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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.
“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.
“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.
“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.
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