Intro: Premium Change Communication - Issue and Goal
Body: Best Practices
SEE BELOW
Proactive PWR:
"I understand how You feel. Other client felt the same way, but eventually what they found is that over time, prices tend to even out acrsoss the insurance companies. What really matters is we help You review before renewal to avoid suprise bills, and to help adjust and review Your Insurance Policies."
Why PWR?
Benefits of our Agency:
24/7 Service Team
Full Product Suite
Multiple Carriers
Best Claims Service and Assistance
Financial Strength of Multiple Insurance Carriers
FFR client kit- Producer
Pro-Activley Review Client policies.
Advise Clients on Preparing Budget, Adjustements, and Informationon Rate Increases
Have a Source of Information to know about Rate Increases - White Paper
Service Clients with Information via Social Media and Monthly Bulk Emails.
Conclude PWR
" At the end of the day we know you have a decision to make. we want you to know you are a valued client, and we will help You through this and future renewals.
Best Practice Tips for Outgoing Calls:
Be Proactive- Bring up the Premium increase and Reason ahead of time. Then proceed to discuss Important factors:
Changes in INsureds Life and Career that May need liability or financial review.
Establish reasons why the insured is in best hands with our agency and notification 45-60 days ahead of their renewal
Discuss reasons why switching insurance carriers frequently with renewal increases can cause poor premium rates in the future.
Set points to discuss at next renewal if needed.
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ePWR Commercial
Updated FT/PT 1099
Updated Gross Receipt
Update Business Ops & Rates
Review cov list w/ client- addition may be needed for growing business
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ePWR Personal
Occupation
Product Update
Discount- Signal, Defensive Driver, Student Discounts, Update Renovations and Roof.
Coverage Review- Deductibles, Liability Review, Switching Carriers (Check for length with carrier, lapse, liability Limits, Claims
Bundle- P/C, L/H, Retirement, Business Review, Tax Advice, Financial Advice, Investment Advice. Payroll/Accounting Advice, Employee Benefits,
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Concerns by Age
PWR Quick Sheet
v Goal- Communicate with client on policy information, renewal changes, explain and educate on insurance, and additional policy reviewed.
- Introduce self-company and communicate
- Ask if renewal mail was received and if they have a few minutes to go over contact information and policies with our agency.
- Communicate reason for call is policy renewal and any change in premium.
- Why the change? Explain how insurance is a risk pool with all clients in particular state and company. We all share changes in premium due to catastrophic events, accidents, and total losses. Rates adjust so that in case the client ever has a total loss then the insurance company can pay out a large amount compared to the premium the insurance clients pays annually.
- Help-Advise – Review Policy coverage and changes, Review other policies, Monthly budget. (3 options can help them save money and adjust coverage based on risk tolerance.)
- Ask- What is their biggest concern for each policy type (home, Autos, rental Property)
- 3-5 days to review- set appointment.
- At review give options and if none are in client favor ask to refer them.
- Finish PWR by letting client know this is how we take care of our clients at our agency and ask their opinion on our service.
Look for these CRITICAL AREAS to see if client should be recommended PWR in the next 6-12 months.
Ø Retirement- Planned and reviewed? Estate Planned?
Ø Debt- New Purchases or preparing for one- Home, Auto, Boat
Ø Health- Disability( Accident/Sickness), Business continuation, Family Lifestyle conitinuation
Ø Renters- Preparing for Home Purchase
Ø Claims – Advise on Claims- Contact Agency First
30-50 years old-
- Aging Parent concerns
- Education Funding
- Income Tax Strategy- Tax Reduction
- Business Planning
- Debt Advice
- Savings
- Young Drivers in Household
- Disability (sick or hurt concern)
- Major Purchases- Property, Boat, Auto
50+ years old-
- Long Term Medical Cost
- Debt Elimination
- Reducing Taxes
- Income Tax Strategy
- Young Education
- Retirement
- Medicare
- Estate Planning
- Disability (sick or hurt concern)
- Major Purchases- Property, Boat, Auto