Insurance Payment Options: Are Your Clients Paying Too Much?
When it comes to insurance agencies, there’s one thing that’s a hard fact: clients need to pay you. And how exactly are your clients paying you?
“Remember the idea is that just because we think that’s the way a client wants to pay, doesn’t always mean that it’s the best for the business. It doesn’t always mean that it’s profitable for us.”
If you haven’t run through insurance payment options with them, or you’re having a hard time getting them to change their ways, then this 3 Minute Video is for you. Insurance payment options can not only help save your client money, but they can help your team streamline its workflow, and save valuable time in the long run, to ensure everyone is productive, and never just busy.
In order to best benefit your agency and your customers, you want to get everyone either paying in full, or paying with EFT. Here’s how you can get started reforming your insurance payment options:
- Have “the talk” every single time a customer comes into your office
Whenever a customer comes into your office, you need to have a dialogue with them about their insurance payment options. Let’s do some quick math: if it takes about 15 minutes to handle a walk-in payment, that’s 3 hours a year per customer. That valuable time could be spent making outbound calls on renewals, or spending time cross-selling.
- Use this phrasing to hook them
When you’re having a conversation about payment options, and you want to get a customer on EFT, here’s how you can do it. Start by saying “Do you know that you’re overpaying for your insurance?” And when your client is perplexed, you can respond by saying “Your carrier is actually charging you a fee to pay this way, but if we pay in full or switch to electronic payments, we can save you money.” Here’s a pro tip: when having this discussion, use the annual amount, instead of the monthly. Saving a few dollars a month may not seem like a big deal to your client, but saving hundreds of dollars a year might carry more weight.
- Have materials for clients to take
Some clients still prefer coming in in-person, and don’t trust EFTs, even after we explain how secure they are. That’s why we recommend having a flyer that displays the average savings, so they can take it home and think about it. You can also give them the option to call their carrier directly.
The bottom line is that you should be making a consistent effort to reduce and ultimately phase out walk-in payments, for both your sake, and your customer’s. Not only that, but when you’re reshaping your business or acquiring new business, the only options should be EFT or to pay in full, in order to be a Ridiculously Amazing Agent in 2021.
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