October 02, 2023

How to Present Your Quote Proposal to a PROSPECT

32 minutes

Definitely, getting the signed Broker of Record is the better approach to winning new clients. But there are times when the BOR is not an option and so the only way to win that client is by quoting. No worries, because in this episode of the Millionaire Insurance Producer podcast, host Charles Specht is going to explain to you the three things YOU NEED TO GET from the insured before quoting, and then what to include in your final Proposal in order to strengthen your position to win that new client.

Moreover, at the end of the episode, Charles will explain how to hire him to do a virtual sales motivation summit for your agency, or bring him in for a live, in-person sales training with your producers.

Episode Highlights:

Charles explains that quoting for insurance policies is a weak move because incumbents have a 92% chance of retaining the business, so agents need to position themselves strategically and not rely solely on quotes. (3:18)

Charles discusses three key factors that are crucial in the insurance quoting process: gaining exclusive access to desired carriers, establishing a clear agreement with the insured, and preventing the incumbent agent from re-quoting the account. (5:28)

According to Charles, agents should avoid meeting with prospects 10 days before policy renewal because insurance carriers' Broker record letter process prevents payment if signed and submitted within 10 days. (14:50)

Charles mentions that it is advised not to meet with a prospect to provide quotes before the incumbent agent has given their renewal quotes. This is because it is important to have strong positioning and the ability to make a decision on the spot when meeting with the insured. (17:52)

Charles emphasizes the importance of positioning oneself to win business and increase the hit ratio when offering quotes to non-clients. (26:26)

Charles offers his services as a motivational speaker and trainer for insurance agencies, promising to teach the Broker of Record letter process and help agents build a $1 million or more book of business. (29:17)

Key Quotes:

“I have to be wise as a serpent and as innocent as a dove when I go through this whole process so that I am doing a good job for my underwriters, my agency, my wife, my children, my family, my bank account… because I'm in the sales business. And sales is about positioning.” - Charles Specht

“There are things that you can do in this whole process when you are offering quotes to non-client prospects who don't yet fully trust you. It comes down to positioning. If you position yourself to win, you're much more likely to win. If you position yourself just to play, well, guess what? You'll get used.” - Charles Specht

“Quoting is weak, but quoting works if you can put yourself in a stronger position. Do those things that we talked about and you’re going to put yourself in a much stronger position. I guarantee it.” - Charles Specht

Resources Mentioned:

Reach out to Charles Specht

Permission Network Insurance Agency, Inc.

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