Insurance Consultants Of Maine Newsletter

Insurance Consultant & Mentor
Scott Simmonds, CPCU, ARM
January, 2007

Helping Insurance Experts Build Great Businesses
www.icmentor.com

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Feel free to forward this newsletter to colleagues. Comments, questions, and suggestions are always welcome.
Email: Scott@ScottSimmonds.com or call 207-284-0085.

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How Has My Consulting Practice Changed?

A mentor client recently asked me how my practice had changed over the past few years. I thought it was a great question.

The basic work is the same. About half my practice is reviewing coverage - what I call due-diligence work. About 30% of my work is for clients who have hired me to help them with all their insurance issues - insurance management – usually on a 12 month contract. The last 20% is helping businesses bid their insurance. The bid work is growing. I used to discourage bidding, favoring using the current agent to search the marketplace. That seems to yield mediocre results. Now I wholeheartedly endorse it. I have found that underwriters take advantage of clients who don’t bid. They don’t provide the most aggressive pricing or coverage enhancements. Therefore, to get the best deal for my clients, I go to bid.

I also don’t work as hard as I did a few years ago. Lately I have been focused on decreasing my work intensity. I’ve found that my work provides different amounts of value to my clients. I’m focused on increasing the value I provide while decreasing my own work intensity.

Here's an example. I used to provide my clients with huge reports of my activity. My reports were 30 pages long at times. I’ve learned that not all of my clients want that much. Many just want to know what I have found wrong. Now, many of my reports focus on what I found and what we will do to fix the problem - maybe 3 pages of text.

Why provide 30 pages when all the client wants is 3? Especially true when all the value is in the 3.

I’m more succinct with my clients. I answer their call. Get to the gist of their problem, answer the problem, and get off the phone. My clients appreciate fast response and direct answers. I’m certainly not rude or abrupt. Take care of business and move on.

I cut clients off more. I don’t let them ramble with their descriptions of problems. I listen and feed back their concern. I shut down long explanations and have them get to the point by summarizing what I hear. "Bill, let me stop you here. What I think you are asking is..."

I live by my 90/24 promise. I promise to return all phone calls in 90 minutes and all emails in 24 hours. Nothing is more beneficial to my business than keeping this service pledge. Clients know they can count on me getting back to them quickly. I have management contract clients who have renewed with me just because they know that I will be there if they need me.

I use more technology to help me get work done quickly. I subscribe to a service that lets my clients view my desktop during phone calls. I can show them what I’m talking about. Visuals help me explain issues and review coverages. I have a scanner that allows me to move paper quickly. I have a postage machine so I don’t have to go to the post office. I have a label printer so I can get letters out quickly. I have a software program that pulls up client records on my computer using caller id. I use tools to help me get more done faster.

I read more. My clients expect that I am up on business trends and events. I use the publications I read to provide value to clients. I send articles to prospects and clients whom I think would benefit from the information - might be insurance - might not be.

I write more. I probably spend 5 hours a week writing magazine and newspaper articles. It builds my credibility and my body of work. Its amazing the response I get from people who see my articles.

I think more. I try to go out on the trails behind my house every day. I walk and think. I carry a notebook and pen to jot down ideas.
I’m having more fun. I am focused on building value for both my insurance clients and my mentor clients. I love getting calls from other insurance consultants who tell me that the advice I gave paid off. There is no greater feeling in the business world than to be told by a client that your help is invaluable.

If often called consulting the best job in the insurance world. Every day proves me right!

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Free Mentor Sessions - Call me for a free mentor session. Email me a bit of information about yourself. Tell me about your current job and where you want to go. We'll set up a time to get together on the phone. I'll provide a free mentor session - no obligation. Let's spend some time exploring where you want to go in your insurance career and how I can help you get there. I've offered this now for a few months. It's been great to talk with some of my loyal readers. Call me.

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Referral Network - I'm building an online listing of insurance consultants. This may grow into a referral network and directory. I need to know who is out there! If you're interested in being a part of a directory, please complete the form at http://insuranceconsultant.org/listform.htm. There is no cost or fee.

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Consultant Mentor Program - Designed to help you build your business faster, with less hassle, and fewer false starts. Grow your current practice or gain the edge in your startup. The object is for you to make your business the best it can be - faster and more profitably. Go to http://www.icmentor.com/mentor.htm.

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Insurance Agent Mentor Program - A fair number of my subscribers are insurance agents who have no intention of becoming consultants. Several have talked with me about how my methods can help them. The principles of marketing professional services are universal. I'm glad to talk about how we might be able to work together to build your book of business. Call or email me to discuss.

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Scott Simmonds, CPCU, ARM
Phone 207-284-0085
Scott@ScottSimmonds.com
http://www.ScottSimmonds.com

Insurance Consultant Services Website: http://www.icmentor.com

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