February 12, 2024

Millionaire Insurance Producer: Throwback: Your Clients are Meeting with Other Brokers (and what you should do about it)

33 minutes

Yes, indeed, your clients get solicited by other insurance agents all the time. During this policy renewal year, they are more likely to meet with those agents (your competitors!) to see if there are alternative options available to them to cut costs. Why? Because inflation, a lack of workers, and a hardening insurance market are forcing them to look at options in order to do nothing more than stay in business.

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the THREE things you can do to ensure your clients renew with you rather than one of your competitors.

Episode Highlights:

Charles shares that the reality is that clients have almost no plan to leave you and yet they still talk to other agents. (2:11)

Charles explains that it is becoming difficult for insurance buyers and business owners to make a profit and stay in business. (4:41)

Charles elaborates on the industry's current situation and what people need to be careful of at this time. (7:31)

Charles explains that clients do not normally tell their agents that they are talking to their competitors. (10:21)

Charles explains how the challenge of maintaining clients can be turned into an asset in converting prospects into clients. (12:52)

Charles discusses three reasons why clients speak with other agents and what triggers these situations. (16:54)

Charles explains that clients meet other agents and competitors because of a lack of peace of mind. (21:34)

Charles explains how to create a significant amount of peace of mind in the minds and consciences of your clients. (23:45)

Charles explains that if you are able to provide clients with a renewal strategy and assurance, then they will most likely meet with you. (26:53)

Key Quotes:

"For the most part, most business owners or leaders in an organization do not tell their current providers of whatever the service or product is that they are getting quotes, and they are meeting with other vendors. " - Charles Specht

"Your clients are going to be meeting with competitors, other agents, other brokers, they're going to be meeting with direct writers, captives, other independent agents, and so forth, because they don't have peace of mind with anything that's happening right now." - Charles Specht

"We need to be able to create a significant amount of peace of mind in the minds and the consciences of our clients." - Charles Specht

Resources Mentioned:

Reach out to Charles Specht

Permission Network Insurance Agency, Inc.

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