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Overcoming Rate Increases
Kelly Donahue-Piro President of Agency Performance Partners
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Your Host: Kelly Donahue-Piro
Facebook.com/kelly.donahue Facebook.com/agencyperformancepartners @kldonahue Kelly Donahue-Piro
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Ground Rules
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Survey Of Beliefs
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Our clients don’t understand insurance like we do
Our clients don’t understand insurance like we do. That’s why they need us. Insurance is not always fun to buy so we are here to help make the process simple and easy. Sometimes insurance can be frustrating therefore the more empathy and solutions we bring, the better experience our client will have. Clients don’t always understand why rates increase.
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Let’s Get Started
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Handling Rate Increases
Rates change every year Depending on many market conditions they can increase or decrease Weather Claims Market Saturation Carrier and Market Appetite When rates increase we have to work hard to show our value and the value of the carrier
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If You Were a Client Whose Rates Had Increased 20%, How Would You Feel?
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Why Do People Feel This Way?
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There are 2 Ways to Handle This
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Reactive Model People will call in
They have overnight to think about the rate increase When they call how will they feel? The goal should be to reach them first! But if they call you...
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Answer the phone with energy.
Step 1: Answer the phone with energy. Don’t be distracted. A bad greeting is like a bad hand shake. It sets the tone for the rest of the call. Smile when you speak!
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Step 2: Passionately Listen
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Step 2: Let the caller fully finish their statements.
Take notes while they speak. Digest what they are saying and why. Listen between the lines & translate.
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Step 3: Provide Empathy
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Step 3: Connect with the client Use their name
Think about their matter (excitement, concern, frustration) Be Genuine and Sincere
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Identify a Plan with the Client
Step 4: Identify a Plan with the Client
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Step 4: Identify with their concern Review the account
Contact information Additional policies? Review of Coverage Review of Deductible Review of Discounts Review of Policy Features Review Claims Review of updates and improvements
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Step 5: Avoid Remarketing
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Step 5: Avoid Remarketing Discuss market changes Inspections
Review Discounts Review Deductibles Make sure we have everything up to date Let the client know you will REVIEW not REMARKET the account
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Step 6: Set Expectations
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Step 6: Always leave every call with confirmed next steps
Ask the client if they want a recap of the conversation via Confirm how they want to be followed up with (cell, phone, )
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Step 7: Follow Through
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Step 7: If things are delayed, communicate it to the client on time
Use the management system for follow up reminders Confirm the client’s matter is 100% completed
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Proactive Approach
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Prepare for the Call Do we have a cell phone on file?
Do we have an on file? Review claims history? EFT? Deductible and coverage review Is there an endorsed umbrella? Claims? Are the drivers up to date? Cross sell all Lines of Business Check and verify limits / verify discounts ** This is your chance to get increases
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Open the Call Greet them in a friendly manner
Thank them for their business Ask them to review their account for accuracy Confirm their contact information
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Review the account See your notes
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Close the Call Set the expectation of next steps
Thank them for their business Do what you say you are going to do!
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Group Time!
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Let’s Role Play the Calls
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