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  3. Account Rounding/Cross Selling

Do I need a declaration page to quote an account round on a renewal review?

For many agents requesting a declaration page assists in the quoting process but it hampers the sales process.

For many service agents they understand the need to cross sell/account round. There is a constant pull between underwriting, serving the clients and selling. Oftentimes these three areas have inconsistencies that force us to make decisions based on 3 different priorities. 

You Can Do All Three

The first thing I want to share is that you can be all three. We often lean on the one attribute that makes us feel most comfortable. 

If we have been burned by bad underwriting in the past, either something we did or something that we had to clean up for someone else, we may lean on over-underwriting. 

Question: When was the last time you have been burned by bad underwriting?

Generally layering on more requirements to obtain a quote is a way to avoid ever having to deliver bad or different news. However, the challenge is that we can't sell something we don't get the opportunity to quote. We need to open up the funnel at the top of the process to get the most opportunity and layer on underwriting checks before binding. 

Most Declaration Pages Are Not Accurate

In my experience just by making renewal review calls we find that your very own policies may not be completely accurate. So getting a declaration page that is inaccurate only adds in more work. You have to intake details from the client, then match it to an old declaration page and then, as you know, many systems pull up their information. 

While you want to share with them the coverages you recommend vs. what they have you can still do this at the end! You don't need it to quote. 

Most People Don't Have Their Declaration Pages Handy

Because most people don't keep their insurance handy you may be triggering them to call their current agent. Now, what happens when someone calls into your agency for a declaration page? You immediately try to stop them, right? Guess what you just did to your sale? One more step, you may be triggering losing the policy you have currently! 

Don't Put Extra Steps Between You And a Quote

In sales there is the theory if you confuse you lose. You want to put the least friction between you and your sale. Remember, people can get a quote online in 8 minutes. When we request more details, we are complicating and adding more friction to the situation. The more steps, the more likely you are to lose. 

What Is A Quote?

We have to remember that a quote is an estimate. You can use your words wisely to make sure that clients know this is an estimate based on information provided. Let them know the process and set expectations with them. 

When you put limits on the top of the sales funnel you won't see nearly the same success rate.