What are the best negotiation strategies for insurance brokers dealing with high-risk clients?

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As an insurance broker, you may encounter high-risk clients who pose a challenge for finding suitable coverage and premiums. High-risk clients are those who have a higher probability of filing claims, such as drivers with multiple violations, homeowners in disaster-prone areas, or businesses with hazardous operations. How can you negotiate effectively with these clients and secure a win-win outcome? Here are some of the best negotiation strategies for insurance brokers dealing with high-risk clients.

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1 Know your options

Before you enter a negotiation with a high-risk client, you need to do your homework and research the available options in the market. You should have a clear idea of the minimum and maximum coverage, deductibles, and premiums that different insurers offer for similar risks. This will help you compare and contrast the benefits and drawbacks of each option and present them to your client in a persuasive way. You should also be prepared to explain the rationale behind the pricing and the terms and conditions of the policy.

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Aatur Thakkar

Co-Founder at Alliance Insurance Brokers Pvt. Ltd.
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Invest time in thoroughly understanding the client's business operations, industry, and specific risk exposures. Tailor insurance solutions that address the unique risks associated with the client's business.

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Nana Kwakyewa Boatey ACII

Manager, Operations at OLEA M&G INSURANCE BROKERS LTD
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You’ll have to research on the client’s operations and recommend insurance policies that best suit them. Bespoke policies that best suits them. Fine print should be clearly explained to the client. Avoid jargons and terms.

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Ernest Kuzoe

Global Speaker | Entrepreneur |Top Insurtech Voice | Insurance Ecosystem | Technology | Strategy| Business Development | | Host of Insurance Industrial Complex Podcast | EX-KPMG | EX-ACCENTURE | EX-MILLIMAN|
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1. Thorough Risk Assessment: Conduct a comprehensive risk assessment to understand the client's specific needs and challenges. Identify potential risks and tailor insurance solutions accordingly. 2. Education and Transparency: 3. Customized Solutions: 4. Data and Analytics: 5. Build Relationships: 6. Risk Mitigation Strategies: 7. Diversification of Coverage: 8. Long-Term Partnerships:. 9. Negotiation Skills:. 10. Legal Expertise: Successful negotiation with high-risk clients requires a combination of industry knowledge, relationship-building skills, and strategic customization of insurance solutions.

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Jeffrey Burchman, LUTCF

President, Burchman Insurance Capital
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Top things to know when working with high net worth insurance clients: 1-Make sure you have the right carriers. I work mostly with Chubb, but also Pure, Berkley One, etc are solid options for clients with a lot of money. 2-Be confident. Even though many of these clients are well-educated and the top of their profession, you are the insurance professional. You know more than them about the concepts at hand so don't be intimidated by status or net worth. 3-Be flexible. You may need to meet later in the evening or early in the morning to help clients traveling to various parts of the world. The flexibility of when I can meet sets me apart.

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2 Build rapport and trust

Negotiating with high-risk clients requires more than just presenting facts and figures. You also need to build rapport and trust with them and show that you understand their needs and concerns. You can do this by asking open-ended questions, listening actively, acknowledging their emotions, and expressing empathy. You should also avoid using jargon or technical terms that may confuse or intimidate them. Instead, use simple and clear language and examples that relate to their situation.

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Sharad Sharma

Deputy Manager @ Emedlife INSURANCE RISK MANAGEMENT| Sales Ops/Rev Ops End-to-End Sales EX- Pazcare EX-Emudhra limited
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Invest time in thoroughly understanding the client's business operations, industry, and specific risk exposures. Tailor insurance solutions that address the unique risks associated with the client's business which help us in long term relationship and further clint retention as well.

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3 Focus on value and benefits

One of the most common objections that high-risk clients have is the high cost of the insurance policy. They may feel that they are being penalized or discriminated against for their risk profile. To overcome this objection, you need to focus on the value and benefits of the policy, rather than the price. You should emphasize how the policy can protect them from financial losses, provide peace of mind, and meet their specific needs and preferences. You should also highlight the advantages of choosing your brokerage, such as your expertise, experience, and customer service.

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Aatur Thakkar

Co-Founder at Alliance Insurance Brokers Pvt. Ltd.
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Highlight value-added services that go beyond standard coverage, such as risk management consulting, safety training, and claims support. Position your brokerage as a partner that adds significant value to the client's risk management efforts.

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4 Offer incentives and alternatives

Another way to negotiate with high-risk clients is to offer incentives and alternatives that can make the policy more attractive and affordable. For example, you can suggest ways to lower their risk level, such as taking a defensive driving course, installing a security system, or implementing safety measures. You can also offer discounts, bonuses, or rewards for referrals, loyalty, or good behavior. Alternatively, you can propose different payment plans, coverage options, or deductibles that can suit their budget and risk tolerance.

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5 Handle objections and close the deal

The final step in negotiating with high-risk clients is to handle any objections or concerns that they may have and close the deal. You should anticipate the common objections that high-risk clients may raise, such as the lack of trust, the complexity of the policy, or the competition. You should then prepare effective responses that can address these objections and overcome their resistance. You should also use positive language and body language, express confidence and enthusiasm, and ask for their agreement or commitment. If they are still hesitant, you can use a trial close, a summary close, or an urgency close to persuade them to take action.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Aatur Thakkar

Co-Founder at Alliance Insurance Brokers Pvt. Ltd.
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Focus on building long-term relationships with high-risk clients. Emphasize your commitment to their success and risk management needs over the duration of the partnership.

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What are the best negotiation strategies for insurance brokers dealing with high-risk clients?

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1 Know your options

2 Build rapport and trust

3 Focus on value and benefits

4 Offer incentives and alternatives

5 Handle objections and close the deal

6 Here’s what else to consider

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