Delivering bad news to current clients is an art. So is uncovering bad news from your prospects. In fact, the best and most wealthy insurance agents out there are typically the ones best at advising their current clients on industry trends, and uncovering pains/problems with their competition.
In this episode of the Millionaire Insurance Producer podcast, host Charles Specht will explain how to do this for better client retention and for winning more signed Broker of Record Letters from your prospects.
- Charles explains that giving bad news and uncovering bad news are critical aspects of building a $1 million or more book business since it all comes down to winning and retaining clients. (3:30)
- Charles discusses why delivering bad news to current clients is challenging. (9:21)
- Charles explains the three most important strategies for maintaining a strong and loyal relationship with current clients and how to deliver bad news and get good results. (11:39)
- Charles mentions that insurance agents must handle renewals in a very planned and strategic way in order to be considered an advisor. (17:20)
- Charles believes that being able to spot pain is one of the most significant things insurance agents can do to win new clients. (24:54)
- Charles discusses the significance of taking advantage of the hardening market in order to make more appointments and win more Broker of Record Letters. (25:36)
- Charles encourages insurance agents to focus on being professional advisors in delivering bad news to current clients and becoming expert persuaders by identifying their pain points and issues with their present agents and then informing them about the superior services. (28:53)
- “Delivering bad news and uncovering bad news are very, very important aspects to building a $1 million or more book business, because it all has to do with being successful at winning and retaining.” – Charles Specht
- “You need to make sure that you are handling your renewals in a very structured and strategic way so that you are indeed an advisor and not necessarily someone who is quasi unethical when it came down to delivering that bad news.” – Charles Specht
- “If there is one thing that will ensure your prospects start to meet with you and maybe consider options and even consider doing business with you is if you somehow were able to give them the information that it’s likely their insurance rates are going to be increasing significantly, because that’s what’s happening in the rest of the marketplace across the United States of America and beyond. “ – Charles Specht