MRL Replay- Stop Selling Insurance, Start Selling Due Diligence

It’s a Holiday weekend so I decided to spend the evening with the family.

So, no new newsletter this week.

Not to worry, though.

I’m still sending you the goods…

Because I’m hitting the “replay” button on one our most popular posts ever titled “Stop Selling Insurance, Start Selling Insurance”.

Whether you’re reading this for the first time tonight or rereading it again…

Stick around because it’s worth it.

Alright, let’s get to it.

Banger incoming...

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I’ve got good news and bad news…

First, the bad news.

This letter is longer than usual. It’s at least a 7 minute read.

The good news…

The next 1,000 words will make you a lot of money if you’ll actually invest in what I’m about to show you and implement it into your sales process.

So, let’s get started…

Tell Me If This Sounds Familiar?

You work hard to get into an account only to hear the business owner say:

“We’re happy with our current agent, but you can quote if you want.”

Or maybe…

“We’re unhappy with our agent, but you’re still going to have to win our business.”

If you’ve ever heard a version of either example, you were caught in the “vendor trap”.

The vendor trap is when a business owner perceives you as having no other value than your ability to “quote” their insurance. 

You are a vendor just like their copier guy, their office supply guy, their IT guy.

Your services are a dime-a-dozen and you can be replaced at the drop-of-a-hat.

The vendor trap is a crappy place to be (I would know, I spent the first 3 years of my career there).

The good news is, you don’t have to stay there.

You just need to stop selling insurance, and start selling “due diligence”.

So…

What Is Due Diligence?

If you’ve followed Micah and I for any period of time you’ve heard us talk about “due diligence”.

So, let’s define the term.

Due diligence is an insurance program review.

Now, I know what you’re thinking…

“Max, that’s nothing new. I review policies all the time and I still have to quote.”

To that I say…

“Exactly”.

If you’re doing due diligence and you’re still asked to quote you have 2 problems:

1. You’re not actually doing a legit program review

2. You have a POSITIONING problem

For the sake of time, I’m not going to try and teach you how to do a proper program review today. Every market, carrier, and niche is different. It would take volumes to do that. If you want to learn that stuff, go find a mentor.

What I will teach you in this letter is how to properly “position” yourself by leading with due diligence. 

So, let’s get to it… 

Proper Positioning Begins On Your Very First Cold Call

Your end goal when selling “due diligence” is to get out of the vendor trap, be viewed as a valuable problem-solver, and get a signed Broker of Record Letter.

You don’t do that by starting off like every other Tom, Dick, or Harry calling on businesses:

“I was wondering if I could get 15 minutes on your calendar?”…

“Our mutual friend Brad gave me your number. Interested in a quote?”…

“I just saved your peer 25% on their insurance. Interested in a quote?”…

Notice the similar problem with all those typical intros?

They all lead with quoting right out of the gate.

You’ve literally built the vendor trap for yourself and walked right into it.

So, let’s try something different. Instead of leading with quoting… let’s lead with due diligence.

Something like this:

“Quick question, do you ever do any due diligence around your insurance program?”

95% of the time they will respond with one of two objections. Either…

“What do you mean by due-diligence.”

Or…

“We’re happy with our agent.”

Now, here’s the beauty of our script. To both answers you give the same response:

“I know you already have an agent, was just seeing if maybe sometimes you wonder if you’re missing important coverages or leaving money on the table.

I can provide you those answers WITHOUT disrupting your current agent relationship.”

Boom!

Now, you’ve opened the door with due diligence!

Notice…

You didn’t offer them a QUOTE. You offered them EXPERTISE.

You anchored yourself to VALUE not PRICE!

And…

If they are interested, they know you can help them solve their problem(s) WITHOUT rocking-the-boat with their current agent… THEIR BIGGEST CONCERN!

Is that beautiful or what?

But, remember…

We’re Not Trying To Sell To Everybody

Our due diligence framework is only designed to help 2 types of people:

1. People in pain

2. People willing to take a look under the hood

That’s it. 

Too many agents try to sell people who don’t want what they’re selling or don’t need what they’re selling (another insurance quote).

Big mistake.

Shun the non-believers.

Instead, find the people who need help or are willing to see if they need help (and don’t know it yet).

That’s the game.

If you’ll start taking this approach (instead of just selling insurance) you will save yourself so much time and energy. Not to mention your close rates will go through the roof because you’ll no longer be spinning your wheels stuck in the vendor trap.

Now, I must confess… this is just the tip of the spear.

Selling Due Diligence Doesn’t End Here

There is a very specific way you should structure and conduct your meetings…

There is a very specific way to continue the due diligence process and eventually ask for the BOR.

But, this is more than I can cover in this letter.

If that’s something you’re interested in learning, go check out The Producer Playbook.

If not, no worries.

Hopefully, you can at least see the difference between selling insurance and selling due diligence.

One positions you as a vendor… the other, as a valuable partner.

I know which one I’d rather be.

How about you?

Ok, that’s enough out of me.

See you next Sunday.

Kick ass take names,

Maximus F. Revenue IV