The biggest problem insurance agents struggle with is not market access or even a lack of services provided by their agency. The biggest problem is a lack of trust from your prospects.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht breaks down ten of the main reasons why insurance buyers don’t trust you — and then gives you the answer of how to overcome the first one!
- Charles discusses why the insurance business lacks trust. (3:35)
- Charles discusses why he started a consulting company called “Constructive Risk”. (6:32)
- Charles expresses his hope to see the insurance business improve. (11:28)
- Charles discusses the main reasons why your prospect shouldn’t trust you. (12:15)
- Charles mentions that most insurance customers are surprised when they discover how much insurance agents are paid vs how little assistance they actually receive. (15:04)
- Charles explains why inexperienced brokers pursuing quotes from the incorrect market access points is an issue. (21:42)
- Charles explains how to earn your prospect’s trust. (26:49)
- Charles emphasizes the necessity of clarifying the renewal procedure. (28:49)
- Charles mentions that it is important to remember that the underwriter does not have your best interests in mind. (30:40)
- Charles explains why sometimes underwriters don’t tell you everything. (32:08)
- Charles mentions another way to win a lot of business. (36:43)
- “It is wrong to try and sell on price or product when you could be selling by solving a problem” – Charles Specht
- “I would love to change the insurance industry in the future, I would personally love to have all policies be written at a 0% commission and insurance agents establish a set rule for the service fee, a fee for the services that they provide.” – Charles Specht
- “I believe that if we were really honest with ourselves, we would probably come to the conclusion that it is not in the insured’s best interest to work with me solely on their insurance renewal, that they would probably be better off if they worked with different agents and agencies, got quotes from them, from different carriers based upon their relationship with those carriers and how much premium they have with them, their relationship with the underwriters, what services they provide, and so forth.” – Charles Specht