I was asking some of my friends on Facebook if they could give me some feedback regarding what is most important to them when they are doing business with someone. As you can probably imagine, words like honesty, trust, relationship, communication, integrity came up pretty frequently. It totally makes sense that people like to do business with people they know, like, and trust. It is very unsettling to try to do business with someone you don’t care for, or if you are not sure if they are going to do the right thing, especially if you are making a fairly large purchase! When it comes to the insurance industry, they spend billions of dollars a year to make you feel like you know them, like them and trust them. Professor Burke, portrayed by Oscar Winner J.K. Simmons of the University of Farmers commercials has quickly become one of the most recognizable and likeable company spokespeople around today. But while commercials are all well and good, it really comes down to the individual interaction with a person representing the company. While it requires an individual to conduct an insurance transaction, not all companies have agents, per se. What I mean is, if you call in to an insurance company and ask to change a vehicle, the person on the other end is a licensed insurance agent……for the Company. But are they YOUR agent? Many insurance companies have a bank of what I call “licensed phone answers” who may not even live in the state from which you are calling. Many of these people are very good at what they do and are very competent when it comes to making certain transactions. These “phone or chat only” companies are generally cheaper than more traditional agent based companies in that they have made the insurance transaction fairly automated. And that may be fine for many people……however……. I am a personal lines and life insurance agent. I am also an insurance broker. What distinguishes me from the phone only company agent is that the people I do business with are my clientele, not part of a faceless mass of people on the other end of a phone line. When people want to talk about their insurance needs, they call me or my staff. I am responsible for everything that happens (or doesn’t happen) in that office. When there is a problem, or an unmet need, I am the person who needs to resolve it, not operator 853 out of Nebraska. This is the value that an experienced insurance agent brings to the table: When I first started in business as an agent, I naturally reached out to my friends and family to get started. One of my dear friends had recently gotten married. In fact, within the past year and a half, he had gone from being a single man renting a room with some other single men to getting married and buying a house. He also bought a second car. When I approached him about doing business, he told me that he had been with the agent for over two years, but during that time, he had never spoken to the agent, nor had he ever received an invitation (via email, letter, phone call from staff) to sit down and review his coverages. When I looked at his coverage, his liability coverage was woefully inadequate for a homeowner with a mortgage and a fairly sizable savings. These are the sort of things that a competent insurance agent who asks questions would figure out right away. My friend was very happy to be equipped with this new information and we immediately got him set up with a policy that was tailored made especially for him and his wife. Where things get interesting is that, when he called the agent’s office to cancel, he got a staff person on the line. The staff person said that all cancellations had to go through the agent, but that (ironically) he wasn’t in at the moment, but that he would call him back. Later that evening at around 7 p.m., the agent calls him and immediately starts berating him about switching companies. He (then!) offered to review his coverages and get everything up to date. My friend told him that he was a little too late since he had already started up policies with an agent that he knew, liked, and trusted and that knew, liked, and trusted him! After a bit of going back and forth (and another call the next day!) he finally got his old policies cancelled. This type of interaction happens way too often. The old agent doesn’t kick into action until the client is ready to leave. My service to this gentleman did not end there, however. He recently bought a second home. In the process of looking at the escrow instructions, I saw that the ownership vesting was a bit odd for someone in his situation. In fact, if he or his wife were to die while they owned the home, it could potentially create some very inconvenient situations for the surviving spouse. I asked him about what he wanted to have happen to the ownership of the home should either one of them die. Based on his feedback, we were able to make a change that met their needs. Needless to say, Operator 853 out of Nebraska, would not have questioned the vesting and would have just used the escrow instructions, creating a hardship for a surviving spouse This is the value that an experienced insurance agent brings to the table: helping to prevent potential problems and heartache, because YOUR agent was looking out for YOUR best interests. I will briefly address some of things that my Facebook followers told me and how a personal agent fits in. Integrity is something that we all want to have in someone with whom we do business. Many industries have unscrupulous salespeople who will make a sale knowing that they will never see that person again. In real estate transactions, I have been asked to shape a policy a certain way to get the premium down. While I will certainly do my best to come up with an affordable price, I will NOT shape a policy that will leave an insured in an untenable situation with their coverages. If something happens five years down the line, and that policy is not structured well, it won’t be the real estate professional they will be calling, it will be me. When making large purchases like homes or autos, make sure that you have an agent that is involved in the process and is representing your interests. While the salesperson may be honest and trustworthy, this is going to be one sale. The insurance agent can be there for years. They need to do things right! If you are paying a little bit more to have a personal agent, service is something to be expected. Oftentimes insurance professionals view the regular transactions of swapping out vehicles, adding new vehicles, or helping with home refinance as just all in a day’s work, they need to remember that these transactions are really big deals to our policyholders. These are the times that they need us to come through, and to do it right. If someone needs proof of insurance, we have the technology to get them that evidence within a few seconds. If your agent says that they will have it to you within 24 hours, it’s probably time to shop for another agent. They are either lazy or not up to date with the new technology! Another key part of servicing that transaction I mentioned is that it means that something has changed in your life. If you bought another car, it could be that you now have a youthful driver on the scene and behind the wheel. Meeting with your agent at this time is a MUST! When people are buying new homes or selling homes, that’s the time an agent should be offering to review your coverage. Maybe there’s a new child on the way. A good agent will talk about life insurance in those situations. Operator 853 in Nebraska is very unlikely to remember that you have a kid. In fact, Operator 853 is now Operator 227 in New York and knows nothing about your situation, nor do they care. Bottom line, your agent should know you, or at least be willing to find out about you. If you are a business owner, has your insurance agent asked you to lunch? Have they offered to bring your office staff cookies? Do they do business with you like you do business with them? Those are all things to consider. As I looked at the feedback I got, what came through loud and clear is that people want the people with whom they do business to make them feel good. They want to feel at ease. If you are tensing up before you call your agent because you feel like you’re calling a stranger, it is probably time to invest some time in interviewing for a new agent. I hope you start with me! If you have any questions, or if you would like to just get a second opinion on your insurance situation, please feel free to call me or my licensed staff (their names are Sarah and Shannon, not Operators 1 and 2!) to schedule a time to go over your account. My number is (661) 946-4224. You can also drop by our office at 44309 Lowtree Avenue in Lancaster. We are also available via email at dave@thedaveowens.com.
0 Comments
Leave a Reply. |
AuthorDave Owens, Owner/Agent. I have proudly served in the Insurance Industry for over 20 years. Archives
October 2019
Categories
All
|