Fact Finding Questions - Best Practices for Insurance Brokers

TIPS FOR BEST PRACTICE FACT-FINDING QUESTIONS IN INSURANCE

Asking better fact finding questions leads to better outcomes. Whether you’re dealing with new clients or renewing existing policies, improving your fact-finding process can significantly boost your income, build stronger client relationships, and generate more referrals.

This guide outlines powerful tips, conversation scripts, and a structured checklist to help you excel at discovery and diagnosis.

Types of Fact-Finding Scripts

Tailor your approach to the situation. Consider using or adapting these structured formats:

New Client Enquiry Fact Find
Renewal & Annual Review Fact Find
Industry-Specific Fact Find (e.g. café, restaurant, medical, trades)
Motor Vehicle Insurance Fact Find
Personal Insurance Fact Find
Business Insurance Fact Find

Target Growth Sectors – Ideal for Brokers

Identify client opportunities by focusing on these fast-growing SME segments:

Health Professionals
Business Consultants & Coaches
Personal Services – Hair, Massage, Nails
Hospitality – Cafés, Restaurants, Wine Bars
Construction – Tradies, Repairers
Education & Tutoring
Home-Based or Online Businesses
Strata Managers & Property Services

Refer to current IBISWorld or BNI growth data to prioritise sectors.

Essential Fact-Finding Conversation Tips

Match the client’s pace and communication style (fast or slow, blunt or chatty)
Build rapport before digging into sensitive topics (fear, finances, risks)
Use third-party case studies to explain complex risks or value
Actively listen – summarise their answers and confirm understanding
Know when to ask and when to advise
Start broad with open questions (“What” and “How”), then drill down with closed ones

Always Leave a Memorable Trail

Hand out 3 business cards or branded magnets
Provide a small gift or thank-you card
Leave brochures or DL flyers about related services
Supply a stack of cards for their staff or clients

Plan Your Outcome in Advance

Prepare thoroughly – research the business and industry
Clearly explain your process and objectives
Set expectations for a thorough diagnostic
Position your approach as the path to finding the best-value solution

What to Avoid

Don’t rush to the price – demonstrate value first
Avoid premature solutions – diagnose before prescribing
Don’t skip storytelling – educate with real-life examples

Rapport Builders That Work

Casual small talk – comment on the weather or a current event
Use the FORD method: Ask questions about Family, Occupation, Recreation, Dreams
Genuine compliments on their business, home, or progress

ASKING BETTER QUESTIONS

Who what how Qs – and repeat back their words
Tell me more about…
Use Affirmative listening
Use Question softeners
Embedded commands – so you want the…
Have you thought about?

OPENERS to start the conversation

What do you have in mind?
What sort of things are you after?
What are you looking for?
What sorts of insurance do you want/need?

FIND THE SOURCE OF ENQUIRY

Would you mind if I asked how you found out about us?
How did you find out about us?
How did you find out about us?
What did (referrer) say about us?

PRE-MEETING QUESTIONS

When can we get together?
Is there anything you specifically want me to bring along? (to a meeting)
There are 3 things people usually want to talk to me about – X,Y and Z – which of those are of interest?

GET PERSONAL AND BUSINESS DETAILS ANYTIME ASAP

Name
Company
Phone / Mobile
Email
Address
Single/married/divorced

BUSINESS OPENERS

Compliment their business – (Start up- success or survival)
How’s things?
How’s business?
Could you please tell me a bit about your business
What’s working for you?
How long have you been in business?
How did you start?
What’s the (business/name) story?

PEOPLE INVOLVED

Who’s involved in the biz?
Who owns the building?
Anyone else involved?
What’s the Business structure / ownership?
Family? Kids? Expecting?
Significant Relationships?
Parents? Brothers? Sisters?

FIND OUT ABOUT THE BUSINESS

Tell me about your biz?
Owned or leased? Terms?
Other sites?
Employees?
Vehicles?
Financial systems?
Computer/IT systems?
Any Offsite work?
Any Minesite work?
Any Dangerous work?

BUSINESS ASPIRATIONS

Want to grow the business?
Any challenges?
Any recent Changes?

EQUIPMENT

What sort of equipment do you have?
Departments?
Equipment or Depreciation Schedule?

VEHICLES?

Cars
Trucks
Forklift
Trailers
Motorbike
Boat
Caravan

FINANCES

Which banks?
Any other lenders?
Who’s your banker?
Whos your accountant?
Whos your mortgage broker?
Credit history
Busy and quiet times?
Cashflow?
Copy of P And L statement?
Assets and liabilities?

INSURANCE

Currently covered?
Insured with?
Do you how insurance works?
Types of insurance available
Payment methods – monthly?

VALUE PROPOSITION – why us?

Let me tell you how we are different
Claims assistance
Advice and Support
Service levels
Reputable insurers
Community support

PAST CLAIMS

Any past claims?
Tell more me about that

RECENT DANGERS/STORIES

Fires
Floods
Storms
Thefts/embezzlements
Tax audits
Cybersecurity Hacks

NEW or DIFFERENT BIZ

Any new staff or equip since last year?
Any major changes in biz?
Any new contracts?
Any More Cover required?

FIND THE EXTRAS

Vehicle insurance
Liability insurance size
Business Interruption Insurance
Glass
Money
Theft
Audit insurance

CONFIRMING QUESTIONS

Does that fit with the ideas you had in mind?
Does this sound like it would meet your requirements?
From what we have discussed I see……Do we share the same view?
From what you have told me I understand that…..Is that what you were thinking?
Based on the information you have given me, my suggestion is that we…….Is that what you are thinking?
It sounds like you are unsure about some of the information, can I answer any questions for you?
So the main things I need to keep in mind are……Is that correct?
How would you see us resolving that for you?

THE PRICE QUESTION

What is your budget range?
Do you have a price in mind?
Have you a price range you are working in?
What’s your price range?
What price do you have in mind?
What price sounds good to you?
How much are you looking at spending?
What are you looking to spend?

BUDGET QUESTIONS

It sounds like you have some reservations; did you have a certain budget in mind?
You mentioned you wanted the best solution – did you have a budget in mind?
So do you have a budget to work with?
Is the cost a concern for you?…We do have some funding options or packages available that do have some conditions, would you like me to go through them with you?
What do we need to do to win your business?
It seems that this may not be within your budget; could we suggest a loan package which may suit your requirements?
This is a basic price as you requested, there may be other additional costs involved once you see the other options which are available

COMPETITOR QUOTE QUESTIONS

When getting other quotes make sure that you receive a quote for all services let me explain……
Other Quotes might seem low check that they include all the services you need for example……..
Yes quotes will be different – we have found it’s a good idea to list exactly what each item is to make sure you are being quoted on the same things….. I can email you etc…..
When you are getting quotes be wary of just getting a package quote or one figure as there might be additional things not covered we give a detailed itemised quote to ensure that there are no hidden surprises …….
Getting further quotes is a good idea ensure they are quoting for all the things you require could I ask you to give me a call back with the opportunity to match the other quotes you get?
I understand you need to get further quotes do you mind if I call you tomorrow to see how that is going?

URGENCY – THE TIMING QUESTION

How soon do you need it covered?
Have you been looking around for long?
Are you ready to go ahead now?
Have you just started looking?
Are you in a position to buy today?
Ideally, when would you like to buy?
Are you prepared to buy today if I can get you the right deal?

TRIAL CLOSE THE DEAL – Look, Sound, Feel & Think

Lookers – How does that look to you?
Sounders – How does that sound?
Feelers – How do you feel about that?
Thinkers – So what do you think?

DON’T GIVE UP – FOLLOW UP AGAIN – It’s NO not Now, Not NO Forever!

“Hi – It’s (name) from (Business)” (pause)
“How’s things?” or “How are you going?”
- (Check their attitude and confusion level)
“I am calling to …. (purpose)”
Don’t use “JUST” – I’m just calling

OBJECTION BUSTERS – How to overcome an objection

“What’s your best/lowest price on a ….”

“Depends – just before I answer that do you mind if I ask a few quick questions?”

“We’re not buying anything until X, but..”

“I would be happy to give you all the information I can today so when you are ready you’ll have everything you need to know”

“We only have 10 minutes”

“OK – I appreciate that. What information could I provide for you in the time you have so your time will be well spent?”

“You’re the first broker we’ve rung”

“Thanks for calling me first, What questions do you have that I could help you with?”

“What’s the business worth?”

“Let me get the that professionally valued for you while we’re looking at options that will save you time in the long run”

“We’re shopping three advisers and just want your best deal”:

“Great! – I hope the service I provide you will lead you to consider me when you are ready to go ahead. Now, how can I be most helpful to you?”

Handling A General Objection

“if we were to suppose that was not a concern for a moment …. Are you in a position to decide today (Go ahead today)?”
“ I understand …(pause) . Yet”
“I Appreciate that (pause) …. But”
then – Could you tell me more about that (explore the objection)
Learn the LAER Model – Listen Acknowledge Explore Respond

Handling Price Objections

How many times have you been told that the fee or deal is TOO EXPENSIVE?? (what %)
What exactly is “Too Expensive”??

PRICE OBJECTION BUSTING RESPONSES

Compared to what?
Is “Cheap” really important to you?? (make face)
I can offer your some other alternatives.
Other than price, is there anything preventing you from going ahead?

CLOSES – CLOSING THE DEAL

Trial closing – Aim for a series of “Yes, Yes, Yes” questions

“Are there any other points we need to cover before we proceed?”
“What else should I know that I don’t? ”
“What else should I know that’ll make a difference?”
“What else should I know that’ll stop that from happening?”
“I know exactly what went through your head – everyone thinks that”
‘If there was one thing you think I should know that would make a difference to us being successful, what would it be?’
“Is there anything stopping you from going ahead today?”

BEST IDEAS FOR SELLING EXTRAS

Suggest – You may also want to add…
Recommend – I think you should also get…
Consult – I have tried this myself and I think you should …..
Question – Have you thought about…? Have you ever tried…? Do you know about…?
Use Power phrases – My experience has shown me…, the best value is…, the most

profitable way is to add…

Make it a deal If you buy another I can do a deal…

If we include (addon) we can do a deal….

Comfort them Most people take…., everyone else uses…
JUST ASK – Would you like…?

CHOOSE TO USE BETTER WORDS

USE GREEN WORDS – NON-FEAR CREATING WORDS

Meeting, Coffee, Chat, Make a Time, Drop By
Proposal, Paperwork, Agreement, Order
Value, Quality, Exclusive, Inexpensive, Budget (not CHEAP)
Tailored, Exclusive, Customised, Personalised
Autograph, OK, Approve, Endorse,
Accept, Investment, Invest, Contribution
Opportunity, Own, Approval, Get Involved, Now

AVOID RED WORDS – FEAR INDUCING WORDS

Appointment, Deal, Contract, Sign, Signature, Legals, Cheap,
PRICE, Shop Around, Stitch Up, Cost, Pay, Fee, Buy, Commit,

ADD-ON QUESTIONS

Have you seen our ….
We’ve just introduced ….
Our most popular (product) is ….. Have you tried it?
Let me explain a few things you can combine with that…
Could I interest you in a ….
Would you like a….
Would you like to try a….
How about a….
For just an extra few dollars we can add …
You’ll need (extra offer) with that! Shall I get an instant quote
“Would you like to add an X to that?

OFFERING BEST PRACTICE BUSINESS RISK ADVICE

Do you have a will and is the Will updated?
Suggest Offsite backups of computer records
Suggest using Cloud computing – Xero, Myob cloud
Suggest using Security systems? – alarms
Suggest using GPS vehicle tracking
Suggest Key man insurance
Suggest Credit card interest reduction opportunity
Suggest Anti-virus software on computer
Mortgage payout insurance?
TPD insurance?
Bookkeeper check
Financial planning opportunity
SMSF opportunity
Suggest covering IP – business name, company name Trademarks
OHS – test and tag, working at heights
Cybersecurity Risk advice

ASKING FOR REFERRALS

Are you happy with your accountant – would you like a New accountant?
Who else do you know?- neighbours friends industry
Love to find out more about x industry – is there an assoc event?

WRAPPING UP

What else? – anything else?
What are the Agreed Next steps for you and me?

How to Master the Art of Fact-Finding

Mastering the art of fact-finding isn’t just about ticking boxes or gathering data — it’s about building trust, uncovering true client needs, and positioning yourself as a valued advisor, not just a salesperson. The right questions open doors to deeper conversations, reveal opportunities that might otherwise be missed, and demonstrate your commitment to finding the best-fit solutions.

Whether you’re meeting a new client or reviewing an existing policy, using structured questions, active listening, and consultative conversation techniques helps you stand out in a competitive market.

With a more thoughtful and thorough approach, you’ll not only provide better advice and more comprehensive cover — you’ll win more business, get stronger referrals, and build long-term relationships based on value, not just price. So sharpen your questions, refine your process, and commit to becoming the broker clients trust most.