OAA's Blog

Insights on entrepreneurship and strategy for the insurance industry.

What Are YOU Selling?


1 minute read

What?  Is this a trick question?  I thought this was an insurance agency blog?

Well, yes, it’s a trick question.  But I’m asking it with all seriousness.  If you sell insurance for a living what is it exactly that you are selling?  Peace of mind?  Financial security?  Legal compliance?  Something else?

Yes.

Something else. You are selling a promise. You are selling a promise to pay. 

You are selling claims.  At the root of what we do is promise to pay someone when a covered peril happens.  Isn’t that right?  Of course.

So, when a covered peril happens what do YOU do?  The insurance company actually steps up and writes the check.  Not you.  So, what do YOU do?

I think you have the opportunity to be an absolute hero here.  Or a bum.  You have the opportunity to prove you’re no better than anyone else (which is what your customer actually expects) or you have a chance to lock in a customer for life. 

How do you handle claims?

Do you have the customer call a 1-800 number?  Or do you call for them and transfer the call?

Do you have the ability to be contacted 24/7 in multiple ways?  Or must your customer wait until Monday morning and use the telephone that may not be working?

Do you have a checklist for what the customer needs to know that you gave them when you sold the policy?  Is on your website too?  That you automatically give them again when the claim notice comes in?  Or do you let them figure it out themselves?

Do you have information, deliverable in multiple ways, at multiple times, that helps a customer avoid having a claim in the first place?  Or do you just sell policies and move on?

Do you go see them in person when a claim happens?  Or do you just take the call, transfer it and go on with life?

Do you follow up to see if the adjuster called?  To make sure they are happy with the adjustment?  To see if they have the repairs scheduled?  To see if the repairs are satisfactory?  Do you attend funerals?  Or do you just file the claim and move on?

Do you ask, after the claim is complete, if there was anything they think you could do better?  Or do you even know when the claim is over?

What are you selling?