Turning Away Insurance Business

Submitted by: Nicholas Glass

I overheard a colleague of mine, another property and casualty agent, say to a customer on the phone, I don t have time to deal with this, when they were asking for a quote. Now, to the agents defense, the customer was requesting a quote for a mobile home, which is a nearly impossible to place risk in the state of Florida.

Here is why this drove me absolutely bonkers, and how it should have been handled.

First, if the agent refused to quote the risk, I would never EVER say to customer, I don t have time for you. This creates a terrible taste in the customers mouth, and its downright offensive. What the agent should have done is gathered the information, waited a couple hours and call the customer back and simply state they do not have a market for them. I also disagree with the handling of a customer in this manner (unless it is the truth of course). But this is the something is better than nothing adage that at least the agent gave some effort and diligence, and perhaps treated the prospect with a little bit of dignity.

I m of the mindset that every person who calls the agency should be given the time and respect they deserve. Agents don t know who is at the other end of the phone, and ultimately could be shooting themselves in the foot by acting in either of the manners described above.

I say this from experience.

I remember a case in which an elderly woman had just moved to the area, and was purchasing a manufactured home…something most insurance agents scoff at around here. Manufactured/mobile homes are difficult to place, and usually end up with Citizens (the state company) for very little commission. Believing as I do that every customer should be treated with the same level of respect, I happily gathered the woman s information and proceeded to quote the risk. As I had suspected, the home was placed with the state program, and very little money was made from writing and servicing this policy. Now, that that was behind me. It was a little over 2 months later when I received a call from a man requesting insurance for his house, a very big house in a very affluent area. Long story short, he was the woman s son, who had bought the elderly woman a place to retire in Florida. I ended up writing his personal account, which had a value over $40,000, and his business insurance for at least the next year which amounted to over $130,000 in premium. The moral of the story? Same as my mother used to tell me, never judge a book by its cover.

I remember growing up my mother always telling me a story about my grandfather buying a car. My grandfather was a brilliant man. So much so, that he made Chief Petty Officer in the United States Navy after just four years of service, an almost unheard of feat. Well, that brilliant grandfather of mine had a passion for cars, and decided to open a Shell Service Station, instead of working for the government. He would often be covered in grease, and grime and filth after a long day in the shop. So one day, he decided he wanted a new car. He went to the local Ford dealership, after another long day in the shop, again covered in grease and grime. He was hardly introduced, as the salesman working the lot wouldn t give him the time of day. Little did he know that my grandfather was actually quite wealthy as a result of his filth. My grandfather, in a fury, went across the street and paid cash for a brand new Cadillac. His first stop after signing the sales papers? Across the street to the Ford dealership, in his brand new Cadillac, with a sold sticker on it, flipping the Ford salesman the bird.

My point with all this is this: we never know who we are going to encounter on a daily basis. I have met multi-millionaires that didn t look a level or two above a vagabond, and on the contrary, I ve might people who dress like the President, and didn t have enough money in their checking account to buy a loaf of bread.

Never judge by first impressions. Do your due diligence, and you will likely be rewarded.

About the Author: Nicholas Glass has worked for over a decade in the insurance industry on the agency side of the business. He has been an agent owner, territory manager, to a corporate liaison. For more information please visit

agentbestpractices.com

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Source:

isnare.com

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