Making the numbers matter
When discussing big deviations in small denominations … always use the dollar value and NOT the percentage. When discussing big dollars on big denominations, always use the percentage NOT the dollar value.
For example, Bob pays $4 for a cup of coffee at Starbucks when he could have paid $2.50 at a local diner. In this case he only paid a $1.50 more … what’s the big deal? But if you told him he paid 60% more for his coffee, he would he horrified.
If an insured’s premium is going from $525,000 annually to $575,000 it’s only increasing a hair over 10% not $50,000.
Always think of numbers contextually before deciding to use dollars or percentages.
Art Seifert, Glatfelter Program Managers
Arthur is a fitness enthusiast, a grandfather, philosopher and possessor of a wretched wit.
Using this 1 simple business practice can help insurance agents to ensure customer retention success within their agency.