STOP!!
If you missed Part 1, go back and read that post first.
In that post I discussed the value of the Client Review, what the review should be based on (NOT A SALES CALL), and even shared a sample script to schedule the Client Review.
Today, in Part 2 we will discuss the actual Client Review process. Before I start though, let me tell you this, “THERE IS NO WRONG WAY TO PERFORM A CLIENT REVIEW.” I will guide you through important discussion points throughout the review that will allow you to discover gaps, needs and possible additional future sales. The key to the Client Review is to remember what Insurance is designed to do, no matter what type. Insurance plans when developed correctly should provide coverage for the unforeseen, insurmountable, catastrophic losses that could be possible that would impact your clients lives forever.
If you go in to every Client review with that understanding you will uncover needs for your clients and provide value that is limited in existence in our field today.
So here we go, the questions I would recommend you pose through the client review.
When was your last insurance review (new client), if follow-up with existing client let them know when you last performed their review?
What changes did you make (new client), if follow-up with existing client, these were the changes we made during your last review?
How did you determine your current coverage/death benefit? (new client)
This is how we determined your current coverage/death benefits (existing client, prior review), we will make sure today that those still make sense.
Do you have a will/trust, and if so when was it last updated?
Do you have any benefits through your employer?
Do you understand your employer benefits?
How happy are you with your retirement preparations? And why?
If they have children, have you started College Savings Plan, if so would you like me to review?
Have you or your spouse changed jobs or plan to?
What is your biggest concern about your current insurance plan? (If they answer price) follow-up question. I completely understand yet if all Companies had the same price what would be your biggest concern?
What would you like your Auto/Home/Business/Life/Health or Investment product to do for you?
Next Step Which Is Crucial-Discover What They Have At Risk To Protect
What is your family’s approximate annual income? (Life Insurance protection and in our State income can be garnished in a lawsuit)
What do you have in the form of savings? What types of accounts, for example Savings, Checking, Money Market, CDs, Stocks, Bonds, Retirement Plans, Mutual Funds? And what is the estimated balances of all of those accounts
What type of Real Estate do you own? Home, Rental Properties, Commercial Buildings and estimated value if you had to liquidate all of them today?
Now that I have an understanding of your concerns with your Insurance Plan and an understanding of your overall assets, I need to ask you a couple of questions.
- Which of the assets do you want to surrender if you were sued and/or you lost your loved one, if your coverage is not sufficient?
- Most Clients answer “NONE OF THEM” just like you did. So let’s keep that in mind as we delve in to reviewing your Insurance products both with my Agency and not.
My only job is to help prevent you from surrendering your Assets due to a lawsuit or loss of loved one AND grow those assets for the future!
THOUGHTS TO PONDER TODAY: If you made this a process of your Agency, would you believe you are adding value to your Clients? Could you charge more for your Products if you were confident that you made this service available, routine and accessible to your Clients? If your competition is doing this with your Clients on their other products, could you be in jeopardy of losing clients because you don’t offer a Client Review? What is keeping you from doing Client reviews today? Who can you turn to for additional help in holding Client Reviews? Practice, practice and perform…and remember there is no right or wrong way to do a review! You will find when you ask the question, When was your last insurance review? That many clients will answer NEVER. DON’T LET THAT BE ONE OF YOUR CLIENTS!
John Lucero, is a successful business owner with over 20 years of experience in multi-line insurance agency operations for several major National Brands. With an expertise in Recruiting, Educating, Coaching, Developing and Product Knowledge, his passion and drive to ELEVATE Insurance Agencies to higher levels of success is what keeps him inspired about the future and motivated about making a difference.
