A Guide to Having Effective Conversations with Affluent Customers

When you build relationships with affluent clients, you’re building relationships with clients who tend to have higher retention rates and increased cross-sell opportunities. These customers are a perfect fit for the ease, choice and advice offered by an independent agent. They are looking for guidance and consultation in creating comprehensive protection for their unique coverage needs. 

Here are three tips to strengthen your relationships with customers who have affluent accounts and help you have more successful conversations.

1) Develop the relationship. As your relationship develops, your opportunity to provide a great customer experience to clients grows stronger over time.

Here are some questions you can ask your clients to build a foundation of trust and set the relationship up for success:

• Tell me about your household—how many people live there? Do you have any pets?
• What do you like to do in your free time?
• Do you own or rent your home?
• How many cars do you drive? Are they owned or leased?
• Do you have any motorcycles, off-road vehicles, RVs or boats?
• Do you own a business?
• Do you serve on a nonprofit Board of Directors?
• Do you host any events in your home?
• Are you active online or on social media?

These questions give you good insights into the client’s lifestyle and potential risk exposures. When looking for protection for customers with affluent accounts, it’s critical to provide a holistic coverage solution that includes homeowner protections like those offered by Safeco Premier—extended dwelling coverage, building ordinance or law, escape of water, landscaping, replacement cost upfront and more.

2) Guide the client through determining their needs. It’s important to recognize that clients with affluent accounts come from all walks of life. Understand what your client values in a carrier, what your client’s needs are in protecting their home and how their risk factors may have changed. Here are some conversation starters to help you learn more:

• What are you looking for in an insurance carrier? What would you expect from your carrier in the event of a loss?
• What is your relationship to your home? If you experienced a total loss, would you want to rebuild on the same property, or would you want to move elsewhere? If something unexpected happened to your home, how important would it be for you to be able to replace details like custom cabinetry, flooring and appliances?
• How have your financial situation and your acquired assets changed in the past year or two? How would it impact your lifestyle and future plans if you or someone in your family were sued?

3) Use language to your advantage. Insurance language is foreign to most clients. To more effectively build trust and foster a relationship, focus on language that is relatable, positive and promotes how your agency can help.

• Instead of using niche language like “Do you have collectible art?” Say, “Tell me about the artwork in your home.”
• Turn negative language like “when a loss occurs” into positive statements like “if something unexpected happens.”
• Don’t focus on what’s not working. For example, instead of saying, “You’re not adequately protected,” highlight what is possible with your agency by saying, “We’ll ensure that every detail of your home is protected.”

No one wants to think about the potential damage that could happen to their home and the risks that they are exposed to, but by matching a comprehensive homeowners product like Safeco Premier with the needs of your customers, you can ensure that they will be protected when unexpected losses occur.