Insurance is a personalized business. When you sell insurance policies, you are working directly with customers and their families to find ways to best meet their needs. This means getting to know your clients and understanding what is important to them.
Read on to learn how to assess and meet the individual coverage needs of your clients, then contact us at American Senior Benefits for more assistance.
Assessing and Meeting Individual Policyholder Coverage Needs
Your clients are all unique, and they need customized service to best meet their unique needs. Try these steps to assess and meet their individual needs.
Personalized Interviews
The best way to learn about your client’s individual coverage needs is to meet with them and discuss their lifestyle. You will learn about their risk factors by asking relevant questions and listening carefully in conversations. For example, asking about their assets helps you understand their personal property and liability insurance coverage needs, while talking about liabilities helps determine their life insurance needs. Talk with your client to learn about their current coverage, limits, and goals — and meet in person if you can. In-person meetings are particularly helpful when you need to build trust and establish a connection.
Current Coverage Reviews
Offer to review your new client’s current policies to find any gaps in their coverage you can help fill. If a policyholder has not updated their coverage levels in a while, for example, they may be underinsured based on the current value of their assets. Similarly, if your client has not shopped around for insurance for their auto and homeowner’s policies in a few years, they may not be getting the most competitive rate. You can assist them by comparing rates with the carriers you work with to help find the best price possible.
Asset and Liability Reviews
You can help your customers to better understand their insurance needs by reviewing their assets and liabilities. A policyholder who has several homes, vehicles, and investments has different risks and needs different insurance from someone who has fewer assets or a simpler lifestyle. Reviewing what your customer owns and how they spend their leisure time can help you recommend the right coverage levels and insurance products to protect their lifestyle.
Follow-up Reviews
Your policyholder faces many changes over their lifetime, so make sure to continue reviewing and assessing your customers’ needs. One initial meeting or discussion is a great start, but you will need to keep communicating with your clients to know when their coverage needs to be altered. A customer who gets married and has a child will have new coverage needs like life insurance, which they may not have had before.
Meeting Individual Policyholder Coverage Needs
After assessing your client’s needs, it is time to meet or exceed their expectations by doing the following:
- Use the information you have gained from your assessment to recommend the right coverage and policy limits.
- Meet with your client to discuss your findings, make recommendations, and answer their questions. Include their family in this meeting if your client would like.
- Follow up a few weeks after your recommendation meeting to make sure your client is happy with their policies and your service.
- Schedule time before their policies renew to meet again and confirm your client remains satisfied.
Insurance solutions are based on individual needs, and solutions can be customized to meet each client’s needs. Be sure to spend sufficient time with your policyholders and new clients to find the best combination of services to manage their individual risks. Because each person is different, every time you work with a new client you may need to think creatively and provide new solutions based on your knowledge and expertise.
How Do I Learn More?
To learn more about assessing and meeting the needs of your individual clients, contact us at American Senior Benefits. Our affiliated experts will be happy to answer any questions you have.
