Last week I tweeted a link to one of our web exclusives, an article on when to walk away from potential business. It was simply to send folks to the article on our new portal to read it.
What happened instead was several comments via LinkedIn weighing in on the pros and cons of this risky behavior.
Let's face it, in today's super-competitive insurance market, nobody wants to turn away business. But the author of the article, Susan Touissant from the WorkComp Advisory Group, makes the case that continuing to go after a reluctant prospect is a drain on a producer's time and energy.
Some readers agreed, especially if the sticking point was on price. One reader wrote:
Cost only becomes important in the absence of value. If they're trying to nickel and dime you, they don't realize the importance of what they are getting. Not the type of client you want to have anyway! Peacefully part ways and move on to someone who “gets” it.
A lack of candor on the part of a customer is another reason to walk away. Ryan Hanley wrote:
This is a great question because it's different for everyone depending on that individual's tolerance. When a prospect withholds crucial information that does not allow you to play on the same level as the imcumbent, that is a walk-away.
Others brought up the increased probability of an E&O claim when dealing with dicey clients. Howard Candage wrote:
Walk away when the client refuses to take your advice and becomes an E&O claim waiting to happen. You have to have the confidence to stand up to your clients at certain times. When they go on a premium saving rant, you need to make them feel what it is like to have a claim and not have coverage. Make them feel it emotionally BEFORE THEY HAVE A CLAIM! Walking away may lighten my pay, but an E&O claim can hurt me! Remember — no premium is too much AFTER the loss!
Even with all this ammunition, though, I'd be willing to bet that some producers will have a hard time saying no to a potential policyholder.
What do you think?
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.