So… we have just gone through the November sales fest of 11.11 and black friday and your purchases are all starting to arrive at your door step; then, a sudden realisation hits you – why in the world did I buy all of these?
Essentially, have you ever bought something and then regretted it?
Definitely so for this writer here. Lol.
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 especially, this is the last thing you would want your clients to feel.
Not least because you care about the service your 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 the deal – 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 will really prevent buyer’s remorse.
Basically, if your client has a clear idea of the majority of his 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 General Insurance intermediaries, an example of this would be to go the extra mile and source for multiple quotes for your clients to pick from.
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.
So, it is entirely understandable that an intermediary will not move to this step, unless they are pretty sure their clients are up for the purchase.
But with Surer this problem is solved!
Users of Surer, save 95% of their time quote sourcing because we have streamlined and automated this process.
Not only that, this automation includes the ability to help you structure the presentation of these quotes, such that they are easy to compare, digest and for you to present!
Not only is this a good way to prevent buyer’s remorse, but also paints you 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 ‘John should know what works for me… I should not be worried’
Like in many articles we have written previously, we sincerely 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 believe in if we were to wear the consumer 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!
Having multiple ongoing deals and timelines might be overwhelming for insurance intermediaries.
Here at Surer, we have built features to cater to this, and which allows you to manage and keep track of your business easily.
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 salesperson 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.
We try to encourage this on Surer, with our ‘Referral Circle’ as well.
Basically, every user on Surer is able to add other intermediaries to their circle – once done, intermediaries can then communicate with each other and more importantly, work together on referrals.
We believe in community building because the collective is always more powerful than the individual!
Say thank you after you have said thank you
You have likely already expressed your appreciation to your client over the phone or in person…
But it would really make a lasting impression if you also took a bit of time to write this client a thank you note – either in the form of an email or text message.
It gives off the impression that you have this client in your thoughts even AFTER the deal is done and that you likely dropped them a note because of such.
Coincidentally, if you are having trouble feeling inspired on what to get your clients for Christmas, check out this article!
This then brings their level of assurance up a notch and chance of buyer’s remorse, down.
Of course, please steer clear from overly templated or sanitised messages – this might have the opposite effect.
The best notes are the heartfelt ones…