Best Way to Cancel Geico

[bobson]

I called in with a client on Thursday. I let the client handle speaking to the first rep but then they put the "rate specialist" on the phone. She was very nice and started the conversation off by saying "I hear you want to leave us after 7 years" and the went on the ask if rate was the issue and what else can Gieco do. So then she went to start review his policy to offer discounts. At that point I jumped in and said, mrs it seems like you are very sorry that the client is leaving but let me ask after 7 years how many times have you called the client to review his policy and offer him discounts? Instead you waint til he wants to cancel to offer the savings? It doesn't seem like you really care aobut the client, just seems like you get a bonus for every client you stop from canceling. She had nothing else to say but processed the request. Having said all that though, they are good at what they do. My client was getting sucked in to their trap.

This is why Geico is winning. I don't care who you are that is excellent work on Geico's part.

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This gave me a good chuckle. There's a major Geico call center in my city and you constantly run in to folks that work there.

Ask if you can see their sales manual and scripting book. I'll pay you for it.

 

[ZappMan]

..... We also wait 2-3 weeks after our start date to notify GEICO....

What if GEICO has them on EFT, what do you do about that? You don't want their account to get hit by them & you.

I had to impersonate my customer last week to get Geico to cancel. ....so with her permission I acted like her.....

You should not do that & I certainly would not tell people that you do that

 

[insurance1822]

^^^ Do what you need to do to get the deal accomplished. Give disclosure that if GEICO drags their feet (and set an expectation that GEICO is known for dragging their feet & making the process difficult..) that they could get an EFT payment from both carriers. Say many clients prefer to call up GEICO & remove themselves from EFT to prevent this from happening. Tell them "you don't need to tell them you're leaving so you can avoid getting hounded...just stop the EFT." Which again is setting the expectation that GEICO is going to hound them. Then...what happens..happens. They'll eventually get their money back if GEICO takes their payment.

 

[ZappMan]

....Give disclosure that if GEICO drags their feet ... Say many clients prefer to call up GEICO & remove themselves from EFT to prevent this from happening. ...

I send the accord right away & tell the customer something similar to this. Whenever possible I provide documentation that I sent it, that way they know the prior carrier is to blame if it isn't processed. I know that if you did that to me I'd call the ph & say , "Hello, We just received the request today dated 2-3 weeks ago, yadda yadda" Chances are they are going to get the call either way, Don't give them a chance to say that you were the one dragging your feet.

 

[indienoise]

^^^ Do what you need to do to get the deal accomplished. Give disclosure that if GEICO drags their feet (and set an expectation that GEICO is known for dragging their feet & making the process difficult..) that they could get an EFT payment from both carriers. Say many clients prefer to call up GEICO & remove themselves from EFT to prevent this from happening. Tell them "you don't need to tell them you're leaving so you can avoid getting hounded...just stop the EFT." Which again is setting the expectation that GEICO is going to hound them. Then...what happens..happens. They'll eventually get their money back if GEICO takes their payment.

This is what I advised my new client today. Don't necessarily tell them they're cancelling, just stop the EFT. They should receive the cancellation notice in a week or so. At that point, the client is mentally switched.

I also took a page out of The Wedge and set the expectation that GEICO would make parting with them difficult, and might even hound them over stopping EFT, and we went over some possible scenarios.

 

[Dave864]

Never had a problem with a client cancelling GEICO. If your policy is better, they'll be asking GEICO why they weren't sold a better policy (higher limits, etc). Sell on value and better policy, never price. GEICO wins on price so you're not going to beat them at their own game.

 

[indienoise]

Never had a problem with a client cancelling GEICO. If your policy is better, they'll be asking GEICO why they weren't sold a better policy (higher limits, etc). Sell on value and better policy, never price. GEICO wins on price so you're not going to beat them at their own game.

The nice thing is I'm actually beating GEICO on price, which IS pretty rare. The big thing I sold the client on is value though. She's saving about 30/month on auto, but the big deal is the homeowners. The premium is pretty well the same, but GEICO placed the home with Stillwater. I'm assuming GEICO would be on a national platform with them, much as I am, and if that is the case it's a 2% wind/hail deductible. That alone has kept me from placing a single piece of business with them. Not sure if their underwriting guidelines would differ at all just here in SC. Anyway, that alone pretty well sealed the deal to tell her she'd be looking at over $5k out of pocket in the event of a hailstorm.

 

[ncagent83]

The nice thing is I'm actually beating GEICO on price, which IS pretty rare. The big thing I sold the client on is value though. She's saving about 30/month on auto, but the big deal is the homeowners. The premium is pretty well the same, but GEICO placed the home with Stillwater. I'm assuming GEICO would be on a national platform with them, much as I am, and if that is the case it's a 2% wind/hail deductible. That alone has kept me from placing a single piece of business with them. Not sure if their underwriting guidelines would differ at all just here in SC. Anyway, that alone pretty well sealed the deal to tell her she'd be looking at over $5k out of pocket in the event of a hailstorm.

Give them time. Most of your HO's carriers will require a w/h deductible in the very near future. We can't write any of ours without a deductible east of 95.

Oh yeah, GEICO sucks.

 

[indienoise]

Give them time. Most of your HO's carriers will require a w/h deductible in the very near future. We can't write any of ours without a deductible east of 95.

Oh yeah, GEICO sucks.

Oh, there is still a w/h deductible, but I'm able to set a flat deductible, same as AOP. Not a fan of percentages since most people don't understand just how high that turns out to be, especially on almost $300,000. I'm in upstate SC so I'm not dealing with any coastal stuff.

I have noticed minimum deductibles creeping up though.

 

[ncagent83]

Oh, there is still a w/h deductible, but I'm able to set a flat deductible, same as AOP. Not a fan of percentages since most people don't understand just how high that turns out to be, especially on almost $300,000. I'm in upstate SC so I'm not dealing with any coastal stuff.

I have noticed minimum deductibles creeping up though.

Ohhhh gotcha I must've misread. I've been pinging back and forth to forum and work