Does Your “No Quoting Insurance Policy Renewals” System Really Work?

I get asked this question often. I mean, I really do get asked it a lot!

Every time I speak to another insurance producer who is considering using my Broker of Record Letter system…I get asked this question.

Charles, does your approach to “No quoting insurance policy renewals really work?”

UNDERSTAND THIS:

Insurance buyers absolutely hate (loathe could also be an appropriate word here) bidding out their insurance renewals every year, or even multiple times per year if there’s more than one renewal date.

To the average non-insurance person, quoting out their insurance policies is…

1. Confusing
2. Time consuming
3. Frustrating
4. Way too expensive to get wrong

Frankly, no insurance buyer ever enjoys shopping for insurance, or likes paying tens of thousands of dollars for it, and no insured ever hopes they get stuck in a situation where they’re forced to actually use their insurance and see if what they bought is actually worth anything in the end.

To the average insured, insurance is often looked at as a necessary evil.

Charles, does your approach to “No quoting insurance policy renewals really work?”

ANSWER: Yes!

Risk Management Consultant Tip

In my experience as an unbiased and independent risk management consultant (and not as an agent/broker), the vast majority of insurance buyers today would much rather trust one insurance producer who knows what he/she is doing, give him/her PERMISSION to access all the carriers, and sign over all of their insurance policies to a single producer via a Broker of Record Letter.

You might not fully agree with me yet, but I guarantee you it’s the truth in most cases.

Business owners don’t really understand how insurance works, and the greater the number of insurance agents involved in the renewal process—the less likely the insured is to actually trust the agents who are involved.

That’s just the fact of the matter.

As the Millionaire Insurance Producer (in training), your job is to:

1. Stop quoting insurance renewals
2. Provide irrefutable value to the insured
3. Offer unique and transparent solutions to the insured’s problems
4. Collect signed Broker of Record letters

Period.

If you start doing this regularly, consistently, and confidently, you will begin seeing both immediate and highly favorable results in the size of your Book of Business.

Sales Tips to Understand and Employ

• Stop quoting on the policy renewals of business owners who don’t know you, like you, or fully trust you yet. In other words, stop offering renewal quotes to any business that is NOT your current client!
• Spend the hours you’ll save on not quoting renewals by differentiating yourself in the insurance buyer’s niche industry as a problem solver. Make the insurance buyer see you as a resource partner, not as a necessary evil.
• Insurance buyers loath the renewal quoting process, more than you do. Help them understand that there is a better way to navigate through the process.
• Focus on gaining the insured’s PERMISSION and gather signatures on Broker of Record letters.
• The process of “not quoting renewals” truly works, and it will work for you as well, but you need to remain consistent in the process and persistent toward the end goal.

Refusing to offer offer quotes for a “non-client” is one leg to the four-legged stool of the fastest, smartest, most ethical approach to building a $1,000,000 Book of Business.