4 Ways We Focus on Price Not Value: Team Training
Ways Independent Insurance Agents Focus On Price, NOT Value
#1. Email Quotes
Imagine you randomly got a bill in the mail, it was pretty expensive, and you didn’t have information to justify it. What would you do?
“Each licensed insurance agent needs to have a clear understanding of what they bring to the table and know how valuable that is.”
In all likelihood, you’d throw it out.
That right there is why so many agents get ghosted.
#2. Automatic Reshop
This happens a lot when a customer calls in upset about their rate going up and the agent panics and goes right to the reshop. Everyone reading this knows that, in most cases, that is far more work than it is worth.
If a client is in a bad situation financially, it can be the thing that makes it even worse—especially if they are a homeowner.
#3. Not Thinking They Are Worth It
Simply put, some agents don’t think they have the right to cost more for their clients because they don’t believe that what they are providing is valuable—and that’s just not true.
Train it Out of Your Insurance Agents
We think that the best answer for independent agencies is to implement the concept of “value” into training. It’s not unreasonable to focus on price over value when you’ve never been taught anything different.
And the value of each one of your team members lies in their experience, history, knowledge, and even just being who they are.
They know insurance—and that alone is of value.
A good way to treat this whole “value” issue is to sit down with everyone and discuss it. We like these value propositions because they make teams face this head-on.
Answer these questions:
- Why does your current book of business work with your agency?
- Why do people like working with your team?
- Go through each team member and name one reason clients like to work with them.
Each agent could write their own by finishing the following sentence: “I am valuable because…”
Even Insurance Agents Need Practice
It’s not good enough to write all this down and stick that paper in a drawer. Each licensed insurance agent needs to have a clear understanding of what they bring to the table and know how valuable that is.
A great way to instill that confidence in your team is using role-playing.
Walk each other through the difficult conversations. Be the guide and help your fellow team members out. No one is perfect and no one has all the answers, but this exercise forces everyone in your agency to face the fact that they are worth it.
Your Team Is Valuable
The biggest thing to take from this is that it’s really important that your team, every single person in your agency, knows they are helpful, knowledgable, and valuable.
The insurance industry and some of its customers like to try and tear you down, and your team’s lack of confidence will be no match, which means the conversation will always circle back around to price.
Does your team know that they are valuable? If you want your team to focus on value and not price, you have to make sure that they know that.
It sounds simple, but that is our advice for independent insurance agents who tend to only focus on price and not value.
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