Why there’s still a market for “debit” insurance

[shonceman]

Other agents sometimes ask me why I’m still using such an antiquated system as Home Service (“debit”) to sell insurance. Isn’t it a dying market? Relationships are the main reason I stay with it, and why it’s not a dying market. In an era where everything’s so impersonal, and ID theft is rampant, there actually seems to be a resurgence of interest among consumers for this kind of service.

I copied this from one of those FaceBook “feelgood” posts:

I had spent an hour in the bank with my dad, as he had to transfer some money. I couldn't resist myself & asked...

''Dad, why don't we activate your internet banking?''

''Why would I do that?'' He asked...

''Well, then you wont have to spend an hour here for things like transfer.

You can even do your shopping online. Everything will be so easy!''

I was so excited about initiating him into the world of Net banking.

He asked ''If I do that, I wont have to step out of the house?

''Yes, yes''! I said. I told him how even grocery can be delivered at door now and how amazon delivers everything!

His answer left me tongue-tied.

He said ''Since I entered this bank today, I have met four of my friends, I have chatted a while with the staff who know me very well by now.

You know I am alone...this is the company that I need. I like to get ready and come to the bank. I have enough time, it is the physical touch that I crave.

Two years back I got sick, The store owner from whom I buy fruits, came to see me and sat by my bedside and cried.

When your Mom fell down few days back while on her morning walk. Our local grocer saw her and immediately got his car to rush her home as he knows where I live.

Would I have that 'human' touch if everything became online?

Why would I want everything delivered to me and force me to interact with just my computer?

I like to know the person that I'm dealing with and not just the 'seller'. It creates bonds of Relationships.

Does Amazon deliver all this as well?'''

Technology isn't life..

Spend time with people .. Not with devices.

 

[vic120]

Yet I see even this the people who are about this are losing more and more of this every day

Especially since covid

since covid even the friendly neighborhood type feel at the stores have gone colder and far less personable

 

[shonceman]

Yet I see even this the people who are about this are losing more and more of this every day

Especially since covid

since covid even the friendly neighborhood type feel at the stores have gone colder and far less personable

At the beginning of COVID, Dallas County was under a complete lockdown. Financial services were considered “essential”, so I was exempt from those rules and could still visit people in their homes.

However, out of an abundance of caution, I asked people to pay over the phone if they had a debit card. (My agency is able to accept debit & credit cards through a third party payment network.) Many clients, who would never agree to automatic bank draft, agreed to this. Many are still paying this way.

But I insisted that I needed to speak with them each time because I was NOT going to keep their card info “on file”. Partly, I wanted to reassure them that I was concerned about security. But also, since I couldn’t visit them in person, I still wanted to maintain the personal touch that they were used to from me.

So, on every call, I don’t just take their payment and say “thanks”. I take a minute or two to chat with them and catch up a little. That maintains the relationship we’ve built. (I also uncover sales opportunities on some of those calls!)

 

[DonP]

I’m out banging doors today .Shoncemans correct . Although shonceman is in many people’s faces monthly I’m as close that that as possible . He gets big renewals to do that .My touches are a birthday and Xmas card and A small gift every year . But people crave face to face in such an impersonal world .

 

[LostDollar]

Other agents sometimes ask me why I’m still using such an antiquated system as Home Service (“debit”) to sell insurance. Isn’t it a dying market? Relationships are the main reason I stay with it, and why it’s not a dying market. In an era where everything’s so impersonal, and ID theft is rampant, there actually seems to be a resurgence of interest among consumers for this kind of service.

I copied this from one of those FaceBook “feelgood” posts:

I had spent an hour in the bank with my dad, as he had to transfer some money. I couldn't resist myself & asked...

''Dad, why don't we activate your internet banking?''

''Why would I do that?'' He asked...

''Well, then you wont have to spend an hour here for things like transfer.

You can even do your shopping online. Everything will be so easy!''

I was so excited about initiating him into the world of Net banking.

He asked ''If I do that, I wont have to step out of the house?

''Yes, yes''! I said. I told him how even grocery can be delivered at door now and how amazon delivers everything!

His answer left me tongue-tied.

He said ''Since I entered this bank today, I have met four of my friends, I have chatted a while with the staff who know me very well by now.

You know I am alone...this is the company that I need. I like to get ready and come to the bank. I have enough time, it is the physical touch that I crave.

Two years back I got sick, The store owner from whom I buy fruits, came to see me and sat by my bedside and cried.

When your Mom fell down few days back while on her morning walk. Our local grocer saw her and immediately got his car to rush her home as he knows where I live.

Would I have that 'human' touch if everything became online?

Why would I want everything delivered to me and force me to interact with just my computer?

I like to know the person that I'm dealing with and not just the 'seller'. It creates bonds of Relationships.

Does Amazon deliver all this as well?'''

Technology isn't life..

Spend time with people .. Not with devices.

(Caveat, not an agent)

If I understand some of your old posts correctly, as a niche market specialist you also sometimes get "first refusal" type referrals from some life insurance carriers for "orphaned" policy holders.

 

[Markthebroker]

Other agents sometimes ask me why I’m still using such an antiquated system as Home Service (“debit”) to sell insurance. Isn’t it a dying market? Relationships are the main reason I stay with it, and why it’s not a dying market. In an era where everything’s so impersonal, and ID theft is rampant, there actually seems to be a resurgence of interest among consumers for this kind of service.

I copied this from one of those FaceBook “feelgood” posts:

I had spent an hour in the bank with my dad, as he had to transfer some money. I couldn't resist myself & asked...

''Dad, why don't we activate your internet banking?''

''Why would I do that?'' He asked...

''Well, then you wont have to spend an hour here for things like transfer.

You can even do your shopping online. Everything will be so easy!''

I was so excited about initiating him into the world of Net banking.

He asked ''If I do that, I wont have to step out of the house?

''Yes, yes''! I said. I told him how even grocery can be delivered at door now and how amazon delivers everything!

His answer left me tongue-tied.

He said ''Since I entered this bank today, I have met four of my friends, I have chatted a while with the staff who know me very well by now.

You know I am alone...this is the company that I need. I like to get ready and come to the bank. I have enough time, it is the physical touch that I crave.

Two years back I got sick, The store owner from whom I buy fruits, came to see me and sat by my bedside and cried.

When your Mom fell down few days back while on her morning walk. Our local grocer saw her and immediately got his car to rush her home as he knows where I live.

Would I have that 'human' touch if everything became online?

Why would I want everything delivered to me and force me to interact with just my computer?

I like to know the person that I'm dealing with and not just the 'seller'. It creates bonds of Relationships.

Does Amazon deliver all this as well?'''

Technology isn't life..

Spend time with people .. Not with devices.

With all the nonsense with people on Twitter, staring at their phones all the time, birthrate decline, etc. sometimes I think to myself "Boy, those Amish are really on to something"

 

[shonceman]

(Caveat, not an agent)

If I understand some of your old posts correctly, as a niche market specialist you also sometimes get "first refusal" type referrals from some life insurance carriers for "orphaned" policy holders.

I do get some of those, and I appreciate them when I do. But most of my sales these days come from my book, either add-ons or referrals.

"Boy, those Amish are really on to something"

I was actually raised in a related Christian denomination that had come from the same Anabaptist roots as the Amish. Our group had developed differently, so we were more modern than them. But I always found them interesting.

About the time I was deciding whether to leave my captive company to become independent 16 years ago, I happened to be reading a book that contained a chapter on the Amish. I think my decision to go indie was at least partly influenced by what I learned about Amish farmers.

 

[Markthebroker]

About the time I was deciding whether to leave my captive company and go independent 16 years ago, I happened to be reading a book that contained a chapter on the Amish. I think my decision to go indie was at least partly influenced by what I learned about Amish farmers.

I'm curious, tell me more about that chapter

 

[Travis Price]

With all the nonsense with people on Twitter, staring at their phones all the time, birthrate decline, etc. sometimes I think to myself "Boy, those Amish are really on to something"

Thus why I moved to a farm, deleted Twitter, and still refused to have kids.

 

[shonceman]

I'm curious, tell me more about that chapter

Honestly, it was 16 years ago, so I don’t remember the name of the book. I remember it being pretty fascinating, though. I remember that what I read about the Amish farmers had me drawing parallels between their methods and the insurance business, which especially applies to debit insurance. They use natural methods for planting and cultivating their crops. Our “natural” methods look like this:
1) We scatter seeds by prospecting.
2) We water and fertilize with follow up activity.
3) We cultivate the prospects that show promise, while weeding out the ones that never take root and begin to wither.
4) As our new prospect plants begin to mature, we prune out plants that aren’t bearing much fruit, distracting resources and energy from healthier, more promising plants.
5) When our good plants have matured by becoming clients, we propagate them by getting referrals.

It’s an incomplete and imperfect analogy, but an interesting one, IMO.

Some other things about an Amish farmer’s lifestyle that struck me:
1) They have a strong work ethic, but also know when to rest and rejuvenate.
2) They generally work for themselves. God is their only “boss”. (That point, combined with some other things I was reading, persuaded me that being an independent producer was the best and most peaceful way to do this business.) Their success (or lack thereof) is directly tied to their efforts, knowledge and skill. They have seasons where things outside of their control may affect a particular crop negatively. But they also have bumper crop years where other things outside of their control bring a tremendous harvest. But they know both things will happen, so they manage by storing up during the good years to carry them through the rough years.
3) They are usually extremely generous. If someone in their community is in need, whether it’s for food, or help putting up a new barn, their neighbors are right there pitching in. That’s a life hack for anyone, not just farmers or insurance agents! I’ve noticed that generosity and success are somehow linked. We’re blessed to be a blessing!

There was more there, but studying and learning what we can from Amish and other “simple folk” like Mennonites is a worthwhile pursuit.