So… the November sales fest of 11.11, black friday and cyber monday are coming up.
With every sales fest, and a couple of impulsive buys later… we sometimes end up wondering, ‘why in the world did I buy all of these?’
If so, you are likely suffering from buyer’s remorse!
Depending on the value and importance of the purchase, this could be the worst feeling ever.
As an insurance intermediary, this is the last thing you would want your clients to feel.
Not least because you care about the service you provide to your clients, repeat purchases and referrals.
Also, ultimately, insurance is meant to give your clients a peace of mind; you care about the client and want them to feel confident in what they had purchased – it kind of reflects their confidence in your advice as well.
Sometimes, it really is not because you did a bad job or that you mis-sold anything. It is just something that happens…
The time and effort you spend on after-sales service is as crucial as that during the sales process.
After all, buyer’s remorse typically kicks in a couple of days after the purchase.
So… here are some tips to nip any of such occurrences in the bud!
Layout the options for the client
This is something that is part of the sales process as opposed to post-sale but we highly recommend you to do so because it can really prevent buyer’s remorse.
Basically, if your client has a clear idea of the majority of their options available, they will know that when they sign on the dotted line, that they are doing so, eyes-wide-open, and had the pick of the cherry.
Specifically for insurance intermediaries, an example of this would be to go the extra mile and source for multiple quotes for your clients to pick from or in the least let the client be aware the existence of other options.
It works a little bit like comparing prices and discounts while shopping online. Just that, you are doing this on behalf of the client!
From there, you can provide your advice and opinion on which one they should go with.
We understand that sourcing for a quote can be a painful and tedious process (but not so if you use Surer!).
Not only is this a good way to prevent buyer’s remorse, but also paints you in a favourable light – that you provide value and care about your client’s well-being.
Which brings us to the next point…
Let your clients know you care
Do not just pay them lip service.
Throughout the process, try to let your client know that they are not merely your means to an end and actually putting in the effort to cultivate a good foundational relationship.
When your client trusts in you and your advice, even when the buyer’s remorse creeps in, they can actually look to you as their ‘pillar of confidence’ and tell themselves ‘My agent should know what works for me… I should not be worried’
Like in many articles we have written previously, we believe that an insurance intermediary is more an advisor than a salesperson.
Which is also why we believe in Surer’s mission to empower you, the intermediary, because in this segment, the human factor is still highly important!
This is something that we truly advocate if we were to wear the client hat
Basically, lay out when and what the client can expect from the moment they commit.
For example, a simple breakdown of the process of when they can sign the policy, when the policy will take effect, when they should expect to have the necessary documents, when and how they can reach you or the insurer should there be claims to be made, when you will reach out to them to remind them of their policy renewal etc.
THEN. ABIDE. BY. IT.
Keeping to timelines is the same as keeping your promises – this is part of the trust building process that will ultimately prevent buyer’s remorse!
Create your ‘community’
While this is something that is more suited for companies, we see no reason not to share this with intermediaries as well.
In the corporate world, it is called ‘user groups’ – where the intermediary includes or introduces the client to other similar clients so they can interact, share experiences, tips and tricks.
For intermediaries, this can be in the form of get-together events that you host on a recurring basis – even if it is to show your appreciation to clients, it also showcases how you are trusted by many others and not them alone.
This goes a long way in preventing buyer’s remorse.
Show appreciation AFTER you have closed the deal
You would have likely already expressed your appreciation to your client at the point of closing the deal…
But doing so AFTER the deal is closed (and for example when the policy is incepted) goes a long way as well. Essentially, you are showing that you have kept this client in your thoughts even AFTER the purchase and will be there should they have post-sale issues.
This then brings their level of assurance up a notch and chance of buyer’s remorse, down.
Of course, while the above are practical ways of which you can prevent buyer’s remorse, the most important thing is that you genuinely care for your clients. trust us, it can be fairly obvious.