Seizing the opportunity to learn pain
points and figure out how you can truly help
When you actually provide that cure and continue to keep them
from falling “ill” again, you are in a great position to have a client for a long time.
by Michael Wayne
Heading into the last couple of months of 2024, a lot of us are thinking about next year and perhaps the year after—and how we’re getting there. Certainly, we are placing emphasis on ensuring that our clients are more than satisfied with our service, that their coverage is top-notch, and that we are helping them meet their personal and organizational goals. Simultaneously, we are on a quest for new business.
For the overwhelming majority of agents, prospecting is vital. Retention rates can vary from year to year. Sometimes that’s because of performance, but in many instances it’s just a byproduct of the market. Retaining clients is easier than gaining new ones and, I advise you to ensure you are doing your utmost to provide no reason for a client to walk away from you.
While the thought of prospecting may be excruciatingly painful to many, I view it as a way to educate myself about what is truly going on in various niche industries and insurance in general. Prospecting, when you actually get a meeting with someone, is the perfect opportunity to learn pain points and figure out how you can truly help.
So, when you do get the meeting, here are the top five ways I’ve found to get a prospect to open up. Be warned, when it comes to prospecting, unless you know the party you’re talking to extremely well, there is no such thing as a “softball” question. You have no idea what is going on in another person’s life. So, be prepared to pivot when necessary.
Focus on them using the calendar. This is a step above talking about the weather, but it’s a step that you can make about the prospect. If there is a holiday that is coming up, or one that just passed, that presents an opportunity to engage. You can ask about how they celebrated or how they are going to celebrate.
Really, the weather can be a good leaping off point as well. Was there a massive storm that possibly affected them? Ask them how. That could lead to a deeper conversation.
Ask about their hobbies. There are two really important aspects to having an engaging conversation. Don’t ask “yes” or “no” questions if at all possible and, if you can, learn personal information about your prospect before you sit down with them.
Finding out what interests a prospect outside of work is a plus. Hopefully, this will lead to some commonality. From 18th-century French literature, to golf, to silent films, and beyond, there really is no telling what connection you can make.
Ask about their family. If you open up about yourself, the prospect will be more willing to reciprocate. Your daughter may have just scored her personal best in her latest basketball game. Your son may be leaving to start college in a few weeks. Your spouse may have started a new business or gotten a promotion.
Tell a little bit of your story, and then turn the conversation to the prospect’s. Ask if they have kids or pets. Seemingly simple questions can lead to conversations about why it’s vital to protect their business, their home, or their legacy. Make coverage personal for them.
Ask for their opinion. Getting a client to have a conversation about anything is a win and can be the start of a lasting partnership. It can also be a relationship killer. So, you do have to be careful when asking specifically for someone’s opinion about something.
If you know where they live, ask their opinion about the neighborhood. Ask about schools that are nearby because you are considering where your child will go, or ask what the best present they got this past year was because they remind you of a friend or relative with similar tastes.
Much like the dinner table during a holiday, avoid politics, religion, and any other topic that could easily cause the conversation to go sideways. Obviously, you won’t always know what such topics could be, but the usual suspects in this case are the usual suspects for a reason.
Ask about their prior experience with insurance. In many instances, you will be able to get a meeting with a prospect because they are not happy with some aspect of their current insurance. They may have been burned on a claim because their coverage wasn’t correct. They may have been trying to reach their agent with questions after not having seen them since the initial paperwork was signed. Their premiums may have jumped 50% without any rational explanation.
There is a reason you have been allowed to present your capabilities. Figuring out that pain point and having a solution for it is gold. You may not always be able to do something differently. Prices in the market may be the same regardless of what broker has the account, for instance. If, however, you have the cure for what ails the prospect, the likelihood that you can walk away with a BOR increases.
When you actually provide that cure and continue to keep them from falling “ill” again, you are in a great position to have a client for a long time.
There is a term for newly hired coaches called “winning the press conference.” In short, this is the first test that the leader of a team has when it comes to the fans. Opinions can be instantly cemented or changed based on what the coach initially intones to a fanbase. Their tenure can either start out with a honeymoon phase or immediately be set on edge with followers just knowing this is not going to work out. When it comes to meeting with prospects, you are in a similar position as that coach.
More than likely, you are not going to have all the answers to solve a prospect’s issues the first time you meet to really begin your partnership with them. Heck, at that point, you probably won’t know all of the questions that exist. Be honest and upfront about that. Tell the prospect that you want and have to know more about their unique situation before providing a tailored solution. Doing so is going to require a lot of conversing, a lot of research, and follow-through. Anyone leading them to believe otherwise will simply have them in the same situation that they are in now—quickly willing to meet with another potential agent or broker that will take the time and give the energy to do the job right.
The author
Michael Wayne is a freelance insurance writer.
