Quoting insurance policy renewals is for losers — Literally!
Quoting is for losers because you lose 92% of the time! What do I mean?
The industry statistic is that roughly 92% of the time the incumbent agent is going to retain their client. They may place the insured with a different carrier, but they’ll retain their client. That’s one of the reasons why the insurance industry is such a great industry to be in — renewal income! ?
But it’s also the reason why achieving success as a NEW Producer is so challenging.
92% of the time you lose. 8% of the time you win. Actually….if a 3rd agent gets involved then you only have a 4% chance of winning, because the incumbent still gets his/her 92%. You and the other competing agent get to fight over the 8%.
This doesn’t sound like fun at all…and it’s not.
I’ve been there, done that.
I sold insurance for over a decade. I built my Book to just under $1,000,000 before I started my consulting company, working for commercial insurance buyers.
What I learned after three years of doing that is that insureds have no idea how to choose an agent or the best quote. All they understand is price (but they don’t really even understand that!)
Yet, price isn’t King. What is King, then?
Drum roll please………….. PEACE OF MIND.