Oh my Word---rate Increases

[TeePee]

This may be 50% vent and 50% advice seeking.

Our state took some rate increases--first big ones on auto in a very long time (I am not even going to say anything about property as those ALWAYS go up every year!!!).

How do you explain increases to a average Joe that doesn't understand how pricing is figured? The standard is *I didn't have accidents or file claims*.... What do you tell people when they complain that their cars are older and should cost less to insure?

I am tired of getting my arse chewed off daily for increases and not just the 20-30% increases but equally as tired of the 2-3%!!!!!!

After 18 yrs in the business I am slowly (quickly really) burning out!!!!!

Thanks for any thoughts!

 

[sshafran]

No good answer. I tend to be a tad cynical (Ok, more than a tad). So when I hear complaints about the small stuff I move on with the day and don't really pretend like I "really care."

Sometimes, when they want someone to listen to whining... If you are "all ears," then you're stuck listening to it.


For example. A lady called me to complain that she can't see doctors because of the network. I politely reminded her that I had told her that those docs were not covered when she signed up during aep. At the time, she didn't care and wanted to pay $0/mo. She said that she would change doctors. Didn't happen... She won't pay for a supp... So frankly...I don't care.

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No good answer. I tend to be a tad cynical (Ok, more than a tad). So when I hear complaints about the small stuff I move on with the day and don't really pretend like I "really care." Sometimes, when they want someone to listen to whining... If you are "all ears," then you're stuck listening to it. For example. A lady called me to complain that she can't see doctors because of the network. I politely reminded her that I had told her that those docs were not covered when she signed up during aep. At the time, she didn't care and wanted to pay $0/mo. She said that she would change doctors. Didn't happen... She won't pay for a supp... So frankly...I don't care. Sent from my iPad using InsForums

To be clear.... I'm saying "move on" on the small stuff, not legitimate complaints. There is a big difference.

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[AZDave]

28 years here. Seems people are so ready to complain to their agent and blame the insurance company for their increase. But, do they complain at the checkout when meat and staple products have increased over 30% this year? no. Do they bitch at the gas station when gasoline has been at a 6 year all time high? no Do they call the utility company and bitch about the rate increase on electricity? no

My philosophy> pay your frkng bill and shut the heck up!

I love my business. repeat after me. I love my business.

 

[ncagent83]

This may be 50% vent and 50% advice seeking.

Our state took some rate increases--first big ones on auto in a very long time (I am not even going to say anything about property as those ALWAYS go up every year!!!).

How do you explain increases to a average Joe that doesn't understand how pricing is figured? The standard is *I didn't have accidents or file claims*.... What do you tell people when they complain that their cars are older and should cost less to insure?

I am tired of getting my arse chewed off daily for increases and not just the 20-30% increases but equally as tired of the 2-3%!!!!!!

After 18 yrs in the business I am slowly (quickly really) burning out!!!!!

Thanks for any thoughts!

We get that all the time. Like someone else on this forum said ... the price of groceries are increasing each year. I usually refer to that and gas and they tend to understand after that explanation.

 

[kstein]

I usually go into a collegiate level explanation of how inflation is actually a good thing and that if we lived in a world with deflation, we would all be screwed because no one would spend money. They would continually wait for prices to drop and the economy would crumble. After about 15 minutes into the explanation they politely say thanks and hang up. In fact I have the presentation recorded if you want to play it for your clients. Problem solved!

 

[frasermeridies]

I agree with kstein.

 

[AZDave]

Focus on the positives too:

It is a pay increase! woop woop.

bring on the hard market.

 

[Gooner]

Focus on the positives too:

It is a pay increase! woop woop.

bring on the hard market.

^^^^hilarious^^^^ .

 

[Zane Benefits]

I hear the frustration!

Here's one interesting solution: How Small Businesses Can Deal With Double-Digit Premium Increases

 

[EugeneM]

Focus on the positives too:

It is a pay increase! woop woop.

bring on the hard market.

Gain market share in the soft market, make money when rates go back up!!

Woot!!! Have seen this trend a couple times

Typically rates go up across the board not much you can do, the client should understand that. Just like everything else things are getting more expensive not cheaper.