What do you do if your insurance clients need better rates?

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When your insurance clients express concerns about high premiums, it's crucial to address their needs proactively. As an insurance professional, you understand that finding better rates isn't just about cutting costs – it's also about ensuring adequate coverage and peace of mind. Your role involves being an advisor, an advocate, and a problem-solver. This article will guide you through the steps you can take to help your clients secure the insurance rates that better fit their budget and coverage requirements.

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1 Assess Needs

Begin by conducting a thorough review of your clients' current policies to ensure that they are not over-insured or paying for unnecessary coverage. Encourage them to consider whether their lifestyle or circumstances have changed since they first purchased their policy, as this could affect their insurance needs. For example, if a client has recently paid off their car loan, they may no longer need comprehensive coverage. By tailoring policies to the client's current life situation, you can often find opportunities to reduce premiums without compromising on essential protection.

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Jeffrey Burchman, LUTCF

President, Burchman Insurance Capital
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The best thing to do when you have a client that needs better pricing is to complete a needs evaluation. It is possible that the needs of the client have changed over time and they may have coverage that is less useful now than it was previously. We attempt to speak to clients every year or so, but we are not always able to connect. The most important thing when obtaining a new insurance policy is to make sure the coverage doesn't suffer.

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2 Policy Bundling

One effective strategy for lowering insurance rates is to explore bundling options. Many insurance providers offer discounts when clients combine multiple policies, such as home and auto insurance, with the same company. This not only potentially reduces the overall cost but also simplifies the management of their insurance portfolio. Discuss with your clients the various bundling options available and how they can benefit from consolidating their policies under one insurer.

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3 Discounts Inquiry

Insurance companies often offer a range of discounts that clients might not be aware of. It's your job to ask about discounts for which your clients may be eligible, such as safe driver discounts, discounts for security systems in homes, or even lower rates for non-smokers. Each insurer has its own set of discounts, so it's important to review these regularly and ensure that your clients are taking advantage of all the savings opportunities they qualify for.

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4 Competitive Quotes

When better rates are a priority, shopping around is key. Obtain quotes from multiple insurance providers to compare rates and coverage options. This can serve as a powerful negotiation tool or lead to finding a more cost-effective policy with another insurer. While this process may be time-consuming, it's crucial in ensuring that your clients are getting the best possible rates for their insurance needs.

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5 Policy Review

Regular policy reviews are essential to ensure that your clients are always getting the best rates. Encourage them to schedule an annual review of their insurance needs. This is an opportunity to discuss any life changes that could impact their insurance coverage and rates, such as a new home purchase, the addition of a new driver to the policy, or retirement. Keeping policies up-to-date with these life events can lead to significant savings.

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6 Risk Management

Finally, advise your clients on risk management strategies that can lead to lower insurance rates. For instance, implementing safety measures like installing a burglar alarm or taking a defensive driving course can reduce the likelihood of claims and therefore lower insurance premiums. Educate your clients on the long-term benefits of being proactive about risk – it's not just about immediate savings but also about maintaining lower rates over time.

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7 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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What do you do if your insurance clients need better rates?

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1 Assess Needs

2 Policy Bundling

3 Discounts Inquiry

4 Competitive Quotes

5 Policy Review

6 Risk Management

7 Here’s what else to consider

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