We all appreciate it when somebody with expertise gives us a little hint on ways to save money. When the opposite happens and somebody suggests for you to buy the more expensive item, skepticism enters into your mind. If someone suggests you purchase a less expensive item and then explains why the switch is more beneficial for you, a connection is created between you and the sales associate. Trust has immediately begun to take place and you feel as if the sales associate has your best interest in mind.
The insurance industry is primarily a relationship game. If you can establish trust with your client, that client will remain a long lasting client until that trust has been severed. At that point, the client will move on from you and search for that trust from another agent.
Here are a few ways to build that trust between you and your client:
- Always have your client’s best interest in mind. This may appear to be a no brainer, but some agents are only interested in their own gain. Once you have proven to have their best interest in mind the sales process will be a much smoother process. You in turn have more to gain from a handful of long lasting clients than you would from a greater pool of short term clients.
- When working with a Medicare eligible client, talk with them about their financial situation and check if a Medicare Advantage Plan or a Medicare Supplement plan (MediGap) would better suit them.
- If a client seems like they might benefit from a MediGap plan, discuss with them the difference in premiums between a plan F and a plan G. The difference in the coverage between a plan F and a plan G is the part B deductible is not covered in a plan G. In most cases, the amount in premiums that you save your client over a year’s time is more than the part B deductible.
- If you work with the group side of the insurance industry, your client is more than likely the HR person or the business owner. Make sure you keep in contact with this person throughout the year to cultivate that relationship and trust. They want to know you are doing what you can to save them money. If it suits them, exploring a Senior Group retiree product is one way to drop the rate for a group plan and save the business some money.
- When dealing with an individual client, don’t be so quick to show the client a gold or silver level plan and be done. Discuss with them a high deductible bronze plan and show them the difference in premiums between the 3 metallic levels. If the bronze plan being the most inexpensive in premiums is most appropriate for them, talk to your client about combining that plan with an accident plan that can help cover those high deductible costs. Even with the accident plan premium, the overall premium in most cases is still more affordable than your average silver or gold plan.
These are just some of the ways that an agent can have their client’s best interest in mind. Remember, this industry is built on relationships and having your client’s best interest in mind. Doing so leads to more business from others within their realm of community and trust. In our business, the best compliment is a referral, so make sure you're the type of agent people want to stand beside.