Assurex E&O Plus | Where’s the Pain?
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Where’s the Pain?

Where’s the Pain?

I recently had a producer at one of the agencies I am honored to work with refer to his role as a “Doctor of Insurance.” In other words, to address the pain that the insurance prospect was feeling. I had never heard that “Doctor of Insurance” phrase before and thought it was creative. But after further thought, I am not sure the phrase is totally accurate, and here’s why. 

I trust you are probably like me, and unless I am feeling some pain, a doctor’s office is not a place I want to hang out. It is when I am in some pain that I decide it is time to see someone in the medical profession. In the insurance world, how many prospects/new clients show up at your doorstep saying, “I am experiencing pain, and I need you to help me.” There may be some, but probably not the norm. I think a significant element that will heavily determine a producer’s success is asking the client many questions and, based on the answers, helping to uncover pain the prospective client didn’t even know they had.

I remember a story an E&O Plus agency producer told me several years back. They were trying to secure a wholesale food distributor, and one question asked was whether seafood was one of the items shipped. The answer was “yes,” which prompted the question of whether that seafood was alive at the time of the shipping. Again, the answer was “yes.” The producer commented that the client did not have coverage for that exposure due to the “live animal” exclusion in the policy. I was advised the agency won the account based on identifying that gap in coverage; the “pain.” 

So, unlike a doctor, insurance producers/internal sales staff must uncover a “pain” the client didn’t know they had. This is where the exposure analysis process (new and renewal) comes in. Questions (commercial lines) such as:

  • Do you have any products that could get recalled? This question would prompt a discussion on product recall insurance. As the producer, it would be helpful if you could identify many of the products that have been recalled over the last year, especially if some of those products are similar to what your client is dealing with. Just google “product recalls 2023,” and you will be amazed at the extensive list.

 

  • Do you deal with any outside organizations (vendors) for a product or service that is necessary for you to finish your product? What if one of those vendors suffered a loss and could not provide you with the necessary product or service that you need? This should prompt a discussion on contingent business interruption.

 

A review of the prospect’s website may prompt some questions. This is always suggested because you can rest assured the carrier underwriter will be reviewing the website.

A key personal lines issue involves discussion on the UM/UIM limits with the goal that those limits should be equal to the policy BI/PD limits (and covered by the PL umbrella if possible). How about a question such as “Do you know what would happen if you got into an accident with another vehicle where the policy limits of the other vehicle were not enough for the damages incurred?” My guess is your client probably has not thought about that scenario. This could begin a discussion on how UM/UIM coverage works. 

All of these discussions should be documented and memorialized back to the client. 

Whether the account /prospect is commercial or personal, it probably has some pain but doesn’t know it. 

So, how are you uncovering the pain?