Several years ago a relatively new insurance producer asked me this seemingly simple question, “So, what is the secret to the insurance business?” Mine was a somewhat simplistic answer with deep meaning (and a profound impact on his career).
“The secret to the insurance business is the realization that if you do ‘this’ (advising on and providing coverage) wrong, you could ruin someone’s life.” That’s it… that is the secret to the insurance business.
When you finally realize this truth – that coverage matters and insurance is not a commodity – your whole approach changes. You:
- Want and have the internal drive to learn everything you can about coverages, statutes, and coverage options;
- Learn everything you can about your client’s industry to assure you are providing the correct coverages;
- See yourself as a key advisor for and to your client;
- Are no longer afraid to cold call or even “warm chatter” because you are more afraid the other agent didn’t do “it” right (leaving the client exposed to personal financial tragedy);
- Take time to develop a detailed underwriting packet submission so your underwriters understand the risk and what you are doing for your client;
- Focus discussions on exposure, making price secondary (you stop leading with price); and
- Are always unsatisfied with your level of knowledge (and even a little afraid) because you know there is so much more to learn.
Professional agents should be more concerned about the client’s exposures than even the client is because of the significant consequences of improper or missing coverages. Insurance is about saving your client from ruin!
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