The biggest area where I see producers sell themselves short is they compete on price. They quote business. Instead of solving problems with a value proposition, they sell products for a price. What happens when the market hardens? What happens when you can’t get that coverage from that carrier anymore? What happens when pricing goes up? What happens when somebody else comes in and saves them 50 bucks a year? If you sell on price, you die on price, period. Value propositions, if written correctly, are recession-proof. They’re market hardening-proof. When the market hardens, my value proposition gets much stronger because companies are looking to save money. They’re looking to decrease turnover. They’re looking to train their people correctly. There are so many different things that I can discuss. Whether we go in with a learning management system through ThinkHR, or we’re proactively doing experience modification factors and auditing them with Modgic, it’s all about the value with Florida Risk.
We tell our prospects that if they want to hire us, they can hire us, but we have to place all of the insurance because that is the funding mechanism to buy our value proposition. You can’t get all of this unless we can do this. Because you’re already paying money to somebody, you’re just not getting what we’ve talked to you about today. And by focusing on the value we bring, we focus internally, and we allow them to see externally what we can do for them. But you enter that meeting with a position of confidence. You can confidently talk about all the times your value proposition has made an impact on a prospect who became your client. It’s challenging to talk about the endless number of times that you’ve saved a ridiculous amount of money for somebody.
Which one do you think resonates more? The fact that you saved somebody $10,000 in premium or the fact that Florida Risk went in and saved somebody $75,000 due to an error in a mod or by cleaning up reserves on claims, or even by identifying and putting measures in place to control the soft costs associated with their claims. I can assure you the value proposition plays better and longer.
So, as we go into ’21, this is my challenge for you. Don’t sell yourself short. Look at these three things: the phones, the meeting, and selling on value. Change up what you’re doing. Go in with a position of strength. You’re going to kill it in commercial insurance.
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