Redefine value

Value = (Price) + Cost Avoidance + Utility + Impact

In other words, what the client ultimately gets is based on a few different factors, all added together:

What the client pays, or their premium payment
What the client avoids sacrificing, such as time or energy saved by receiving a fast claim payment or not having to travel to a damaged secondary home
What the product or service does, or the claim payment for a loss or a loss prevented
How it affects the client, or the physical and emotional impact of the policy (ie: peace of mind, gratitude, etc)

So, value is more than a cheap price. That’s because a cheap price for a policy that fails to protect your clients or meet their needs, whether physical or emotional, is a lousy value at any price.

Resource

Value > price equation flyer

Help your client think about value as more than just a low price. Expand their definition of value beyond price to include cost avoidance, utility, and impact.

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Change the conversation

“How important would it be for you to be able to replace all the contents of your home, including things like upgraded cabinets and special-order appliances, should the unexpected happen?”

“How important is it to you that a carrier offers resources to prevent issues from happening in the first place?”

“Can you tell me about what you would expect from a carrier should you experience an unexpected loss to your home?”

“What is most important to you when choosing an insurance carrier?”

The impact of Chubb

Carol was devastated after major water leaks damaged the home of her dreams. But Chubb was there to make her whole again.

See Carol's story

When Kirtley and her family lost their home in a fire, Chubb was committed to making their lives easier every step of the way.

See Kirtley's story

After Gerry’s home was caught in a devastating wildfire, Chubb told him about coverage he didn’t even realize he had.

See Gerry's story