Jared Seyl Farmers Insurance: Three Tips for Selling Insurance Over The Phone

Gone are the days when the only way you could sell insurance was through face-to-face meetings with the potential client. Nowadays, anyone who wants to purchase insurance just has to look for agents or agencies in the area on Google and to make initial contact on the phone. This makes transactions faster. However, most clients don’t have much time to spend on the phone, so coming up with a quote is essential to close a deal quickly. Here are three things you could do to help you sell insurance on the phone.

1. Get a computer with dual monitors. It might seem like a trivial thing, but you need to have both your CRM and your quoting software on your screen at the same time if you don’t want any delays in giving a quote to a client. You may also have your underwriting guides open in one screen for quick, easy reference. That being said, you might want to invest in a VOIP phone system that allows you to make and receive calls using your computer to save time.

2. Establish your credibility. Now that you have all of the tools you need in front of you, you must use them to establish you role as a financial advisor. Trust is the most valuable currency in insurance transactions, especially since other agencies might offer a deal that costs far less than the figure you’re proposing. Whenever a prospect asks a question, try not to sound hurried or frazzled. Instead, maintain a calm, steady manner. You’re the expert here – you can control the flow of information and how it is perceived by the prospect.

3. Keep asking questions. You can’t just assume that prospects go for the lowest available quote. Many agents make the mistake of offering a very low monthly premium when the client actually wants the highest available level of protection. Ask your client what they really need and expect out of their insurance coverage. Only then would you be able to come up with a proposal that meets their requirements.

Jared Seyl of Farmers Insurance sees M&A Challenges with the High Deal Value Trend

There is a particular trend noticed by Jared Seyl: Farmers Insurance clients seem to be turning more towards mergers and acquisitions. However, some deals and candidates in the M&A field don’t seem to be able to meet that demand. It appears that the recent trend is that sellers expect more high deal values for M&As.

What The Experts Say

According to Moody’s Investor’s Service, acquirers of M&A, particularly within the field of specialty insurance, have been “large and well-diversified firms.” They also feel strongly about diversifying operations. It’s for this reason that they seek out smaller agencies that have specialized portfolios that could boost their own.

Diversity and Growth

Part of the reason that M&As happen is to diversify and maintain market relevance. The variety of products to address customer needs is something that resounds with Jared Seyl, as Farmers Insurance is well known for its myriad of products. The teams in Farmers Insurance, one of the nation’s biggest providers of insurance, always make sure to remind customers that they provide a very diverse lineup of products. From commercial to financial, business, and personal products, the company aims to be able to provide whatever the customer may need. That is what the buyers of mergers are also trying to achieve.

High Profile Deals

The experts feel as though the past year will get remembered for its challenging times for dealmakers. Since there aren’t as many high valuation deals to be had, it was more difficult to close deals. It carried on up to 2019’s first half. However, the problematic market has started to show signs of letting up. Even though small to midsized reinsurers may still feel some of the struggles, prompting them to go on and merge with more substantial companies, 2019 is seeing an uptick. This economic downturn may prompt along with a better value. Dealmakers might be able to do better with declines.

Jared Seyl Farmers Insurance: How the Internet of Things Could Change Insurance

For an industry that relies on massive amounts of data to keep it running, the field of insurance has been somewhat of a slow adapter of disruptive technologies, such as artificial intelligence. However, insurers are beginning to see the value added by emerging technology to insurance processes. The Internet of Things (IoT), in particular, is seen as something that could change the way insurance is bought, sold, and processed. Below are three potential applications of IoT to insurance.

1. Customer Service Personalization. Smart watches are more than just interfaces between a user and their mobile devices. A FitBit, for example, tracks not just the number of steps its wearer takes daily; it also calculates the user’s sleeping patterns and other vital signs. Using this information, an insurer can come up with personalized policies that consider the potential client’s lifestyle and health risks. Sensorized cars could also detect their drivers’ driving habits and could play a key role in determining auto insurance coverage.

2. Fraud Prevention and Detection. Clients filing their claims could state things on their claims that aren’t necessarily true. However, wearable technology and mobile apps could help reduce fraud by providing insurers with accurate information, such as clients’ activity level and daily habits. A recent case in Denmark involved a woman who claimed disability insurance payouts but was later revealed by a fitness app to have been actively participating in sporting activities that would have been difficult for someone who had her claimed condition.

3. Claims Processing. Claims adjusters travel to client sites to inspect damage to property. This process is often risky and time-consuming. However, houses that are fitted with sensors could detect damage caused by fire, water, or other factors, even if such damage is not easily visible. Drones could also inspect roofs and provide photos to centralized servers that determine the extent of damage caused by snow or hail.

Jared Seyl Farmers Insurance: Three Common Summer Home Insurance Claims

Summer means a nice vacation with the family, great weather, and long road trips. However, summer isn’t all blue skies and sunny days; it also brings summer rain and some pretty extreme weather. Each season, Farmers Insurance releases a Seasonal Smarts Digest to help homeowners and policy holders prepare for the months ahead. Based on data from the past five years, Farmers has identified the top three seasonal hazards for summer:

1. Hail. Farmers Insurance says that 31% of all hail claims filed yearly takes place in the summer. In Colorado, hail is most common between March and October. In fact, this phenomenon is not limited to Colorado alone – the confluence of Colorado, Nebraska, and Wyoming is known as “Hail Alley” because of the frequency of hail during summer. Much of it occurs during afternoon and evening. In July 2010, more than a foot of hail was recorded in Boulder County, Colorado, while as recently as June 2015, up to four feet of hail fell in one city block in Denver.

2. Water. Colorado weather is so predictable that local TV stations have their own annual summer storm patterns. Light winds combine with fairly high humidity to produce afternoon thunderstorms. While most thunderstorms come and go quickly, early summer thunderstorms can linger above specific locations for some time. This means that there is an increased chance of flooding, which results in water damage sustained by houses in flooded areas. According to the Farmers Insurance Seasonal Smarts Digest, 20% of water damage claims are filed during the warmer months.

3. Wind. Severe wind, also known as windstorms, are a fact of life in Colorado during summer. In fact, across the country, Farmers Insurance estimates that 17% of wind damage claims are filed during the warmer months. Just recently, a severe windstorm hit Lake Pueblo State Park, damaging both boats and structures and forcing Colorado Parks and Wildlife to close the marina. While your house might be located some distance from a lake, high winds could result in damage to roofing, trees, and windows. 

Creating a High-Performance Culture in Insurance Agencies

Jared Seyl, Farmers Insurance district manager for Denver, has always been curious about the way high-performing teams and companies maintain their performance for a long time. One of the things that he has learned during his years of experience in the insurance industry is that change does not happen overnight. Excellence is not something that is achieved only once; it is the product of repeated success. Jared attributes this success to a culture that encourages and rewards high performance. Below, he describes some of the things he has observed in high-performing teams.

1. Customer Feedback. As a service-oriented company, Jared Seyl says Farmers Insurance has to listen to what the customer wants and to develop new products and services that fill those needs. He frequently asks his employees and agents, “Does the customer like what we give them? If so, what makes it work? If not, what can we do to improve our service?” Customers will not hesitate to take their business elsewhere if they feel they are not being served well but will remain loyal to the company if they feel that all their needs are being taken care of.

2. Sense of Purpose. Many insurance agents make the mistake of treating insurance as just another financial product or investment. However, for Jared Seyl, Farmers Insurance is not just about investment; it is a company that looks out for its clients, keeps them out of trouble, and gives them legs to stand on if they do encounter life-changing situations. Jared is passionate about explaining this aspect of the insurance agency to his employees, saying that if an employee knows that what he does makes a difference in someone’s life, he will be more motivated to work harder and smarter.

A high-performance culture is something that takes time to develop. The earlier you start building a culture of excellence, the sooner you’ll reap the benefits.

Three More Best Practices for Insurance Agents

Jared Seyl is the Farmers Insurance district manager for Denver. Over the years, he has witnessed how his best agents and agency owners do their jobs and pursue their passions. He observed that the most successful agents follow a certain set of best practices that set them apart from the rest of the pack. Below, he lists three of these best practices.

1) Customer Empathy. For Jared Seyl, Farmers Insurance is not just out to get revenue – insurance is an advocacy that seeks to protect policyholders from things that may happen in the future. The best agents ask their clients about what motivates them and what they fear and build relationships with their clients based on mutual trust and protection. As an agent develops trust with the client, he/she discovers new opportunities to help – a life insurance policy owner might also choose to insure his home, invest in new financial products, or get insurance for the rest of his family.

2) Availability. Clients expect their insurance agents to be available when they are needed the most, whether they need to file a medical claim, have a damaged roof fixed, or just want to talk about their existing policy. With smartphones, social media, and messaging apps easily available, there are many ways for clients to get in touch with their agents, says Jared Seyl. Farmers Insurance encourages its employees to be reachable, and to let their clients know when they plan to take a break from work.

3) Trustworthiness. Jared Seyl says Farmers Insurance is known for meeting and exceeding expectations, and this is also what clients expect of their insurance agents. When an agent performs a transaction, he/she is doing so as a representative of Farmers Insurance, and each successful transaction performed correctly adds on to both his reputation and that of Farmers. Conversely, fraudulent transactions damage not just the agent’s reputation, but also the company’s as well. Even clients’ reputations are at stake, especially if they have referred new clients to the agent.

Jared Seyl Farmers Insurance: How Climate Change Affects Insurance

Jared Seyl, Farmers Insurance district manager for Denver, has vast experience with insuring properties against all sorts of natural disasters. He has worked with companies and individuals that were affected by incidents such as the 2013 Colorado floods, the ice storms of early 2017, and the 2011 Colorado earthquake. While Colorado normally experiences blizzards each winter, their frequency and severity have escalated in recent years, with a March 2019 “bomb cyclone” leaving thousands stranded and without electricity.

Scientists generally agree that these patterns of extreme weather, ranging from long droughts and heat waves reaching up to 110 degrees to crippling snowstorms, are the result of climate range. Jared Seyl and Farmers Insurance have made it a point to educate homeowners and other property owners of the increased risks associated with these shifting weather trends. Because the likelihood of being affected by a blizzard is higher in Colorado than in other areas, insurance rates there tend to be a bit higher.

In addition, Jared Seyl and Farmers Insurance are looking at climate change as one of their core business issues. They realize that the old business model of using annually-adjusted risk models that use historical data might not be the best way to deal with unpredictable weather patterns. Instead, forward-looking insurers are now utilizing climatologists, statisticians, and Big Data practitioners to constantly update their risk models.

As the planet keeps getting warmer, Jared Seyl and Farmers Insurance expect insurance premiums to continue climbing up unless concrete progress is made towards reversing the global climate change trend. For its part, Farmers’ parent company has decided to divest from equity holdings in companies that mine coal or use it to generate power and to lower carbon emissions and energy consumption by at least 20 percent – proof that the insurance industry should lead the way in reducing the effects of climate change.