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A needs assessment should be conducted with each existing client and for each new prospect. It's presented to the potential client as the first and most important step in your insurance program development process. Your potential client learns that you're interested in custom-developing an insurance program and that you don't intend to simply shop and swap an existing policy for a better price.
For existing clients, a needs assessment is much more than a file update or courtesy call. The assessment is a complete audit of their program that will ensure that you, their agent, and they, your client, have all of the information that you both need to revise and enhance the program to exactly match their current requirements.
In addition to a policy review, the needs assessment defines and analyzes the individual clients' comprehension of their coverage and exposures, reveals their insurance buying preferences, and outlines their expectations regarding future contact and service. The results of the assessment allow you to gain a true understanding of each client's risk tolerance, expectations, and specific needs. This insight enables you to tailor programs and strategies to protect the client's assets while managing insurance costs. That satisfies the primary interests of the client--value and budget. Furthermore, the assessment provides you with all of the information that you'll need to proactively create and manage a customized "relationship management" plan that will all but guarantee that you never fall from grace.
In its simplest form, a needs assessment is little more than a list of questions or a checklist of topics to review. The types of questions and the number that you ask depend entirely on you and the nature of the client that you're interviewing.
Draw from your own expertise to formulate your questions and use them as a springboard to educate your prospect, define your involvement, and build the insurance program.
Pre-renewal meetings
Every appointment that I have with my physician begins with a review of my previous assessment and a recap of the wellness plan that we agreed to. Then she updates my file with any new developments, re-assesses, and creates a new plan for the coming year. When I had a freak stroke at age 40, my physician's disciplined approach enabled her to quickly rule out a long list of potential causes, identify the likely cause, and begin effective treatment immediately.
Once you've created and conducted a few assessments, you'll discover that they're as valuable to you and to your client as my health assessment is to my physician and me. Like my health assessment, insurance needs assessments should be conducted annually with your key accounts and appropriately updated prior to renewing the insurance program. As policy renewal time approaches, schedule a pre-renewal meeting to identify any potential gaps in coverage, introduce new products and services, continue the client education process that began with the initial assessment, proactively address any questions, and redefine service and contact expectations.
Pre-renewal meetings should be conducted face-to-face whenever possible, especially with your key accounts. However, they can also be done over the phone, by e-mail, or a combination of both. The main objective is to keep yourself current, keep your clients current, and to consistently define and provide the "peace-of-mind."
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