A couple of months ago, I wrote about generating a quote right over the phone on the initial phone call. This saves time and increases the chance of closing the deal. But how we actually present the quote is also a factor in selling the policy.
When we present the quote, we are going to lean on two items that we should’ve already performed at this point which are Building Rapport and Showing Expertise. Early on and throughout the call, we should’ve been working on our relationship to get people to like and trust us. Trust is also built by showing expertise which can really be done during the information gathering (Insurance Interrogation for those of you that follow our AppX Sales process) part of the call. We are going to continue to build our relationship as we present the quote, but we are really going to focus on continuing to show our expertise as we are getting right down to the moment of truth.
Early on in the process we should have identified a main concern or issue that caused the prospect to contact our agency. This could be simply because they are buying a new house or opening a new business or it could be because they weren’t happy with their renewal pricing or were upset over a claim. Right before presenting the quote is the best time to recall that item. This shows you not only listened to them but have focused on resolving that particular item.
We also want to talk about the particular carrier and policy features. If it is a national company, you can probably lean on their branding a little bit. For more regional companies, you can point out that they are local or explain why you do business with them (claims service, underwriting in the area, etc.). Policy features that are included with the policy, especially if they do not exist on the current or expiring policy, are great ways to gain client interest. Items such as guaranteed replacement cost, accident forgiveness, and blanket coverage that is automatically included or that you included in the quote have a lot of value to consumers.
To gain buy-in on the policy from the client, we are going to present at least 3 different options. This could be multiple carriers that have different policy features and premiums. Or, you can focus on different extension policies that escalate coverage. Show them the highest and second highest level of coverage available and explain the value of the highest. We do not want to give them yes/no options but to pick which one of two we recommend for them to pick from. Deductibles and billing plans are also excellent options to provide. Having the client chose from different options not only helps to build the policy based on the client’s choices, but engaging them in the process gets them engaged and increases their interest and buy-in on the policy thereby increasing your odds of making the sale.
While we are presenting the quote, we should be presenting additional lines of coverage of interest to the client. For personal lines, the thought process is pretty simple on which line of business you should quote next. Early on in the process, find out if they own/rent their home and their vehicles regardless of which line of business you are quoting. This will allow you to at least build out a preliminary quote if not a full quote for at least 4 lines of business (auto, home, umbrella, and life). Having these all ready when you present the quote will make generating a cross-sale opportunity much easier. For commercial lines, the process is a little more complex because businesses have different needs. So you need to think a little more about what other lines of business you can cross-sell. The approach is the same as personal lines, though. Make sure you obtain vehicles, payroll, sales figures, etc for everyone you speak with regardless of what lines you are selling. This will then allow you to determine which policies are available for a cross-sell opportunity.
Finally, where possible you want to use monthly figures to discuss the premium. We pay so few bills on an annual basis the insurance premium often “feels” high. So, when presenting the quote, you can present a $1,200 quote as $100 per month. If someone is comparing their premium to an expiring premium or pays in full, they may want to steer back to annual figures so you may need to discuss the full policy as an annual number. However, you can always discuss options and changes on a monthly basis. For example, let’s say you are presenting two different extension endorsement options. One option is $120 per year. The other option is $180 per year. When looking at the annual number, that $60 seems high. But if you break it down to the difference between $10 and $15 a month, the $5 doesn’t seem as important to save. This is an excellent way to insure that clients choose the higher level of protection.
Make sure you have a plan when you are presenting a quote on the phone. Use the rapport you have built so far and the expertise you have shown to help the client determine that you are the right agent for them. People buy from those they like and trust. Adding a little time savings and education and you’ve created a great situation to make your quote presentation a success.
