We are here at a hardening market. The highs are high (more revenue!) the lows are low (explaining the cause in a difficult economy of the rate increase). However, any market change is an opportunity.
The agencies who capitalize on this marketplace will see it as just an opportunity. Now, you may think I’m crazy (and I probably am), but I love a hardening market.
The agencies I have worked with that have been making renewal calls will get more questions – am I properly insured? And less – you people keep raising my rates. They are ready to take on the additional inbound quotes while managing the current book.
Bottom line – these clients will get referrals from their existing customers because they have been doing the right thing and have built relationships with their clients. Many insurance agents would have loved to start proactive renewal reviews three years ago.
However, since we do not have an insurance crystal ball, there is no time like the present! Now is their time to reap the benefits of their hard work.
The agencies that have not been putting in the proper work will suffer.
- Lower retention
- Lost customers
- Too much reshopping
- Sloppy work and E&O Issues
- Burned-out team
Doing the hard things always pays off. As some of you read this blog, you will be stricken with FEAR, UNCERTAINTY & DOUBT.
Remember that you are reading this blog because you want guidance on communicating insurance price increases. Your instinct may be to do nothing because choosing to do something will be challenging, and uncertain and may cause more hardship.
Doing nothing means you let the rate increase control you! Don’t let this insurance price increase ruin your opportunity. How to Communicate a Rate Increase to a Client
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