Simplify the complex

We are all biased toward simplicity. While people may be able to make complex computations, we still prefer simple decisions. Online disruptors, for example, take advantage of this bias by focusing on one variable – price, which can lead to three new challenges:

Issues with a price-centric focus:

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Oversimplifying your clients’ needs making them think that all insurance products are the same.
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Blurring the buying alternatives (by letting your clients say, “I just need some insurance.”)
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Devaluing your contribution and all value drivers beyond price.

Making their decision easier

Even when your clients come to you with options they found in their new purchasing journey, they still look for you to make a recommendation that is in their best interest. By providing a recommendation based on their unique needs and explaining the benefits and impact of your recommendation, you simplify their decision. Here is what they told us:

81%
of consumers expect their insurance agent to make a recommendation
77%
will pay more if their agent articulates the value of the policy and the tradeoff between cost and quality
Tactic

Ask simple questions to uncover complexities

Ask simple questions like these to help clients realize that their insurance needs are more complex than what they had been led to believe:

  • “If a few of your custom kitchen cabinets were ruined by a water leak, would you want to replace all of the cabinets so they could all look alike?”
  • “If you or someone in your family were sued, how would that affect your financial strength and outlook?”
  • “If you were in an accident with an uninsured driver, how would your financial situation be affected?”
  • “If your home was damaged or destroyed, how critical would it be for you to stay in your neighborhood or school district, so as not to disrupt your family any more than necessary?”
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Agents and brokers are vital to Chubb’s success. To help you grow faster and more efficiently, we’ve created resource centers, tools, and programming you can use, and are actively investing in research and partnering with industry experts to share with you the best ways to understand and work with successful families and individuals.

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