Handling the "We've Been with this Company for XX Years" Objection

SingingSabre

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I have a prospective client looking to hop on board for significant savings, but their only hesitation is they've been with a top rated company since 1986.

How would you handle that objection?
 
I have a prospective client looking to hop on board for significant savings, but their only hesitation is they've been with a top rated company since 1986.

How would you handle that objection?
Someone with the same company/policy for nearly 30 years may be a good indicator of someone who might not switch...despite the savings. Might not be a prospect.

What did they say when you asked them under what conditions they'd make a switch and do business with you?
:nah:
 
This can sometimes be an insurmountable issue especially w/ older people...

1.) "Well you know we're ALL guilty sometimes of falling into a routine & sticking w/ a habit that's not necessarily the best thing for us. It seems easy to just *keep on keeping on* but in reality it's costing you money. Fortunately we handle the entire transition including cancelling your previous insurance.

2.) "There's currently pending litigation against insurance companies because it turns out they identify people who are least likely to leave & then target them for rate increases because they know they're most likely to stay.

3.) If their #1 priority was your family...they would have called you to say "hello...your rate is terrible & you can save money elsewhere." But of course they're in business to make money & that wouldn't' be smart on their end. I represent a bunch of carriers so if we notice rate increases, we simply find the next best.

4.) Unless you have earned accident forgiveness for your tenure, your policy language doesn't change. If you get hit by somebody who doesn't have insurance, or a hit & run...your still paying your deductible. There not going to settle claims any different based off your tenure w/ them.
 
elaborate on the stability of the new carrier - assure them of the proper payouts

- They need to understand that coming in yr 1 they are getting better benefits then their current relationship of (x) amount of years, they will be in a much better spot when they develop the same long term relationship with this new provider.

for some lines they build up credits or some kind of benefit which follows them - for example tail coverage on med mal. Otherwise longevity doesnt really guarantee anything better.

I would also ask if their policy has changed much over the years. Then ask if the business has changed much and if the policy premium reflects it
 
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How often does logic defeat emotion?

M&M hit it right on the head, "What would it take for you to make a change from your current company?"
 
This can sometimes be an insurmountable issue especially w/ older people...

1.) "Well you know we're ALL guilty sometimes of falling into a routine & sticking w/ a habit that's not necessarily the best thing for us. It seems easy to just *keep on keeping on* but in reality it's costing you money. Fortunately we handle the entire transition including cancelling your previous insurance.

2.) "There's currently pending litigation against insurance companies because it turns out they identify people who are least likely to leave & then target them for rate increases because they know they're most likely to stay.

3.) If their #1 priority was your family...they would have called you to say "hello...your rate is terrible & you can save money elsewhere." But of course they're in business to make money & that wouldn't' be smart on their end. I represent a bunch of carriers so if we notice rate increases, we simply find the next best.

4.) Unless you have earned accident forgiveness for your tenure, your policy language doesn't change. If you get hit by somebody who doesn't have insurance, or a hit & run...your still paying your deductible. There not going to settle claims any different based off your tenure w/ them.



Insurance 1822, do you have any links to articles about some of this pending litigation? Or is that just to put some doubt into the prospects mind and open the door for quoting? Coming from the unknown agent may hold little water, but from a 3rd source could be some real ammo.
 
Insurance 1822, do you have any links to articles about some of this pending litigation? Or is that just to put some doubt into the prospects mind and open the door for quoting? Coming from the unknown agent may hold little water, but from a 3rd source could be some real ammo.

I remember being in a meeting w/ scum bag captive product managers years ago & I asked why they continued taking disproportionate rates on their old BOB that was the most profitable. The product manager laughed & said because it retains the best. She also then mentioned (in a joking fashion...) something about "we'll continue to do it until the class action lawsuits stop us." or something along those lines

So do I know exactly what she's referring to or which lawsuits? No I don't. But who cares, the insured's are mostly morons so say whatever you need to so you can crack their state of hypnosis that their carrier is something special.
 
I have a prospective client looking to hop on board for significant savings, but their only hesitation is they've been with a top rated company since 1986.

How would you handle that objection?

Sounds more like they're looking for reassurance from you than objecting.
 
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