PERSONAL LINES SELLING
Casting for the big ones
By Troy Korsgaden
"It is so peaceful with the mountain air crisp and the rushing stream swirling around you--invigorating, yet calming. The stress just washes away." That's how a friend of mine describes his weekly sojourn to the High Sierra mountains to pursue his passion--fly fishing. He spins great yarns about "the big one," that wily denizen of the deep, the granddaddy trout that almost always gets away.
My friend actually caught it once--the big one--and stood grinning for the camera to record this once-in-a-lifetime moment for posterity so that he would have something tangible to hand around at the fishing club back home. Of course the general rule is that you "throw him back," and so he did, fantasizing about which "fly" he'd use to capture its attention another day--the Hare's Ear Nymph or another equally exotic lure. This conversation got me to thinking about how few multiline agents actually set a plan in place to land one or more of "the big ones," the really large accounts from which legends are made. All it takes is a little courage and a plan.
Everybody needs insurance
It's a fact of life. Even wealthy people must have insurance. And because the rich tend to have more possessions than we "average Joe's" do, they need more insurance, lots more insurance. These individuals have more toys, more real estate, more businesses, all of which need to be covered by insurance. Yet how many of us make a concentrated effort to seek out these individuals to gain their business? How many of us have the courage even to ask to serve these prime accounts? Yet landing the big ones is not as difficult as you might think.
We all assume that every agent in town is trying to win their business. But, as I have discovered, the truth of the matter is that most agents are afraid of going after the big ones. So in some cases, the wealthy can become isolated because of the potential size of the account. The truth is they need our insurance advice and savvy more than most of our other clients.
Set the criteria
Over the years, I have developed a set of criteria that qualify a person in the "big one" category. The type of individual I'm looking for typically owns a business or two or three, has more than one home, multiple cars, and lots of toys such as a motor home, jet skis, a motorcycle, a boat or yacht and so on. You get the picture. Once you have identified these prospects, start a list to keep them "top of mind." I keep 10 people on my list at all times.
The next step is to develop a plan to get an appointment so there is an opportunity to gather information about the prospect's insurance needs. Sometimes it's just as simple as picking up the phone and calling to set an appointment. Or perhaps it is an introduction or a referral from one of your present clients. It's amazing, but once the commitment is made to win a certain person's business, the means to get an appointment seems to magically present itself. Typically, my appointments are in my office, which is a more efficient use of my time. However, when I'm casting for a large account, I will make an exception and go to the potential client's office.
The hook
Once I'm face to face with the prospect, I immediately reveal the nature of my mission by asking: "Do you have any questions about insurance or a claims situation from the past, where I can do some due diligence for you and make your life easier? And if I do a good job, would you then allow me to put together a proposal to gain your business, because that's how I make my living? But first, let me do something for you for free."
You will find that most pre-clients do have questions about insurance or will ask your advice even if it's only to gauge how knowledgeable you are. I went off to dig up the answers for my first really big challenge and offered something besides insurance in return. It became apparent to me that the key to landing this account was due diligence. That was the hook. The value proposition I had to offer was the willingness to do some research, or due diligence, to provide information that was valuable to my prospect.
The discovery process
I also asked enough questions to gather the information needed to formulate a proposal for the account. You will probably discover, as I did, that most of the bigger accounts already work with several agents. They may work with one agent for life insurance, another agent for auto/home insurance, and yet another agent for commercial coverage on their business or businesses. You are also likely to find they have overlapping coverage in some areas, while being underinsured in others. My first "big one" had a hodge-podge of agents and policies that had been acquired over many years. The one thing missing was a trusted advisor who had access to the information and the overall picture. That's where expertise becomes vitally important.
Once I provided the answers, this gentleman was more than happy to hear my proposal for a total insurance package. As I pointed out the areas that needed work to correct the deficiencies, I became credible in his eyes, as a trusted advisor. Well, the rest is history. I landed my first really big account, and through the process gained more confidence to cast for the next one. It's a building process.
You, too, can cast for the big ones. All it takes is a little courage and a plan. The lure that works best is knowledge and professionalism,plus the willingness to work hard for the account. Soon you'll discover depth in your book of business, a new income stream, always brisk and refreshing. That granddaddy of all accounts could be yours if you are willing to hike up the mountain. Take my advice. Don't throw him back once you land him. Cast high. Cast wide. Good fishing! *
The author
Twice named "Agent of the Year" from among 14,000 Farmers Insurance agents and a frequently featured motivational speaker at industry events, Troy Korsgaden has trained nearly 30,000 insurance agents and staff across the country using his industry-specific manual and seminar program, "Achieving Success in Agency Management." His book, Power Position Your Agency; A Guide to Insurance Agency Success, explores, in-depth, strategies for growing and retaining insurance agency business. Also available from TKS is a new audio tape set, "Building a Successful Insurance Agency: The 4 Essential Steps!" For more information, call TKS at (800) 524-6390, fax the company at (559) 625-1603, or visit the TKS Web site (www.tksystems.org).