Countering Objections

Countering Objections

We can face objections in all aspects of life, and as a broker, you’ll know that insurance-based ones are some of the most common. Thanks to the vast range of self-service options so readily available, clients are now more aware of the processes behind obtaining insurance. As a result of clients becoming ever more self-sufficient, you’ll undoubtedly face objections about price, product fit, or competitors. 

Your advantage as a broker is your expert-level knowledge of the industry, its products, and your ability to provide a stress-free service.

Here are some of the most common objections and some potential counters you may find helpful.

“I’ll do it myself.”

The phrase will likely come up early in the conversation. Aggregators have made it easier for consumers to get multiple quotes, but they are still a long, drawn-out process. Remind both your new and re-mortgaging clients that you already have most of the information from the mortgage application, and it won’t take too much longer. 

Also, remind them that they don’t have to go through the quote again with you, and this is something they will have to do with the insurer online.

Possible counters:

• I already have most of the information I need to complete the quote from your mortgage application
• I can get quotes from a panel of insurers, so you only need to do it once
• Once we’ve got a quote you’re happy with, there’s no need to fill out the application again with the insurer
• You’ll only need to give me a few more details, and I can find you a policy that protects you fully

“I found a cheaper quote elsewhere.”

Whilst we advise not to make to the conversation about price, it will often crop up as a reason not to go with your option. Remind your client that their quote with you will be guaranteed for 90 days, and you have access to deals that won’t be available to them on the high street. They may shop around and return to your deal.

It’s also worth mentioning that prices shown on aggregator sites are only indicative and can change once passed to the insurer. You can also flex your commission to make the quote more attractive if need be. 

Possible counters:

• Is that a guaranteed quote from the insurer, or just what the comparison site is listing?
• If you want to go with that quote, I’d be happy to check to see if it meets your requirements.
• Let me go back to the quote with XX and see if I can make that any cheaper for you
• Are you aware of the pitfalls of comparison websites? Cheap doesn’t usually go hand in hand with the correct levels of protection

“I already have insurance.”

Sometimes you might work with a client who is moving home, and they already have an existing policy. Many customers find insurance challenging and are happy to stick with what they know, but they could be on a policy with a high premium, inadequate cover or both. 

Possible counters:

• When was the last time you checked to see if the premium is still competitive?
• Do you have what it covers? I’d be happy to compare it to the requirements we’ve identified
• There’s no obligation to take any of the quotes I present you with
• Are you aware of price walking? I want to ensure you haven’t been paying over the odds

“Is insurance essential?”

You may find that some clients may grumble at insurance as a whole and only request the bare bones of a policy to fulfil the requirement of the mortgage. It’s your job to help them understand that their home and its contents will likely be the most significant investment they will ever make. 

If your clients are set on the idea, encourage them to think about the sum of replacing their contents should the worst happen; you’ll usually find they are surprised at how high the figure would be. 

Possible counters:

• If you haven’t got sufficient cover, you could end up in a sticky situation should the worse happen
• Events can happen in the home, so make sure you don’t put yourself in a position where you could have to fork out thousands of pounds
• This is the most significant investment you’ll ever make; it would be unwise not to protect your biggest asset properly
• If we added all your contents, the average sum for your size house is XX. This is the amount you would have to accumulate to replace all damaged items should the worst happen. A contents policy removes this risk. 

Our broker support team are on hand to offer you one to one training and support on all your GI-related queries. If you’d like to speak to a team member, you can call 02920 265 265.

If you’d like to start a quote or register to join us, go to www.gi.thesource.co.uk