The third one is to displace the friend. Everybody’s got a frat brother, a sorority sister, or the high school buddy they hang out with that’s now an insurance agent. And let’s say that that agent is the one who placed that same $150,000 comp policy. When that prospect comes back, I might say, “I’m sorry, my friend’s my agent and has been. We’re lifelong buddies.” I might say, “I need more friends like you because I don’t know anybody I associate with that would be willing to pay $50,000 a year just to have me in the mix.”
The reason is the agent’s not doing their job. The mod’s high because they’re not doing their job, and the agent is costing that client at least 50,000 more. 50,000 more than average, not 50,000 more than the minimum mod. They could be costing them a hundred thousand bucks. Who knows? We’d have to run the mod software on mod advisor to figure that out. But I want to quantify that because I don’t know many prospects out there with $50,000 a year friends. In that case, I would tell them it might be cheaper for them to go ahead and hire us, let us fix the mod, and then just stroke a check for $15,000 to their buddy and pay him 15 grand in his commission so they can stay friends, but ultimately save more money for the company. The notion sounds ludicrous. But if you pitch that to a prospect, they will think it sounds preposterous too. And they’re going to realize maybe there’s some truth in what we’re saying.
I can’t promise you that those three will work every time that they will work way more than they don’t. And if you follow those three things, you’ll kill in Commercial insurance.
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