The Changing Role of Being a Producer
Being a producer has changed dramatically and I believe for the good.
In years past when competition was limited the preferred method for getting clients was cold calling, either by phone or in person. The key was to find out when the prospect’s policy renewed and getting some agreement to review their protection for issues and offer an alternative based on protection and pricing.
When I think back on making those calls I remember how presumptive, disruptive and overbearing those calls were. It was uncomfortable to make them as you knew the prospect wasn’t really thinking about reviewing their insurance. Truth be told that is why so many new producers back then (and even now) wanted to develop a reputation for helping people so they could rely on people contacting them and referring people and they could stop the cold calling.
The key was getting when the prospect’ s insurance renewed so you could contact them 90 to 120 days out to review their coverage and show them how you could help with protection and pricing.
Not a very positive experience for either party but the accepted process for the time.
Today’s producer has much more competition and many new players (including their own companies) that offer low prices and easy automated access. The challenge is to get the prospect’ s attention, show your expertise and build a trusting relationship with them that creates the opportunity to show them the value you offer.
The tools to do this now exist. Social media, websites, the internet, blogs and data analytics allow the producer to learn quite a bit about the prospect in advance of talking to them. It also offers the producer and their agency a great opportunity to get the prospect’s attention.
Today’s prospect is researching insurance and looking for who is going to provide the best value. Unfortunately, many believe that value is based on price. The challenge for the producer is to help them understand how protection can vary and that low cost may come with inadequate protection.
Using social media, their website and blog allows the producer the opportunity to bring useful information to the prospect about having adequate protection while showing their knowledge and commitment.
Both producers and their agencies are going to have to understand that developing new business will take much more time up front however the end results should be a stronger client relationship.
Successful producer’s in the current marketplace need to exhibit the following traits:
• A willingness to use social media to educate and attract prospects without expecting anything in return.
• Spending time researching prospects to start the process of better understanding their needs.
• Listening and learning from prospects what their wants and needs are related to insurance protection.
• Giving sound, professional advice on protection allowing the prospect to choose what fits their individual needs.
• Developing a relationship of trust and commitment with prospects that you have their best interests at heart.
• Following through on a commitment to regularly provide important information and professional advice to the prospect that becomes a client, insuring their protection meets current and future needs.
Being a producer currently elevates the process from huckster to professional. Having prospects want to talk with you is a much better start to the process. Being able to research the prospect in advance allows for meaningful dialogue when you first get together. It also provides the opportunity for determining what the client’s needs are for providing the proper protection.
Although it may take more time and energy upfront, the opportunity producers have today to work with prospects as a professional is exceptional. They only need to rise up to the challenge and educate consumers on the value of a professional independent agent.
