As many of us have learned by now insurance rates are continuing to increase. Whether it is due to the increased cost of raw materials, labor shortages, severity of losses, new technology, or mother nature, insurance rates are on the rise across the country.
One of the most common calls that we receive is “How do I help my team keep clients happy without remarketing every account”. We know that customers can be frustrated by increasing rates when they don’t have any claims, their vehicle is getting older, or in commercial lines when rates go up as the business grows. In our experience, frontline team members often lack confidence in discussing rate increases and lean specifically on remarketing strategies that are time-consuming and create a perpetual focus on price rather than value.
This causes a revolving door of rewrites year after year. Unfortunately, one remarket/rewrite for a client causes them the false belief it can be rewritten every 6 months-year. What if instead, we focused our training efforts on building the team members into confident agents that are ready to face the conversation head-on? Role-playing with scripts can seem a little uncomfortable at first, but once you get used to having these types of conversations, they become much easier.
The second part of the solution is to make sure that you have a clear process for how your agency handles rate increase calls. This must focus on value and coverage and not on price.
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