Getting Answers to Questions

[bbuckley]

I am new to Property and Casualty insurance, only been doing this since September, and am wondering if my experience so far is unique, or just how it goes. Having been in the Kitchen and Bath manufacturing business for 22 years, I have a lot of contacts in the construction field, and thus have not really had any trouble getting opportunities to quote these friends, associates and acquaintances insurance.

But, what I am having a lot of trouble with is getting all the information I need to provide quotes. The hardest item being the loss runs, then NCCI experience modification sheets, and then getting the declaration pages for their current policies.

It's not like they are saying no, I will not give you that information, it's just a matter of them saying they will get it, then just not following through and doing it. In most cases I am providing a form they can send to their carrier or their current agency that all they have to do is sign it and fax it in to the number I provide.

What am I doing wrong, what could I do differently to get answers to these questions?

 

[1manshow]

just a thought, when i'm doing a fact finding interview i make a point to tell them that the more info i have...the better my bargaining power when it comes to getting rate credits...that seems to increase their involvement

if they don't respond, i haven't created the proper relationship yet

 

[saieddie]

If you're in their office, just call their current agent with them and request the info. If they're unwilling to do that, they really haven't bought into you yet.

 

[EugeneM]

Do you sit down with them and treat them like a legit prospect or assume that because you know them they will dish out the info?This can really turn people off, need to go through the steps.

Personally I would offer to do it for them. Have them point you in the direction of their stack of papers and make copies yourself etc... Even if its a small 4-5k policy referrals from friends are worth the extra effort. You have to work the referrals even harder not the other way around.

Its so easy to take a picture of the Dec pages with a cell phone and email it so something is missing.

 

[BlockO]

If you're in their office, just call their current agent with them and request the info. If they're unwilling to do that, they really haven't bought into you yet.

true, but are you suggesting that the agent makes the call, or the agent asks the prospect to make the call?

I don't think it's a good idea for the agent to make the call in that situation. better off staying out of that conversation.

because the prospect would be much less reluctant if they only have to call and ask for a copy of their dec page, as opposed to tipping off the current agent that the prospect is shopping around.

 

[bbuckley]

1Manshow,

I like that approach, and will begin to use it immediately. Although it does not deal with all the problems getting answers to questions, it definitely sets the right tone.

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If you're in their office, just call their current agent with them and request the info. If they're unwilling to do that, they really haven't bought into you yet.

saieddie,

Thanks for your reply. I am doing something similar by giving them a form that is all filled out, and all they have to do is add their name at the bottom, and fax it to their current agency or carrier, but some just drag their feet, and are reluctant to do it (not sure why). I do point out to them that sending the form not only gets me the information I need, but also puts their current agent on notice that they are getting quotes, and will most likely make him sharpen his pencil on the renewal.

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Do you sit down with them and treat them like a legit prospect or assume that because you know them they will dish out the info?This can really turn people off, need to go through the steps.

Personally I would offer to do it for them. Have them point you in the direction of their stack of papers and make copies yourself etc... Even if its a small 4-5k policy referrals from friends are worth the extra effort. You have to work the referrals even harder not the other way around.

Its so easy to take a picture of the Dec pages with a cell phone and email it so something is missing.

EugeneM,

Thanks for your reply. I do treat then like legitimate prospects in every way I know how to. Since I am new to this industry, I'm not sure how this relates to other states and/or carriers, but all of our carriers require 4 years of claim loss history, and the client typically does not have that on hand, and some don't have their workers compensation experience modification.

In addition, many of our carriers require multiple industry specific forms to be filled out that are quite long, and pretty tough questions in many cases. Some clients just feel like letting the old policy renew is better than filling out all the forms I need to get from them.

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true, but are you suggesting that the agent makes the call, or the agent asks the prospect to make the call?

I don't think it's a good idea for the agent to make the call in that situation. better off staying out of that conversation.

because the prospect would be much less reluctant if they only have to call and ask for a copy of their dec page, as opposed to tipping off the current agent that the prospect is shopping around.

BlockO,

Thanks for your reply. I have been told by the agency owner not to make the call, even if the client is present. His preferred method is to use the form I eluded to in a earlier reply. The toughest thing to get is the loss runs, and even when the client sends the from in, many times I get one or two years, even when the form clearly states I need 4 years. And it gets even harder when they have had multiple carriers and/or agents over that 4 year period.

I have come to the conclusion that the renewing agency has the upper hand, and hope to be in that position sooner than later.

 

[EugeneM]

Incumbent always has the upper hand unless you have some sort of (relationship)

However by law they must fork over loss runs if the client requests it therefore a burden to the current agency.

If the client emails/calls/fax/snail mail a request the current agency has to provide loss runs in a timely manner including all carriers and past "X" amount of yrs.

Its really 0 work for you or the client. The client should never feel bad about requesting loss runs because if an agency is doing a good job they are not scared of their clients shopping... if anything it gives them a chance to reconnect with the client to see why they are shopping.

The same information is required here in california. I try to make it as easy for them as possible. If you get your hands on the dec pages all your missing is a few pieces of information and loss runs. They have to have a copy of the declaration pages somewhere or again they have to request it from the incumbent. Its up to you to make this process not a big deal. They need to understand its one email and the current agent is responsible of taking care of it for them because that is why they pay them. I directly will never call their agent for them - its not classy and I require some sort of commitment from the prospect if I plan to spend my time quoting them. Remember your doing them a service to quote it for free - it takes your valuable time. thats just me - if calling the agent works hats off to you

If they do not have access to this information its a good time to educate them on the importance of having this on file/handy. The other broker probably did not guide or take the time. Could be a great place to create some doubt in their current agent. Your paying 10k+ for something and you dont have a copy lying around? wholy SHI%%%%%

You will notice that a lot of experienced owners or decision makers have gone through 10-15 renewals and they know what the drill is/its not their first time. They know exactly what to have ready for a quote.