In a situation where a lawyer slides a mortgage insurance document across the table to a client and legally cannot say a single word about it – the sign-up rate is ~13%.
13%!
No speaking. Silence.
13%.
The irony is that thousands of mortgage agents across the country have a sign-up rate of 0%.
Zero!
In other words, these agents are actively discouraging their clients from taking coverage that may well be the only coverage the clients ever consider, are exposed to, qualify for, etc.
As it was so well stated at BrokerTalks in Vancouver, ‘It sucks to suck’.
If your client protection rate is below 13% here is a new sales strategy for you – slide the document across the table and tell the clients you cannot say a word about the coverage, but you need them to stare at the form for four minutes.
It is important to set aside any personal bias on the topic of insurance and recognize the role we play in being able to offer instant coverage – and I mean instant – as in the moment the clients sign the document and you send it in – instant! And let’s face the fact that with moving house and all that is happening in the clients’ lives, when it comes to them actually connecting with that referral you made to an outside planner… well that may not happen for weeks, months, or ever at all.
A Broker should also be aware of the deep emotional pain they may themselves suffer from receiving the (inevitable) phone call that will come from a client wondering if they, or their partner, took the life or the D.I. coverage. How did you position it? How much time did you take to explain what was being offered? How well did you really do your job?
If you had to stand before a judge and were viewed as the licensed professional with years of experience, and the first-time buyer said is was the last page in a long stack and just did not seem important to the Broker – how do we expect that judge to view the situation?
If you want a few ideas as to how and why to level up your presentation of the MPP product in particular have a listen to Ch. 91 from Volume 3.
And in case you were wondering, no the MPP team did not hand me a briefcase full of cash while I was at their offices last week to get me to write a post like this. This post stemmed from reviewing my notes, and frankly the 13% closing rate for a person saying nothing vs. 0% for Brokers who should be well trained and actually explain the offering – well it just blew my mind. Hopefully yours too.
Be better!
Thank you
Dustan Woodhouse