Impressions on Independent Insurance
As part of a current engagement, we’re meeting with numerous independent insurance agents. It’s exciting to have time with these agents as we recognize how difficult their jobs can be.
I’ve been asking “why do you recommend one insurance provider over another?” The varied answers are interesting. But three reasons come up frequently:
- Price
- Longevity
- Brand
The first makes sense. It’s a difficult sale to tell someone to select a more expensive plan. The second captivates me. An agent will mention that a certain company has provided insurance “for over a hundred years” with a lot of enthusiasm. I presume it’s effective because that message consistently and quickly came from each different agent.
Brand is straight-forward. Interacting with agents, you can see the “mom test” (does my 70+ year old mother know that this firm exists?) in action when using a large firm. For small firms, they revert to longevity when possible. I hear messages such as:
- Well, it’s The Hartford. I’m sure you know The Hartford, right?
- For that plan, I recommend Philadelphia. I know you may not know them, but they’ve been in the business for over a hundred years; really great company.
I imagine over time, these reasons have become easy to close a client with. Our nature to respond to them is pretty interesting and crucial for developing sales & marketing plans.