Posts

We Think of Insurance as a Promise

/in , ,


Many people look at insurance as a commodity, like buying car or a piece of furniture.  Consequently, they become caught up in searching for the lowest price for the “product of insurance.”  Insurance is less of a commodity, and more of a promise or service.

Promise vs. Product

Insurance is a promise from the insurer to cover your claim or loss per the terms of the policy.  What many people fail to understand is that policies or “promises” differ from company to company. If you never have a claim, then you do not know if the insurer will live up to the promise you think they have made.  However, if you do have a claim you want the promises kept.

That is where we come in.  As an agent, we help you understand the promises made, and work with you to make sure the insurer fulfills all promises.  We can also help you design a policy that fits your needs.

Here Are Few Things To Remember About Insurance Promises

  • Getting the right coverage is not the insurer’s responsibility – it is yours. You need to determine what limits, deductibles, and coverage you will need to cover your risk.  As an agent, we can help you through that process.
  • You may need special or unique coverage like flood, employment liability, or umbrella coverage. We are here to help you evaluate your risk.
  • Insurance companies differ. We can show you how insurers differ in regards to product and services.

 

Why Low Price and High Value Can Be a Contraction in Terms

/in , , ,

Shoppers are always looking for that next big sale or deal. When it comes to purchasing a 46” HDTV, it is easy to identify all the features you want, and then shop for the best price.  In fact, many retailers might even negotiate with you to get your business. When selecting your insurance, you cannot think the same way.  Why?

  • Insurance can never go on sale, it is highly regulated.
  • Consumers rarely have complete information about various insurance products.
  • Consumers may believe that “popular” or advertised products are high in quality.

Let me make it clear that high priced insurance does not always equate to a better value.  However, if you purchase the low-priced insurance policy are you satisfied that all the coverage terms are consistent with a higher priced policy?  A better way to look at this is to consider the value of what you are buying.  Here are some of the value added advantages you will find in insurance if you do a little searching.

What makes up a high value insurance program?

  • An insurance policy that will respond to your risks when a loss occurs.
  • The extra services offered by the insurer at no cost to you.
  • The knowledge and expertise of the agent. The agent is your key to a high value advantage. The agent is the one who helps you identity your risks and designs a policy specifically for you.  The agent will be there to help you manage through a claim and to educate you.
  • Your agent increases your insurance value by helping you understand why the premiums are different.

Value is more than price

There are also non-price variables that every insurance purchaser should consider.

  • The agent’s experience in your industry. Do you want an agent who primarily only insures homes, to insure your restaurant?  These risks are different and should be treated as such.
  • Insurance companies have customer satisfaction ratings for claims, premium processing, and other services. Do you want to use an insurer with a below average claims handling rating?

In conclusion, only an experienced agent can help you understand and define the true value of your insurance purchase.

Why Hand The Baton To An Agent?

/in , ,

baton 3432drtLife can be like a race. We all are in our lanes going as fast as we can to get to the next place. Buying insurance can also be like a race.  Except with insurance, you have the option of passing the baton to an independent agent, and when the baton is passed correctly, you and your agent truly become a team that can accomplish great things.

What are some of the benefits of passing the baton to an independent agent?

  1. An independent agent is someone who knows how to run in the insurance fast lane. With an independent agent, you will be able to communicate more effectively with insurance companies, than you can on your own. This gives you an advantage of having an advocate on your team.  We know which markets are interested in your unique insurance requirements.  For example, some markets like contractors while others prefer retail businesses.  And still other markets like to insure motorcycles.
  2. When you pass the baton to an agent, you now have the experience and clout of a well trained professional to finish the race for you. The finish line includes having the insurance relationship and program design that meets your individual needs.
  3. When an agent takes the baton, you get his or her entire team as well. This includes qualified staff to help answer your questions and provide accurate information to you when you need it.
  4. Every race may have a point where claims do happen. If your agent has the baton they will be there to help you get back on your feet and get you back in the race. An agent will take the lead in working with the insurance company during the claims process.
  5. As your team member, we communicate with you. Our goal is to connect with you regularly throughout the year on hot topics that will affect you.

Together we will run the race with professionalism, excitement, experience, and customer service in mind, to deliver the best possible combination of coverage, service, and price.

Three Things Every Agent Should Be Doing

/in

Businesswoman Writing on White Board and Businessman at Table

In case you have not figured it out, I am on a mission to change the way agents/brokers and their clients interact with each other. There are three things that every agent should be doing with their clients; educate, educate, educate. Ok I know what you are thinking. Just like real-estate, it is location, location, and location. But not so fast.

Here Is What I Mean By Educate

Educate Your Clients About Their Risk

The very first thing every agent needs to do is help their clients understand what their risks are. Not just simply fire, wind, and auto hazards, but rather the client’s complete risks.  These risks can include liability assumed in a contract, cyber risk, employment liability, and more. This involves truly understanding the client’s business and how to create and deliver real solutions; some of which may not include insurance.

Educate Your Clients About Insurance

Every agent needs to be providing information to their clients on how insurance works, and the pros and cons of the insurance their clients are considering. Do your clients fully understand all the terms, conditions, and exclusions of their insurance?

Educate Your Clients About The Market

It is very important that your clients understand how the insurance markets work, including market trends and market volatility. The swings in market pricing can actually provide opportunities for our clients. As prices go up, why not increase the deductible, thus keeping premiums level?

It should always be the goal of every agent to help your clients understand the value you bring to the relationship.

Do You Want To Avoid Unhappy Customers?

/in

15926807_xl (1)

Does anyone like having an unhappy customer?  Do you really like having to deal with a frustrated client? I do not; and I try really hard not to have them. According to customer service experts, customer satisfaction, or should I say un-satisfaction, can be boiled down to these areas:

  1. Customers do not feel heard
  2. Customer expectations are not realized
  3. Promises are not kept
  4. Agents are selling policies, not solving problems

In one survey by the Better Business Bureau serving Chicago and Northern Illinois, researchers found 30% of unhappy customers will simply move their business.

How To Improve Customer Satisfaction

Stop selling and start solving problems — It is easy to sell a client an insurance policy, but that may not always be the best for the client. There are other solutions like self-insurance, contractual transfer, or even a modified policy with high deductible.

Focus on personal service – Take care of your customers like they are real people; because they are. Listen with understanding and sympathy.  The customer’s first impression of you is all important in gaining co-operation. You can do this by acknowledging not just the facts of the situation, but also acknowledging how the situation made them feel. For example, “It must have been frustrating for you to bring home our product only to realize it wasn’t the right model for your needs.”

Take responsibility — Never, ever blame or make excuses.  Instead, take full responsibility and the initiative to do whatever you can to solve the problem as quickly as possible.

Always give your customer options — Never limit your solution to just a quick insurance fix.  Ask questions to get to the issues, and then offer more than one alternative.

Show them, don’t tell them –– Present the solution, or option, to the client and then show them how you will respond. The sooner you deliver on the solution you promised, the quicker you’ll be creating another friend of your business.

We all want happy clients, but it does take work. A happy client is a happy business! GO win the day!

Why Relationships Matter

/in

Business group meeting

This article is the continuation of our series on how to think differently about insurance. The relationship between you and your agent is the most important part of insurance and risk management process. Your agent’s ability to serve and understand you will impact everything else.

People Before Policies

Reichley Insurance is in the business to meet people’s and business’s needs. We don’t ever just sell you a product. We create and deliver personal and business solutions that address your individual needs, and sometimes that may not include any insurance if it is not in your best interest. Our belief is that by doing what is best for you… we will also benefit.

Education

Smart and informed buyers are the best buyers. We want you to be informed insurance buyers. Our goal will be to educate you on “trending” issues that are important to your family and business.

Relationships Matter

Partnerships are built on trust over time. Our goal is to be viewed by our clients as a trusted partner. If an accident or disaster strikes, Reichley customers can contact our agency staff 24/7 and work with our trusted team. We partner with only the most respected and trusted insurance companies.

We Listen To Your Needs

Unlike some big national firms, we don’t have a set of scripted statements to give to you. We listen to what you are saying and then respond accordingly. We ask the right questions to find the individual insurance solution for you.

We Have a Team of Experienced Professionals

We know and understand your industry.  Before we do anything, we take time to get to know you.  Our staff has a deep understanding of how insurance works and we continually seek training and education. Our team has over 150 combined years of experience.

These commitments result in the highest of customer satisfaction and confidence. They are Reichley Insurance Agency’s highest priorities.

A New Way to Think About Insurance

/in ,

 

hands-jgdh

Congratulations! You got past the title and are now embarking on a new way to look at the insurance buying process. Over the next few months we would like to offer you an alternative way to think about insurance that will change your purchasing experience.

We will start with a few basic truths that we believe in. We will share these truths in greater detail over the next few articles.

  • Insurance is a service not a commodity.
  • You can never get the right insurance for you needs online in 7 minutes.
  • There is more to insurance than a policy.
  • Insurance was designed to be a relationship between the customer, agents and insurer.
  • Your insurance agent should be as valuable as your CPA, attorney and financial advisor.
  • If all you get from your agent/company is a policy, then they are overpaid.
  • Insurance ads are confusing because they make you believe that all insurance is the same, and we all know that not to the case.
  • To get proper coverage, a knowledgeable agent and great service, buyers need not pay any more.

The very core of what we value is that providing reasonable solutions to people and businesses should come before everything else, even if what we recommend means not selling you insurance. That is what we will do.

We want to inform you about the value and importance of developing a relationship with your agent. The qualification of the agent can make a difference in your insurance coverage.   The national companies spend millions of dollars in advertising while offering only a minimal amount of coverage. The main purpose of insurance is to have your claims covered. In order for your claims to be covered you need an individualized policy that addresses your risk and needs. Only then, will you have the right coverage.

We hope you will join us on this journey, and in the end decide that there is a better way to buy insurance and have true peace of mind.