Consultative Broker Briefing - V. IV, No. 6 - Doing The Deal: A Four-Step Process

The Consultative Broker™ Briefing
Volume IV, Number 6
A Free Publication of C.R. Ekern & Company
888.670.1177
www.crekern.com
Copyright, C. R. Ekern & Company, 2002

"Doing The Deal: A Four-Step Process"

Consultative Brokerage is a strategy for account development. Like creating a fine tapestry, this strategy involves many layers of focused energy. Each layer builds toward a successful conclusion and has its own pressure points. Take for example the last deal you did: How many different sales were inside of the transaction? Chances are you had many small sales leading up to the final appointment as the agent/broker.

“Doing the Deal” using Consultative Brokerage is a four-step process. Each of the steps has specific pressure points that must be addressed with a client. In the event one of these steps is neglected, it jeopardizes the probability of attracting the client. Here are four of the primary pressure points of every successful major sale:

The initial discussion. As a Consultative Broker, you must use this meeting as simply a fact-finding mission. You are determining if the prospect has the right culture to fit well with your firm. You are also using this meeting to see if the prospect has any unresolved issues that can be used to reduce their TCOR (Total Cost of Risk.) Success is determined by the client’s willingness to provide you with information for further discussion.
The research period. This is a time for you to have multiple client contacts, all centered on gathering information. Astute brokers use this period to deploy resources and build relationships based upon problem solving. These problems are not simply insurance issues, but usually revolve around resource driven solutions. Success is determined by the client’s acknowledging the issues and the value of your expertise (i.e. how you will reduce your client’s costs.)
The deployment period. During this period, Consultative Brokers demonstrate their firm’s unique ability to reduce their client’s costs by utilizing special resource capabilities. These resources such as loss control, claims, and specialized expertise are introduced and demonstrated to the client. The goal of the deployment is to establish and verify the ways that your firm can reduce the cost of risk by using these specialized resources.
The appointment period. Unlike the traditional insurance sale, if you have done your homework, the decision should already have been made. In fact, the deal was done during the deployment period! All that remains is for you to restate to the client the value you have previously established. There is nothing left but to be appointed as the broker.

Of course, all of the above focuses entirely on the client/prospect. In today’s marketplace you have an entirely different set of steps with the carriers. But that is a subject for a future Consultative Brokerage Briefing!

Best regards to all Consultative Brokers,

Rob Ekern
President
C.R. Ekern & Company

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Thank you.
C.R. Ekern & Company