Recently, an agent friend told me a story about a client who cancelled his insurance to switch to another agent who promised a cheaper premium. When my friend inquired how long the new agent spent talking about the client’s insurance needs, he replied, “about 15 minutes.”
Agents and brokers are risk managers, and we must spend ample time gaining a full understanding of all our clients’ needs—it’s the best way to build a large, stable book of loyal customers, and it’s simply good customer service. The “15 minutes” phenomenon threatens the quality of the coverage we provide and creates a large population of clients who may be in need of real risk management advice.
A recent Pew Research Center survey reports that nearly 40% of American households own a firearm. Avid hunters, sportsmen and collectors own more than 300 million firearms, and they’re big business: Guns and related items generate more than $11 billion annually.
But firearms are also risky business. When you consider the vast number of firearm owners and their varied property and liability exposures, uneducated agents and brokers could do a great disservice to their clients and their agency.
As a long-time insurance professional and firearm owner, I recommend the following to help protect your clients from all potential risk exposures:
Clients win when they clearly understand their potential risk exposures and the solutions available to protect them against those risks. Agents win when they guide a risk management dialogue that ends with clients receiving coverage for their losses—ultimately building a more satisfied and loyal book of clients by simply asking the all the right questions.
Bill Gatewood is director, Personal Insurance Center of Excellence at Burns & Wilcox, and Corporate Vice President at Kaufman Financial Group.