Blog Post #19 P&C INSURANCE AGENT PRIMARY REFERRAL TARGETS

P&C INSURANCE AGENT PRIMARY REFERRAL TARGETS

 JB:  Yes, and once the Financial Advisor makes the plan, everything else falls into place.  But you have to have that start with a plan.  Alright, I want to talk about each individual professional now.  Let’s start with the Property & Casualty Agent.  Who are the Property & Casualty Agent’s primary targets?

 MM:  The primary referral targets for the Property & Casualty Agent are the Financial Advisor and the Realtor. 

 JB:  Now I would assume that these would be after the purchase because the P&C Agents are not really in a great position to refer during the purchase.

 MM:  Yes, that’s correct.  During the purchase of a home, it’s difficult for the Property & Casualty Agent to refer.  The only real strong opportunity to refer is when they are reviewing a client’s insurance policy.  I think they should be discussing the Umbrella Policy.  Reviewing the Umbrella Policy and protecting assets typically creates a discussion around asset protection. 

Reviewing their insurances together does create the opportunity to ask the Referral Generator Questions.  Basically, “We’re reviewing your insurances together.  How is your relationship with your Financial Advisor” but other than that, during the process they don’t have the opportunities.  So the P&C Agent would ask these questions after the purchase closing, correct.  

JB:  So, reviewing these insurances together is a smart thing to do, right?  Reviewing the insurances together makes a lot of sense.  I mean you want to work with your client on understanding if they have the proper coverages in place and the proper amounts in place, right?  So it makes perfect sense.

Now, Mark the Mortgage Originator has probably already made the introduction to the Financial Advisor

MM:  Yes, on a purchase, the Financial Advisor may have been introduced multiple times. The Realtor may have made the introduction during the Buyer Meeting.  The Mortgage Originator should have made the introduction at the Consultation.  So, the Property & Casualty Agent may just be reinforcing the importance of speaking to a Financial Advisor.   

 JB:  Yeah, it’s definitely important for the P&C Agent to still mention it.  It reinforces the idea of making that contact. 

Mark, what about the second primary target for the P&C Agent? 

MM:  The second primary referral target is the Real Estate Agent.  The key here is for the Property & Casualty Insurance Agent is to remember each and every time they get to the section on their Fact Finder that discusses real estate values, that they are asking about property value which is critical in calculating net worth. 

 This is the time to ask about the relationship with the Real Estate Agent who specializes in Equity Assessments.  So, whenever you get to that “What’s the value of your real estate”, if they know, “How is your relationship with your Real Estate Agent who specializes in Equity Assessment?”

 It’s critical for calculating Net Worth and it should be asked every single time. 

 JB:  Yeah, I’ve gotcha.  We’ve gone over this many times during this interview.  It should be really easy at this point. 

 MM:  Yeah.  It really is a great opportunity.  You know, in the past three years when we have interviewed so many Financial Professionals across the country, we found that a majority of them have software programs for this specific purpose, of calculating real estate value. 

 The financial software that that these financial firms now have a real estate valuation component.  I think this presents a fantastic opportunity to refer a Realtor.  

 JB:  Yeah, I agree, but so we all understand, can you explain more just how exactly that would work?

 MM:  Well, it’s really easy to just say to the client, “Mr. Smith, the online property evaluation of your home is saying $400,000, but I have to tell you, online value estimates are really not that accurate, and you want to be sure of this. How is your relationship with your Realtor who specializes in Equity Assessments?”

 JB:  This creates a great opportunity. 

 MM:  I agree.  It’s an opportunity not only for the Property & Casualty Agent, but all the Core7 professionals.  Think of it this way, all of the professionals have opportunities to ask their clients about the value of their real estate.

 JB:  Yeah, I agree with you Mark.  Each client needs to know the value of their property.  

 MM:  Right.  The Financial Advisor, the Accountant, the Estate Planning Attorney and the Property & Casualty Agent need to know the real estate value to calculate a client’s total Net Worth.  The Real Estate Attorney, the Mortgage Originator and Realtor need to know the value for property sales and loans.

 JB:  I agree Mark.  Net worth is not only a score card, but can also be as volatile as an investment. 

 MM:  That’s true Justin.  I feel the Referral Generator, when discussing value, is the best opportunity for everyone in the group because buying a home is usually someone’s first big financial move, and the Realtor meeting all of the client’s network is the best opportunity to start the referral train so they can get a full group together. 

JB:  Yeah, that’s absolutely 100% true. Let’s go over the Mastermind Group Meeting Group questions for the P&C Agent.

THE P&C INSURANCE AGENT ACCOUNTABILITY QUESTIONS

MM:  Okay, great. The questions that need to be asked at each and every meeting are:

1. How many clients have you discussed an Umbrella Policy or reviewing your insurances together with this month?
2. How did the referral to the Financial Advisor go?
3. How many have discussed updating asset protection and review of their net worth?
4. How did the referral to your Realtor for an Equity Assessment go?

 JB:  Again, there’s the accountability. You’re asked very specific questions about referring their primary targets.