Brigham Cluff: A client walks through your door, they know they need insurance. That’s why they’re at your office, but they may not know very much about insurance or what type of coverage they need or what it’s going to cost, or where is the best value. What are some of the questions that you ask them to figure out what’s the best solution for their insurance needs?
Derek Wilcock: That’s a great question especially in today’s insurance world. I think everyone knows who the gecko is and who Flo is. When you go online or call those companies, they don’t know anything about you. In fact it’s mostly done via internet or a 1-800 number. That’s why it’s important to have an agent. The reason why is when I have a client come in, what we like to do is evaluate what their need is: what’s their risk for exposure? Anyone can go online and put what coverages they want, this and that, but they may not even realize what their exposure is because they don’t have that communication, contact, or counseling with an agent or someone who understands insurance.
When I have a client come in we usually sit down and do a brief needs analysis. Some of the questions we ask are their income, that’s an exposure. What are their assets? What do they need to protect? Do they own their home? Other things that we may look at are: What’s the potential earning, too – future earnings. This could be somebody that’s wanting to be a specialized doctor. Right now they don’t have any money because they’re in school, but the potential in the future they will, so they need to protect that as well and those are some things we look at to what their needs are of insurance without over burdening them with premium we look at what will best fit their needs and protect them through loss.
Brigham Cluff: Is that usually a face to face meeting that occurs?
Derek Wilcock: When I started in insurance business it always was. As time has gone through, a lot of people they like using e-mail and text or what have you, other forms of communication, which is fine because I can still ask the same questions. I like the one-on-one because I get to know the individual as a person, but sometimes it’s not convenient for them, so we just try to ask those questions, which by the way, the other companies, the 1-800 companies, or the internet companies, they don’t ask those questions. They’re just out to give you what you want at the best price. That’s important to look at. You can always shop insurance and you can always find the lowest price if you constantly are shopping because they change. Everyone knows that. What’s the most important thing is not price is your protection and why you’re buying the insurance.
When I have people come into my office and they say I want the minimum limits and that’s all I want, I’m not looking for them as a client because we need to talk about what the minimum limits are: $15,000, $30,000. I don’t want to as an agent to expose myself to an errors and admissions claim myself, or professional liability claim because I didn’t recommend or push them to get those higher limits to protect them.
Brigham Cluff: Where you really provide value to a client is where you’ve got a client that has something on a line, that has something at stake, that requires some expert analysis and attention to their situation.
Derek Wilcock: Yeah. Especially those that have built up or accumulated assets. That’s where they might need someone to look over what they have to make sure those things are protected. Just like an accountant would do to help them lower their tax liability, we’re going to try to increase their liability protection seeing what their exposures are.
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