How do I respond to a prospect who says, “We’re happy with our current broker”?

“We’re happy with our current broker” is the most common objection faced by insurance brokers/advisors. Here is how to respond.

The criteria most prospects use to evaluate their current broker is the minimum expectations of the job. When your prospect says "We are happy with our current broker," here is how to respond. 

Talk about creative solutions

Handling the renewal and providing good service are minimum expectations, and they are important. Emphasize your ability to bring creative solutions at renewal time and to be responsive when necessary. Use that as a starting point into the other areas where they should expect help.

Start by looking at the various value-added services, or non-insurance solutions, you have available. Do not fall into the trap of only delivering a capabilities presentation--prospects will not be interested in a products pitch. 

Talk about solving other problems 

Prospects already value a broker’s ability to help solve their renewal problem. Emphasize your ability to solve other problems. If they are aware of these other problems, they may not expect a broker/advisor could provide the solution.

Every non-insurance solution you have satisfies some non-insurance needs. There is some non-insurance part of their business (compliance, technology, communication, attraction/retention) that is suffering if those needs are not met.

Help prospects realize standards

When it becomes clear to prospects that not only can you make a positive impact on the insurance part of their business, but also on non-insurance areas of the business, most will realize they have been holding their current broker to too low of a standard, and they are not as happy as they first thought.