Storefront Owner Davis Life Brokerage offers this artilce with suggestions as to how P&C agents can become more effective in selling life insurance. Early In his 29 year career with State Farm, Bryan Daybell had an epiphany: Even though his company is the largest automobile and home insurer in the country, his bread and butter would be life insurance. Why? “If you only handle someone's auto insurance, over a 10-year period you only have an 8-percent customer retention ratio, “ Daybell says. But when you add home insurance, the retention rate rises to more than 50%, he says. When you add life insurance to those two, it's more than 90% retention. In other words, it pays to be a multi-line agent.
liability insurance florida The following advice from Daybell can help P&C advisors who want to sell more life insurance-as well as life insurance specialists who want to sell more life insurance.
restaurant insurance Even if you only have a client's automobile insurance business, invite him or her in every two years for a “family insurance check-up.”
During a “family insurance check-up,” you can review all of a client's insurance needs. Daybell and his staff are religious about doing this with every customer once every two years. Here's what they say when they're setting up the appointments:
“Insurance is one of the most important purchases you'll ever make, and you spend a lot of money on it. It's our job to make sure that you're spending your money wisely, that you're not overinsuring or underinsuring, and that we are doing the job that you're paying us for. We'd like you to come by and spend an hour with us and let us just chat and make sure we're all on the same page.”
The goal, Daybell says, is never to sell them a product. “The goal is to make sure that we are taking care of their needs and develop a counselor/client relationship.”
It takes more time to serve life insurance clients than P&C clients, so get more staff.
technology errors and omissions “One of my most important roles is ensuring we have highly trained, highly qualified staff people,” Daybell says. “It leaves me time to counsel my clients.” Throughout his career, Daybell has encountered plenty of “lone-ranger” insurance agents who are afraid to delegate. He encourages them to invest in their businesses by hiring staff, delegating to them, and letting them learn by making mistakes.
Windham connecticut auto insurance Understand that customers love consistency.
Finance and Insurance Products dealerships Think of it as creating your company's brand identity. Every time a customer walks into your office, he or she should be treated in the same professional manner. “We have systems in place for the smallest things, from handling a question about billing to going through a family insurance check-up,” he says. Another strategy for maintaining consist consistent performance? Write and display a mission statement. Daybell's is done in gold leaf, and customers see it as they enter the office.
vehicle service contracts Do sweat the small stuff. Daybell is attentive to details, like how his office appears to customers. It has to be spotless, comfortable, beautiful and equipped with cutting-edge technology. The windows, computers, telephones and desks are clean. “I know for a fact, after 29 years in this business, that if I pay attention to the little things, the big things always take care of themselves.”
For more information on the profitable programs available from the DAVIS LIFE BROKERAGE, visit their storefront at http://www.programbusiness.com/stats/sftracker.asp?id=183.