STRATEGY
Role-playing with scripts can seem a little uncomfortable at first , but once you get used to having these types of conversations , they become much easier . Role-playing shouldn ’ t be feared ; it should be a safe opportunity to make mistakes in front of people who can give you constructive feedback in order to build confidence in front of the client .
The second part of the solution is to make sure that you have a clear process for how your agency handles rate increase calls . This must focus on value and coverage and not on price . You can view our online course of 10 Ridiculously Amazing Insurance Processes and / or How to Reduce Remarketing on our website .
HOW TO HANDLE INSURANCE RATE INCREASES
To handle an insurance rate increase , we must first start by taking back control of the call . The best way is to have insurance rate increase scripts . Remember , when clients have rate frustrations , it ’ s not personal . In fact , they most likely don ’ t even really know you well enough to make it personal !
Oftentimes , they have told themselves a story for a while about how unfair their insurance rate is . We need to start by taking control of the call . Instead of being fearful about rates , lean into that conversation . Remember , they are coming to you because you have the tools to help them .
“ Take the stance that you are their insurance hero and there is a challenge that you have to bring options to .”
Gaining Control of the Call Start by introducing yourself with a quick fact and an offer to help . “ Hi this is NAME in the LOCATION and I am going to help get to the bottom of this . Tell me what is going on .” Then consider these steps :
• When someone calls in upset , do your best to not interrupt them and listen to their concerns , frustrations , and the tone of their voice . As they are talking , alert them that you are going to take notes while they speak , so if they hear a keyboard or silence , it does not further frustrate them . “ I ’ m going to be taking some notes while you are talking to make sure that I don ’ t miss anything . I just wanted to make you aware of this in case you hear me typing . You will know that I am still focused on you !”
• Once they have completed their statements , offer to repeat what you took out of the conversation so you can best assist them . “ Just to make sure that I understand what you are saying . ( Repeat the comments in a warm friendly tone .)”
• Upon agreement of the challenge , work to confirm their contact information . This is a great neutral way to gain back control of the call . “ I just need to verify that the best phone number for you is NUMBER and that your email address is EMAIL . Is there a secondary email or phone number I should add to your file ?”
Review the Account Identify the following on the account :
• Monthly $ amount of the rate increase
• Cause , if any , for the rate increase
For the rate increases that are for just cause ( accident , ticket , loss of multi-policy discount , endorsements , etc .) share with them what you are seeing . Factually say something like , “ I see on your X policy you had an at-fault accident this year that paid out $ X . This could be one of the reasons that your insurance premium increased .”
Be prepared for them to respond with the comment , “ Isn ’ t that why I have insurance ?” or “ It saved me money to move my home .”
You can respond with , “ Yes , with claims your risk profile with the carrier changes , and this can often impact your rates . I ’ m glad you called so we can review some options .”
For the rate increases that are due to the loss of a discount ( multi-policy , alarm credit , AAA , etc .)
MAY / JUNE 2023
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