So, why exactly are you looking for a business insurance quote?
This is a question that BIB asked a customer yesterday. The situation was that they are insured with Insurer A through a broker for 4 years. The broker had offered the same business insurance policy each year, with increases, year on year, around the 7.5% mark. The customer has just received their 1st July renewal offer, which apart form being very late, had another increase.
They had then decided to look around for another quote. BIB decided to ask them why they were looking, in the nicest possible way. The reason being that they were paying £14,000 per annum and this years renewal was offered at nearer to £15,500. The problem we face as an online business insurance broker, is that we could quite easily get a quote under the £14k mark, in fact ours was nearer to £12,000. But, when we go back to the customer we know full well that their existing broker is going to phone up to check renewal is ok in the next day or so. The customer will say that they are looking to move elsewhere and lo and behold the broker will get the holding, or current insurer, to reduce their price to either match or just beat our price.
BIB has bene around long enough to know this is life and these things happen. But, we have decided now to ask the customer why they are looking. Is it because they want to try and beat their holding broker down or are they seriously going to move their insurance cover? Because, if we dont get some sort of commitment, why should we waste an hour or so of ours and our insurers time, just to let their existing broker retain them as a client?
We sow the seeds of discontentment to the customer. We explain that whatever we quote their broker will beat, we put that on the table early on. But, we then say that why should they give the broker the chance, because they are doing the brokers job. We let them know quote clearly that we are happy to quote, but we dont think it is fair that we, and they, are being used bu their lazy and complacent broker.
The good thing is, that in 8 out of 10 cases, we get to keep the business!
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