are others that will be affected by the loss. When we get the coverage, we protect those that mean the most to my insureds. When the policy lapses, I feel like I wasted the client’s time. That’s a terrible feeling.
I work tirelessly making sure my knowledge is up-to-date in the available products. I work to make sure I am working with the right companies. Our company uses top industry technology to make sure that our work is as accurate as possible.We take great pride in what we offer.
I have to sleep at night.
My clients are my business. This is what I do all day every day. I stay in business by offering the best company with the best rate every single time. If I can’t do that, I can’t stay in business. These are relationships that I cultivate with the companies I work with. They want to know (just as much as my clients do) that I run my business with respect and care for my clients. In return, I get to offer the best products these great companies provide.
I’m sure there are some people out there who can take advantage of people, but I just can’t imagine trying to live that way. I go to sleep every night knowing I did my best that day to offer people the coverage they needed. I take great pride in knowing that my business is run well and that my clients are cared for.
My clients continually thank me for being honest, direct, and skillful in my work. It is a great feeling. I hope they understand how it is just as important to me as it is to them that I provide them with honesty and unparalleled service.
Our current clients are our biggest advocates. This is the kind of work where that dedication pays off.
I understand when people are suspicious. I might be too. There are people in the industry who don’t take the dedication as seriously as we do. The few make those of us who are serious look bad. We will always work to remain honorable.