Insurance

Tips For Selling Insurance Over The Phone

Life Insurance is a commodity most people take for granted until they actually need it. People are usually wary about discussing life Insurance with an agent because they believe it is a morbid topic. They feel overwhelmed by the topic of Life Insurance in general and the multitude of different products that are available in the insurance market today.

Life insurance agents often encounter various hurdles with overcoming the doubts of their clients. Not only does this stop them from communicating with their clients more effectively, but it also hampers their earning ability.

Here are 5 easy ways for the new agent to converse and approach the wary client with sound planning advice, and practical knowledge.

1. Schedule An Appointment with your Client

The first step in getting to know your client is actually speaking with them. Schedule an appointment with your client. Whether it’s an in-person appointment or over-the-phone conversation, select a time that is convenient for you and them. Scheduling a time that is convenient for your client lets your client feel more at ease with your phone call or visit.

2. Speak With Ease

Clients will often have a better rapport with agents that speak confidently and at ease with them. Many times clients observe the agent before conversing with them, and a lot of times figure out their personalities when the agent says something. Always speak confidently and with ease. After all, you are a professional and need to adopt a more confident approach.

3. Show you Care

Ask questions about the client’s past, present, and future goals, to determine what insurance product would best fit their needs. Listen to the client’s questions and answer them confidently. See your client’s perspective and discuss options with them that will bring you both eye-to-eye.

4. Know the Product

People have more confidence with an agent that knows what they’re talking about. Be sure to be familiar with the products you sell. Whether it’s a whole life product or term life, basic accident, or disability, have knowledge about all aspects of the product so you can discuss effectively which products fit your client best.

5. Follow up

The agent-client relationship doesn’t end at the delivery of the policy. A courtesy call by the agent is always appreciated! Let your client know that you are there to hear them out, even after they have received their policies in case of any problems they may have. Let them know of any other resources available to them, or of any contact numbers they can use in the future.

Maintaining a good customer/client relationship is the key to becoming a successful Insurance Agent. Not only will you have a better understanding of your client’s interests, you will also know how to service your client in the future with products that suit them. The rapport you build with your client will help foster new customer-client relationships and will help your business grow.

Also Read: 5 Basic Insurance Mistakes to Avoid

Reactions from prospective clients

When you tell people you sell life insurance they might back off a bit. No one really wants to think of their own mortality. It’s not fun to think of yourself in the pine box being driven to the grave in a sad black hearse. Many agents tend to avoid the conversation of life insurance because it is just too difficult. Prospects tend to squirm in their seat and look away when they are thinking of the “coverage” their family will need in the worst-case scenario.

Instead of getting another insurance license or avoiding the subject entirely, I invite you to take a different approach to sell policies. An approach that DOESN’T involves long, drawn-out scripts that sound rehearsed. It’s a method that doesn’t involve you putting together detailed proposals and reviewing every financial document just to sell them a small $450/annual policy.

To be on the path to doubling your insurance policy sales, consider the following tips:

Focused Lead Generation

Instead of having an average magazine ad, a sad website, and a paltry past client touch marketing consider taking one of them to the extreme. Focus on one system to generate more life insurance leads. That may mean cutting back on the magazine ad for a while to put more money into the website. By focusing on one type of marketing you will be able to generate more leads quickly because it will have your full attention.

Scripts That Are Interest Piquing

Stop selling people on the benefits of life insurance. Stop telling them it’s something they should get if they want to be “responsible”. Instead of the tired insurance sales, scripts that are 40+ years old consider changing your scripts into interest-piquing questions. Ask questions that get them to see it’s in their best interest. Ask questions that make them want to find out more.

Follow Up Strategy

No matter how good you are on the phone you won’t be able to convert every lead. There are leads that won’t work out, but some would work out if you had a bit more follow-up. Regardless of your lead generation source, consider putting together an email follow-up strategy that can pique their interest over a 12 month p]eriod. No selling or pitching just emails that reveal the big “why” on getting life insurance.

When To Market runs training courses in the UK, we do work on features, advantages and benefits, and how to get your prospect interested in your proposition.

This is largely based on the benefits that you set out for them. Interestingly, I find that benefits are based on just four factors. And this may make it easier for you to consider benefits. The four key factors in understanding benefits are these. And they are dead easy to remember because there is a certain symmetry about them. They are ;

  1. Saving money
  2. Saving time
  3. Making you feel good
  4. Making you look good

Also Read: How to Select Your Insurance Advisor

Saving money and saving time are two key benefits in many business situations.

Furthermore, if you’re in a business-to-business sales environment, chances are you can really only motivate people around saving money or saving time. Because even if someone is motivated by a purchase that will make them feel good, they are less likely to admit to it, because they are spending someone else’s money. There are some exceptions which I’ll cover shortly. You will also recognize that saving money and saving time are closely linked. If you can demonstrate that the computer software you are selling will save the customer two hours a week for each of their staff, a company director will clearly be interested because he or she knows that this represents a saving in money.

However, there are some products such as the microwave that are much more about saving time than saving money. I suspect that there are few people who consider buying a microwave because they feel it will reduce their electricity bills. Having a microwave is all about cutting down both the time that it takes to prepare your food and also even more significantly the amount of cooking time.

The opposite is also true. I had a boss once who had a philosophy all around doing anything to reduce company costs. This is of course what anybody running an organization wants to do. In this instance though, he did not worry about how much time it took to complete jobs, he was only interested in avoiding investments in technology and processes. Now in this instance of course it can be a false economy.

Then there are products or services that can be sold based on things that make us feel good or look good. This is particularly true for those people making consumer purchase decisions i.e. where they’re spending their own money. Ultimately if you’re spending your own money you are not answerable to anybody else and therefore it doesn’t matter what criteria you decide to use in making your decision.

Things like purchases of clothes and shoes are obvious examples. They will all keep you dry and warm, and so they all pretty much do the same sort of thing, but you will choose one item over another because you think it looks better. And of course, it extends right up to large purchases such as cars. Pretty much all cars will get you from A to B reliably and with a certain degree of comfort, but nevertheless many people and it is perhaps more true of men than women, will make decisions about their care based on all sorts of other emotional criteria.

There are also examples in business-to-business situations where decision-making criteria may be based around feeling good or looking good. Insurance is an example of something I can think of. Insurance might be something you initially think of as being about money. But of course, if you consider it for a short time it is not a money-saving device. We may think that it saves us money, because of course if you have to make that big claim you may be receiving more money than you’ve paid out.

However, we all realize that over our lifetime we will pay considerably more money out on insurance than we ever claim. Also if you think about the head offices of the companies that provide insurance, you can guess that they will normally be plush buildings in glass towers. And who is playing so these buildings?

Also Read: 5 Reasons Why Health Insurance Is a Must for Everyone

Well, you are of course in your premiums! What insurance is normally about is peace of mind knowing that if something did go wrong, you are covered and won’t suffer huge short-term financial loss. So most of the time when you send off your insurance cheque the most you will get from it is the satisfaction of knowing that it is not something you have to worry about. So in this instance, I would put insurance and it doesn’t matter whether it is household, legal, or motor insurance as making you feel good factor.

Products sold in the health and safety industry will often be based on feeling good and looking good. Because again their motivation is similar to that with insurance. The reason someone may be motivated to buy your health and safety products may be to comply with the law.

And there can be no more powerful motivator than knowing you may be avoiding prosecution or even jail by buying this product. Buying quality health and safety equipment is also a feel-good factor as it demonstrates to your customers’ employees that they have a genuine interest in their welfare. So it is partly about how it makes them feel and how it comes across to the people that will be using the equipment.

So you can apply this approach or model to pretty much anything that costs money. Everything you’re willing to spend money on must by definition has features advantages and benefits.

 

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