MRL #087- How You Know You're Doing "It" Right

Author

Max Revenue
September 23, 2024

Last week the Sales Manager for a regional agency reached out to me:

“Hey Max, it’s Gary. Been following yall for a few weeks now and loving the content. Think I’m ready to invest in the Producer Playbook. But, before I do, can you please confirm there is a difference between traditional coverage review and your Due Diligence Process?”

Can do, Gary.

There is indeed a difference, it’s not just “positioning”.

A traditional coverage review is just part of a proper Due Diligence review. Depending on your experience and your insured’s industry, size, location, pain points etc…

There are darn near infinite ways you could help them.

And that’s what Due Diligence is…

A comprehensive review of any and every thing involving the insured’s insurance and risk management program.

It’s not rocket surgery

Even ChatGPT knows there’s more to Due Diligence than just a coverage review.

Here’s what it had to say on the matter:

In addition to providing coverage reviews, insurance agents can assist commercial clients in various ways:

1. Risk Assessment and Management: Agents help identify and evaluate potential risks unique to a client’s business, offering solutions like risk mitigation strategies to reduce liabilities.

2. Claims Assistance: They provide guidance during the claims process, ensuring the client receives appropriate compensation and navigating complexities with insurance carriers.

3. Policy Customization: Agents work to tailor policies to the specific needs of the business, making sure the client isn't over- or under-insured.

4. Compliance Guidance: They help businesses stay compliant with industry regulations, local laws, and contractual requirements by advising on necessary coverages like workers' compensation or professional liability.

5. Cost Control and Budgeting: By analyzing multiple options, agents can help manage insurance costs and ensure the coverage fits within the client’s budget while still meeting essential needs.

6. Education and Training: Agents may offer training on risk management or insurance literacy to business owners and their staff, helping them understand policies, claims processes, and best practices.

7. Market Analysis: Agents monitor the insurance market, helping clients understand trends, emerging risks, and opportunities to adjust their coverage accordingly.

8. Vendor and Partnership Recommendations: Experienced agents might recommend trusted third-party services like risk control consultants, legal advisors, or specialized claims adjusters.

9. Renewal and Policy Monitoring: Agents assist with policy renewals, tracking deadlines, updating coverages as the business evolves, and ensuring there are no gaps in coverage.

10. Catastrophe Planning: They help businesses prepare for disasters (natural or man-made) by offering guidance on disaster recovery plans, business interruption coverage, and emergency protocols.

These services help commercial clients minimize risks, reduce costs, and navigate the complex insurance landscape more effectively.

This is by no means a comprehensive list, but it’s a good start.

Perhaps the best nugget I can give you though, isn’t how to do Due Diligence…

But rather…

The signs to look for to know you’re doing it right

The first is when you’re explaining Due Diligence to insured’s on your initial cold call.

When you get done explaining it if they ask:

“This all sounds great, but how much is it going to cost?”

You know you’re doing it right.

Another sign to look for is after you present to the insured.

If they thank you for the incredible insight and clarity…

You know you’re doing it right.

The best example I’ve seen of this happened last week.

Micah called me out of the blue and said:

“Dude. You wont believe what just showed up at my office.”

“What?” I asked.

“A crate of wine!”

“Huh?”

“Yeah, you know that contractor I presented to last week? They just sent me six bottles of wine to my office!”

Micah must have really wow’d them, because the best part is…

They didn’t even hire him!

Micah reviewed their entire program and informed them they were indeed in a good spot…

And they were so impressed and grateful for his review that they sent him a boatload of booze for his trouble.

Now, I don’t know about you, but that’s never happened to me.

Clearly there’s levels to this game and Micah is a few ahead of me.

If prospects who don’t even hire you go out of there way to return the favor, I’d say that’s a good sign you’re doing it right.

Ok, that’s enough out of me.

If you wanna go further down the rabbit hole on Due Diligence then check out our Producer Playbook.

It might just be the key to help you escape the vendor trap forever.

Remember…

Stop selling insurance, start selling due diligence.

See you next Sunday.

Kick ass take names,

Maximus F. Revenue IV