Tips for Insurance Agents

Tips for Insurance Agents

Are you considering how to run a successful insurance agency? Or are you looking to understand what the qualities of a good insurance agent are? Whether you are an insurance agent or you are trying to determine how to choose an insurance agent, we have the tips you need.

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Focus on Service Rather Than Sales

If you are a captured agent or even an independent agent, realize you cannot win or write every policy. Focus your time on what you can do, and if you know you will not be competitive on a risk, be respectful to the potential client. Be honest and move on to the next lead. Too many agents focus on the sales aspect rather than the service aspect. You can still provide service without selling a policy. Providing good service on leads that you cannot sell can still bring in referrals.

If you are wondering what to look for in an insurance agent, look for someone who’s prime goal is to provide quality service. The right insurance agent will have good communication skills to find you the right coverage and help you understand your policies. An insurance agent should be able to explain your policy and how it can help you.

Provide Honest and Accurate Quotes

To keep everything going smoothly in an insurance agency, do not cheat the company’s cost estimators, fire protection class, underwriting guidelines or manipulate rating systems. Have you ever read a review in which a customer complained they switched companies only for their insurance rate to increase after a couple of weeks? The following are a few scenarios that can lead to this issue:

  • Misentered information: One reason may be the agent deliberately misentered dimensions of the home to lower the coverage amount toward market value. Clients become very unhappy when agents do this, so be sure to use the insurance company’s cost estimators. The insurance company has cost estimators for a reason, and while you can disagree with them, you must still follow their guidance. As a customer, realize something is off if a company is quoting at substantial differences in the coverage amount.
  • Inaccurate information: Another reason an insurance rate may increase quickly is because the client is outside of the fire protection district and the agent marks that they have a fire hydrant or house nearby. Companies have systems to catch this, or if they do an inspection, it can cause a drastic increase.
  • Misplaced risk: The next thing to avoid is placing risk that does not meet underwriting criteria in the company and hoping it doesn’t get canceled. Prime examples are entering an ineligible breed of dog, the wrong year the roof was replaced or conditions or materials like asbestos or wood shake roofs.

The main message for insurance agents is to focus on what you can do rather than what you cannot. This is especially relevant in the time that we are facing with the COVID-19 crisis. Many businesses spend too much time focusing on trying to do things they cannot and not enough time on what they can do.

Provide Customers All of Their Options

Another tip for insurance agents is to focus on diversifying your portfolio and try to place as many multi-line policies with customers as you can. You are much more likely to keep a customer who you have multiple lines of business with compared to one you have just one line of business with.

As a consumer, an insurance agent can save you time and money. Rather than gathering multiple quotes, you can find a single insurance agent who can inform you about all of your insurance options. A good insurance agent will be transparent during and after the sales process.

Tips for Insurance Agents

Review Client Renewals Carefully

If you are an insurance agent, review your client renewals carefully, especially if the rate went up and you have no way to make it lower. Don’t be afraid to hold potentially negative conversations with customers, even if it makes you feel uncomfortable. The best practice with your customers is to be honest and straightforward about what is going on.

Show your customers you are always eager to help them. Though you can’t expect to make every sale, you can remain positive and upbeat, which may lead to a sale down the road. Even if a client says no now, they will remember the positive impression you made and may seek out your services in the future.

Know Your Products

An insurance agent’s skills and knowledge should include expertise on the products they offer to their clients. An insurance agent knows more than how to sell a policy to a customer. A good insurance agent should be able to offer their clients a comprehensive selection of services and products that can meet the reasonable needs a client may have.

An agent also needs to understand the legal and tax aspects of the products they are selling and how these products are designed to fit and meet the needs of a client’s financial situation. If you are a customer and have questions about the products your agent offers you, they should be able to provide you with the answers you need.

Understand Your Customers

As an insurance agent, you want to ensure you understand your customers. Though demonstrating your knowledge and providing your customers with information is an essential part of the job, understanding and listening to your customers is just as important. In fact, sometimes listening and understanding is more important than speaking.

When speaking with a customer, give them your undivided attention. When a customer asks a question, make sure you know the answer before you speak. If you don’t have an answer, don’t make something up. Instead, jot down a note of the question, reassure your customer you will find the answer and update them as soon as possible.

Many customers want to work with someone who understands them and their insurance needs, and you can understand your customers by listening to their wishes and concerns.

Tips for Insurance Agents

Contact the Insurance Experts at David Pope Insurance Services, LLC

At David Pope Insurance Services, LLC, we have more than 20 years of experience in the field. We are experts in the industry, and we put our clients first. We aim to find the right policies for our clients at an affordable price. When you work with us at David Pope Insurance, finding the right insurance policy doesn’t have to be a stressful or challenging process.

If you are a policy buyer in Missouri, contact us at David Pope Insurance or request a quote from us today.

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