Building Assessments for Your Sales Process

One of the things that I get asked all the time is: “How do I build my own assessments?” It seems daunting. You have the knowledge and you know what you want to ask about but aren’t sure where to start. It seems like a huge task and so you never take the time to build it out. Well, just let ChatGPT do it for you. Let’s check out what it can do (full prompts and answers are at the end).

Prompts

There are some Best Practices for writing Prompts and I am by no means an expert. However, here is an overview of what I provided for this example. It is always a good idea to tell ChatGPT what you are trying to accomplish. I essentially told it that I was a P&C Insurance Agent and wanted it to build me assessments that I can use to evaluate my clients insurance program for gaps. I then provided details of my Target Client and and asked it to produce the assessment.

Now, you are going to get a pretty solid assessment just from that one prompt. (It is actually pretty freaking wild how good it is – see below) but we can get it more specific in some areas. Lets try to have it get more detailed.

Dialing it in

This is where it gets fun because you can start asking it to dial these in with more detail and make it look at lot prettier. I first had it put those questions and answers into a table for me. I then asked it to provide more specifics around Workers’ Compensation and Auto Insurance. It added 4 more Work Comp questions and 4 more Auto Questions. Continue to do this until you are satisfied with your questions and have a robust assessment that will work for your process.

Explanation and Education

One of the beautiful things about using ChatGPT to do tasks like this is that you can also use it for education right in the chat. Let’s says that you aren’t sure exactly what Director’s and Officers Liability is AND how it would apply to this company. Just ask it. I had it explain D&O to me and give me 2 scenarios where it may be applicable to this client.

All in all there is a ton of power in this tool. You could create a library of assessments for your agency in an hour.

Follow along for future posts where I explore the different uses for ChatGPT. I am continually exploring that real world application the tool has for us to implement it into our firms and I look forward to sharing what I learn!

 

Here are the full list of Prompts I used along with the answers and Assessments it generated:

Prompt:

I am a Property and Casualty Insurance Agent. I want to build an assessment that I can use to evaluate my target client’s Insurance Program to understand if there are gaps in the programs and areas that I can use to win the business. I will provide you with some attributes of my target client and I want you to provide me with the Questions I should ask along with 4 potential answers for each question ranked on a scale of 1-4 with 1 being the worst and 4 being the best. I would like the assessment to be 10-20 questions long. Do you understand?

ChatGPT Answer:

Yes, I understand. You’d like me to help you create an assessment to evaluate potential clients’ existing insurance programs. The assessment should consist of 10-20 questions, each with four possible responses ranked from worst (1) to best (4). Please provide the details about your target clients and any specific areas you’re interested in exploring.

Prompt:

Target Client: Electrical Contractor, 50 Employees, 20 Vehicles, 2 Locations in Nebraska. Please provide me the assessment discussed based on that data.

ChatGPT Answer:

  1. What type of commercial general liability insurance do you currently have?
    1. We do not have any commercial general liability insurance (1)
    2. We have a basic policy but we’re unsure if it covers all our activities (2)
    3. We have a comprehensive policy that covers most of our activities (3)
    4. We have a robust policy specifically tailored to electrical contractors that covers all our activities (4)
  2. How frequently do you review and update your liability insurance policy?
    1. We rarely review or update our policy (1)
    2. We review our policy once a year (2)
    3. We review our policy semi-annually (3)
    4. We review our policy quarterly or whenever significant changes occur in our business (4)
  3. What is your workers’ compensation policy like?
    1. We do not have a workers’ compensation policy (1)
    2. We have a workers’ compensation policy, but it only provides minimum coverage (2)
    3. We have a comprehensive workers’ compensation policy (3)
    4. We have a comprehensive workers’ compensation policy and a return-to-work program (4)
  4. How do you manage the safety training and risk prevention for your employees?
    1. We do not have a safety training program (1)
    2. We have occasional safety trainings but no ongoing risk prevention program (2)
    3. We have regular safety trainings and a basic risk prevention program (3)
    4. We have a robust safety training and risk prevention program with regular audits and updates (4)
  5. What type of auto insurance do you have for your fleet of vehicles?
    1. We do not have a comprehensive auto insurance policy (1)
    2. We have a basic auto insurance policy (2)
    3. We have a comprehensive auto insurance policy that covers most situations (3)
    4. We have a comprehensive auto insurance policy including collision, comprehensive, and uninsured/underinsured motorist coverage (4)
  6. Do you have property insurance that covers both of your locations?
    1. We do not have property insurance (1)
    2. We have property insurance for one location only (2)
    3. We have property insurance for both locations but it may not cover all potential risks (3)
    4. We have comprehensive property insurance for both locations including coverage for equipment, inventory, and business interruption (4)
  7. How do you manage the potential environmental liabilities associated with your operations?
    1. We do not have an environmental liability policy and do not manage this risk (1)
    2. We have a basic environmental liability policy (2)
    3. We have a comprehensive environmental liability policy (3)
    4. We have a comprehensive environmental liability policy and an environmental risk management program (4)
  8. How are you insuring against potential cyber threats and data breaches?
    1. We do not have a cyber liability policy (1)
    2. We have a basic cyber liability policy but no cyber risk management program (2)
    3. We have a comprehensive cyber liability policy (3)
    4. We have a comprehensive cyber liability policy and a robust cyber risk management program (4)
  9. **Do you have professional liability insurance (errors & omissions) that covers potential mistakes or negligence9. Do you have professional liability insurance (errors & omissions) that covers potential mistakes or negligence in your work?
    1. We do not have professional liability insurance (1)
    2. We have a basic professional liability insurance policy (2)
    3. We have a comprehensive professional liability insurance policy (3)
    4. We have a comprehensive professional liability insurance policy and a program for quality control and dispute resolution (4)
  10. Do you have a business continuity plan in place that is covered by your insurance policy?
  11. We do not have a business continuity plan or coverage (1)
  12. We have a basic business continuity plan but it’s not covered by our insurance (2)
  13. We have a detailed business continuity plan and some aspects are covered by our insurance (3)
  14. We have a comprehensive business continuity plan that’s fully covered by our insurance (4)
  15. How do you manage equipment breakdown risks?
  16. We do not have equipment breakdown insurance and do not manage this risk (1)
  17. We have a basic equipment breakdown insurance policy (2)
  18. We have a comprehensive equipment breakdown insurance policy (3)
  19. We have a comprehensive equipment breakdown insurance policy and a preventive maintenance program (4)
  20. How frequently do you conduct a full review of your insurance needs?
  21. We rarely review our insurance needs (1)
  22. We review our insurance needs annually (2)
  23. We review our insurance needs semi-annually (3)
  24. We review our insurance needs quarterly or whenever significant changes occur in our business (4)
  25. Do you have employment practices liability insurance that covers claims like wrongful termination, discrimination, or harassment?
  26. We do not have employment practices liability insurance (1)
  27. We have a basic employment practices liability insurance policy (2)
  28. We have a comprehensive employment practices liability insurance policy (3)
  29. We have a comprehensive employment practices liability insurance policy and an HR policy to mitigate such risks (4)
  30. Do you have a system in place to manage and track certificates of insurance from subcontractors?
  31. We do not manage or track subcontractor insurance (1)
  32. We occasionally check subcontractor insurance but have no formal system (2)
  33. We have a system in place to check subcontractor insurance but it might have some gaps (3)
  34. We have a robust system to manage and track all subcontractor insurance certificates (4)
  35. Do you have directors and officers insurance to protect your management team against legal judgments and costs arising from various business decisions?
  36. We do not have directors and officers insurance (1)
  37. We have a basic directors and officers insurance policy (2)
  38. We have a comprehensive directors and officers insurance policy (3)
  39. We have a comprehensive directors and officers insurance policy and a policy for corporate governance to mitigate such risks (4)

This assessment should help you understand the gaps in your potential client’s insurance coverage and identify opportunities for you to provide additional value. Remember, while the assessment is a helpful tool, it’s also important to have detailed conversations with your potential clients to understand their unique needs and risks.

Prompt: 

Please put those Questions and the answers into a table that is easy to read.

ChatGPT Answer:

Sure, here’s a table format for the assessment:

Question 1 – Worst 2 3 4 – Best
1. Type of commercial general liability insurance No insurance Basic policy, not sure of coverage Comprehensive policy, covers most activities Tailored policy, covers all activities
2. Frequency of liability insurance review Rarely review Annually Semi-annually Quarterly or with significant changes
3. Workers’ compensation policy No policy Basic policy, minimum coverage Comprehensive policy Comprehensive policy + return-to-work program
4. Safety training and risk prevention No safety training program Occasional training, no risk prevention Regular training, basic risk prevention Robust program with audits and updates
5. Auto insurance for fleet No comprehensive policy Basic policy Comprehensive policy, covers most situations Comprehensive including collision, comprehensive, and uninsured/underinsured motorist coverage
6. Property insurance for locations No insurance Insurance for one location Insurance for both, may not cover all risks Comprehensive for both locations + equipment, inventory, and business interruption
7. Environmental liability management No policy or management Basic policy Comprehensive policy Comprehensive policy + risk management program
8. Cyber threats and data breaches insurance No policy Basic policy, no risk management program Comprehensive policy Comprehensive policy + robust risk management program
9. Professional liability insurance (errors & omissions) No insurance Basic policy Comprehensive policy Comprehensive policy + quality control and dispute resolution program
10. Business continuity plan and insurance No plan or coverage Basic plan, no insurance coverage Detailed plan, partial insurance coverage Comprehensive plan, fully covered by insurance
11. Equipment breakdown risk management No insurance or risk management Basic policy Comprehensive policy Comprehensive policy + preventive maintenance program
12. Frequency of full insurance needs review Rarely review Annually Semi-annually Quarterly or with significant changes
13. Employment practices liability insurance No insurance Basic policy Comprehensive policy Comprehensive policy + HR policy to mitigate risks
14. Management of subcontractor insurance certificates No management or tracking Occasional checks, no formal system System in place, might have gaps Robust system for management and tracking
15. Directors and officers insurance No insurance Basic policy Comprehensive policy Comprehensive policy + corporate governance policy

This table should provide a more accessible way to interpret the assessment.

Prompt: 

I would like to have more questions related to Workers’ Compensation and Auto Insurance. Can you provide me with more specific questions for those topics and include the answers in the same format. Please put these into a similar table as you did before.

ChatGPT Answer:

Sure, I’d be happy to help with that. Here are additional detailed questions related to Workers’ Compensation and Auto Insurance:

Workers’ Compensation:

Question 1 – Worst 2 3 4 – Best
1. Frequency of safety training for employees Rarely/never Annually Semi-annually Quarterly or with significant changes
2. Inclusion of occupational disease coverage in your workers’ compensation policy No coverage Basic coverage Comprehensive coverage Comprehensive coverage + preventive measures
3. Process for return-to-work / modified duty program No program Basic program without full support Comprehensive program Comprehensive program + supportive environment
4. Employee education about workers’ compensation benefits and procedures No education provided Minimal education provided Regular education provided Regular education provided + supportive environment for questions and claims

Auto Insurance:

Question 1 – Worst 2 3 4 – Best
1. Process for regular vehicle maintenance and safety checks No process Occasional checks Regular checks Regular checks + preventative maintenance
2. Driver safety training and accident prevention programs No program Basic program Comprehensive program Comprehensive program + regular updates
3. Process for managing and tracking driver records (licenses, violations, etc.) No process Basic tracking Comprehensive tracking Comprehensive tracking + proactive measures
4. Inclusion of rental and downtime coverage in your auto insurance policy No coverage Basic coverage Comprehensive coverage Comprehensive coverage + alternative transport arrangements

Remember, each company’s situation is unique, and these questions should serve as a starting point to understand their insurance needs and gaps. Detailed conversations with potential clients will help refine their needs further.

Prompt: 

I am not sure what Directors and officers insurance is for and how it would apply to this company. Can you explain what it is and provide 2 scenarios where it would apply to this company?

ChatGPT Answer:

Directors and Officers (D&O) insurance is a type of liability insurance that covers individuals serving as directors and officers for a company, or on the company’s board. It protects them from personal losses in case they are sued as a result of serving in those roles. It can also cover the legal fees and other costs the organization may incur as a result of such a suit.

Directors and officers can be held personally responsible for acts of the company because of their decision-making roles. They can be sued by a variety of claimants including employees, vendors, competitors, investors, customers, or other parties, for actions that range from financial mismanagement to neglect of fiduciary duties.

Scenario 1 – Breach of Fiduciary Duty: Suppose a group of shareholders believes that the company’s board of directors made a series of decisions that were not in the best interest of the company, leading to significant financial loss. The shareholders might file a lawsuit against the directors for breach of fiduciary duty. In this case, D&O insurance would cover the costs of defending against the lawsuit and any settlements or judgments that result from it.

Scenario 2 – Employment Practices: An employee sues the company for wrongful termination, alleging that the company’s officers enacted discriminatory employment practices. The legal costs associated with defending the lawsuit, as well as any potential settlements or judgments, would be covered by D&O insurance.

In the case of an electrical contractor, the company might be smaller and less complex than a public corporation, but its directors and officers can still face personal liability for their actions on behalf of the company. Even if the company is not publicly traded, it could still be subject to lawsuits from parties like vendors or customers. In addition, if the company ever seeks funding from investors, having a D&O policy could be seen as a positive sign of responsible management.

It’s also worth noting that D&O insurance does not cover illegal activities or acts committed in bad faith. For example, if a director was found to be embezzling company funds, any legal costs or judgments associated with that action would not be covered by D&O insurance.