“We’re happy with our current broker” is maybe the most common objection faced by insurance brokers/advisors. However, it is also one that can be easily overcome.
Minimum expectations are only the start
When asked to clarify what they are happy about, most prospects will explain that their current broker seems to negotiate aggressively at renewal, is responsive to requests for assistance, and is an overall good guy/gal. But, if you asked them what would happen if their current broker didn’t handle the renewal well, was slow in response time, and was a bit of a jerk, most will say, “Fire them in a heartbeat.”
The reality is that the criteria most prospects use to evaluate their current broker is nothing more than the minimum expectations of the job. They should expect more, but nobody has ever given them permission to expect more, nor explained what more would look like.
Give them permission to expect more
Handling the renewal and providing good service are minimum expectations, and they are critically important. Emphasize your ability to bring creative solutions at renewal time and to be responsive when necessary, but use that as a launching point into the other areas where they should expect help.
Start by looking at the various value-added services (we refer to these as non-insurance solutions) you have available. But, don’t fall into the trap of just delivering a capabilities presentation; they have seen that before and are not interested in another product pitch.
They already value a broker’s ability to help solve their renewal problem. Emphasize your ability to solve other problems, many of which they may not even be aware they may have. If they are aware of these other problems, they may not expect a broker/advisor could provide the solution.
Every non-insurance solution (value-added service) you have satisfies some non-insurance need. And, there is some non-insurance part of their business (compliance, technology, communication, attraction/retention) that is suffering if those needs aren’t being met.
When it becomes clear to the prospect that not only can you make a positive impact on the insurance part of their business, but also on many other non-insurance areas, most will realize they have been holding their current broker to too low of a standard, and they aren’t as happy as they first thought.