A friend of mine has a theory about marriage. He says, instead of ‘till death us do part’, marriage should be a five-year contract. At the beginning, both parties agree to dedicate themselves to the marriage for five years and then reassess the commitment. Ideally, the contract will be renewed for a further five years, but if not, both parties go their separate ways. No harm, no foul.
It might not be a bulletproof plan for reducing the number of expensive divorces in the world, but it does make an interesting point about client relationships in insurance. When you engage with a new client, you are entering a short term, prospective arrangement. It’s a contract that expires and can be renewed, or not.
You Don’t Own ‘Your’ Clients
It is not a marriage. There are no guarantees in that relationship outside the set parameters. There is no Until Death Do Us Part. When a client becomes ‘your’ client, they only do so for a set period. If they leave after that period they have not breached an agreement or wronged you in any way. They have simply done what they thought was best for them.
Few agencies treat client agreements that way. They see ‘their’ clients as a possession. They expect the client to remain with them, because they provide a great service. Many agencies get so wrapped up in that idea that they get offended when clients choose to move to another agent. They even talk about broker of record letters as if they were divorce papers. The thing is, that client owes you very little.
You Owe Them Everything
On the other hand, you owe your client everything. Your client pays your salary, they ensure you are able to stay in business and they make it possible for you to gain new clients and expand. Keeping clients happy isn’t an extra value service, it’s not an addition to your insurance services; it’s one of your key goals. You need to work hard to keep that client happy, do everything you can to meet their demands. If you don’t, they are perfectly entitled to jump ship.
My friend’s theory on marriage isn’t designed to give either party an out. He says it would make both parties work harder. Relationships that are guaranteed for life can be taken for granted. Why would you work on it if you knew it would always be there, regardless of effort? In a five year agreement, you would have to strive to be the best husband or wife possible; because if you don’t you might lose your partner.
Client relationships aren’t marriages. They offer no long-term guarantees. If you don’t work at them, you might come home one day to find the client has left you for a younger and better-looking agency. Worse than that, you would have no right to be jealous because the only person to blame would be you.
