7 ways to counter the ‘We’ve been with this company for XX years’ objection
A helpful active thread on Insurance Forums is providing some great advice for when agents run up against that old chestnut of an objection: “I’ve been with this company for XX years, and it’s a top-rated company.”
You know you can save them significant money on their premiums, but you have to overcome that (often unwarranted) loyalty. In the example from the thread, the prospects have been with the same “top-rated” company since 1986, and they are hesitant to switch even though they realize they may be overpaying for their coverage. Courtesy of this thread, here are some great ways to counter this objection:
• "Maybe you've been paying too much since 1986."
• "Well you know we're ALL guilty sometimes of falling into a routine and sticking with 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.”
• "There's currently pending litigation against insurance companies because it turns out they identify people who are least likely to leave and then target them for rate increases because they know they're most likely to stay.”
• “If their No. 1 priority was your family... they would have called you to say, ‘hello... your rate is terrible and you can save money elsewhere.’ But of course they're in business to make money and 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.”
• “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 and run... you’re still paying your deductible. They’re not going to settle claims any different based off your tenure with them.”
• Elaborate on the stability of the new carrier - assure them of the proper payouts.
• They need to understand that coming in year 1, they are getting better benefits than 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.
Have more good ideas to overcome the loyalty/longevity objection? Please chime in on the thread: Handling the “We’ve been with this Company for XX years” objection
- Autonomous vehicles predicted to radically shrink auto insurance sector, change type, amount of coverage sold
- CBO: $321 billion reduction in deficit, 22 million more uninsured over next decade with new Senate health bill
- DOL wants more public input on Fiduciary Rule
- Something to think about on National Insurance Awareness Day: 37% of adults skip life insurance
- Trio of big storm systems lead to 42% drop in 1Q net income for P&C insurers
- MetLife’s individual life, annuity business spin off to Brighthouse clears final regulatory hurdle
- Medicare Advantage, Managed Medicaid enrollment up while other segments decline, MFA report finds
- Group disability insurers see 13.8% increase in new sales in 2016