Welcome everyone. In this episode I will go over how to structure your quotes to be delivered in a set of 3. In part 1 I went over “Why” presenting more than one option and giving your client the ability to shop for themselves changes their mentality from “Should I buy from her/him?” to “Which of these quotes is best for me”.  Certainly this isn't going to take every buyer who already has a lower quote to switch over to you but for the people on the fence they will be more likely to buy from you because you aren't trying to sell them one thing you are helping them pick what policy they need. If you haven't heard that episode I recommend going back its called “Presenting Quotes in 3’s Part 1”
Naturally when deciding to start providing multiple options, giving just 2 quotes is the easiest way. This might be a cheap price with not very much coverage on the low end and a higher price quote with more coverage and lots of bells and whistles as an alternative. Certainly this will get you more sales as some people will just go with the lower price if they don't want to pay more for the quote you ultimately thinki is best for them. 
However the reason you quote in 3’s is because you want to add in a value building option. This usually will not be a quote you think is best for your client but a 3rd option that is either close in price or coverage that shows why your best option is so much better or even the only real option. We’ll call that the “Dummy Quote” Let's look at some examples.

Example 1: 

1. Your first quote is a name perils basic policy with a 2% deductible to show how low we can get the quote but you tell the client “ultimately you get what you pay for.” This quote is $1000 a year.
2. Your Second quote “The Dummy Quote” is that same named perils policy with a 1% deductible and add replacement cost, as well as some limited water coverage for $1600 a year.
3. Your third quote is a Broad form policy all risk with a  1% deductible. You make sure to include full water damage, water backup and foundation protection for $1700 but you have to bring your auto as well to get that price. You also have an auto quote available that is close or better in price. 

You can see in this example how for the customer it doesn't make sense to pick either of the first two options if they can get their auto price to work with you as they will maximize their home coverage and price.  
Example 2: 

1. Your first quote is a name perils basic policy with a 1% deductible to show how low we can get the quote but you tell the client “ultimately you get what you pay for.” This quote is $1200 a year.
2. Your second quote “The Dummy Quote” is a Broad form policy all risk with a  2% deductible. You make sure to include full water damage, water backup and foundation protection for $1500 a year.
3. Your third quote is a Broad form policy all risk with a  1% deductible. You make sure to include full water damage, water backup and foundation protection for $1650 a year.

In this example you noticed with the carrier there wasn't much price difference going from a 2% deductible to a 1% deductible. Imagine if you only showed them Options 1 and 3 and they had to pick between two policies with a 1% deductible. The difference in price is pretty big and maybe the client thinks “lets just save some money and go with the lesser coverage.” That's where quote 2 comes in. You offer them a way to get the higher coverage but at a lower price point but at the tradeoff of a higher deductible which no one wants. Now the comparison is between options 2 and 3 because I can get a 1% deductible for just $150 more a year.
Closing: There are endless options you can build for your clients if you don't make them pick between 2 things. If you offer just one quote its between you and someone else. If you offer 2 quotes its between your two options and yes you may win the sale but the customer doesn't win the value they couldt see because you didn't show them.  The “dummy” option needs to be something the client can choose that will benefit them over option 1 but really highlights how great option 3 is. 
Your prospects and clients are shopping for insurance. Let them do that. You already have the quotes done. When you run into a not so great value quotes save it. When you run into a quote that is awesome but a slight change can show how the total value is better save both of those options and present all 3 at the same time. 
Remember if you don't tell them what you are going to do for them then they won’t know it when they see it and if you don't show them what you did then they won't believe you. 
Thank you for listening and if you enjoy these podcasts please subscribe. Get after it.