- Pay attention to what they’re saying and engage them. When you phone a prospect or a current client, be on the lookout for fresh opportunities. Inquire about their hobbies (do they require motorbike or boat insurance? ), whether they have children (would it be prudent to discuss life insurance? ), and whether they own any investment properties (do they require liability coverage?). You will be able to address their issues by allowing them time to discuss and asking open-ended inquiries. It will also aid in engaging them rather than pitching them throughout the call. You should also be on the lookout for hints regarding what will influence their purchasing decisions. Not every customer is seeking for the best deal. Some people are more interested with ratings or technological advancements. Take notes during the chat because you are unlikely to recall everything.
- Avoid using jargon or slang. Speaking with a salesperson who is speaking in a foreign language is a turnoff. Save the industry jargon for interactions with your coworkers and communicate in plain English to buyers. When calling a potential client, use professional language and avoid slang. If you were meeting in person, you would dress in business casual wear at the very least; maintain the same demeanor over the phone to increase your trustworthiness. Those prefer to buy from people who are clever and self-assured.
- Be ready for the phone call. Practice your pitch, figure out where you stand in comparison to competitors, learn everything you can about sales, and seek help from more experienced insurance salespeople. More advice on boosting the efficacy of your inside sales pitch may be found in this blog post.
- Make a name for yourself as an expert. It’s critical to create credibility and authority when selling insurance over the phone. Your potential customers need to know that they’re buying from a professional who can give them all the information they require. When it comes to selling life insurance, your credibility as an expert is very important. People want to buy from someone they can trust and who will consider their best interests when making an offer because it is such a huge decision.
- Establish a rapport with your potential customer. Building rapport and providing a comfortable environment that allows potential clients to open up, share all of their concerns, and be truthful about what they require is the first step toward gaining trust. When you answer the phone, always smile since prospective prospects can hear your happy voice even if they can’t see you. As a result, you’ll come across as pleasant and approachable, and your prospects will feel at ease.
Small chat and a question along the lines of “How’s your day going?” will help you break the ice. This will humanize your approach, and your prospects will not believe they are conversing with a chatbot. Also, as your prospect is speaking, use so-called verbal nods like I see, ah, right, mhm, and so on to show that you’re paying attention. Using the same words, especially the adjectives, that your prospects use can demonstrate to them that you are paying attention and comprehending what they are saying. All of this will assist you in demonstrating empathy and building connection with your prospects, as well as breaking down communication hurdles that may arise throughout the phone chat.
- Don’t give up hope. You might be able to sell some insurance products in only one call, but expect a second or third call. Your prospect may need to do some research to evaluate your pricing, confer with their spouse, or decide not to trust you after just one conversation. âDon’t take it personally, but don’t give up. Whether you get a flat âno,â ask if you can call back when their contract is up for renewal.
- Being well-organized is essential. Everything you’ll need to close the deal is there at your fingertips. It’s a good idea to open any relevant files before dialing so you don’t have to fumble around looking for documents during the call. Underwriting rules are something you’ll want to have on hand at all times.
- Make a script for your pitch. Prepare a written sales script that includes everything you’ll need to say to your prospects. Once you’re on the phone, you can adjust the script to match the tone of your contact, but remember your pitch so you can add inflections to your voice and avoid sounding like a monotone recording.
- Make a copy of the concluding statement as a backup. Is your potential client still undecided? Keep a backup closing statement on hand. Ask if you may call them again at their next renewal time, or if you can send them a comparison of quotes, which ties in with advice number four. Having a visual representation of your services rather than just hearing the numbers might help the buyer appreciate the value of your services.
Automate processes
You can image how much productivity your agents are losing every day if they are still dealing with excel sheets. It will also have a direct impact on your sales. As a result, you must make an investment.
Do insurance agents do cold calling?
Even if sales is your thing, cold calling can be difficult for even the most extroverted insurance salesperson. To get your foot in the door with a few prospects, you must sift through hundreds of leads (and hundreds of rejections). You’re not promised a client even if you obtain a sales meeting.
Cold calling, on the other hand, allows you to make that essential first contact with folks who may not have heard of your company otherwise. Furthermore, there are tried-and-true methods for increasing your success rate.
How do I close more insurance sales?
When it comes to sales, even the most accomplished insurance professional might face a snag now and then. In your sales efforts, you can use a variety of strategies. Because no single strategy will work in every case, having a few options based on the situation and your prospect is a good idea.
1. Sell the asset’s worth
Make sure you explain to your consumer why the product you’re recommending is a better fit for their specific situation than something from another provider (or another broker). It’s fine to sell based on cost if carrier A offers a plan with a similar network but cheaper charges. If, on the other hand, the plan you’re recommending is more expensive, make sure you explain why. Many of the benefits of an HMO are available with an EPO, but it often has more flexibility when it comes to self-referrals. Inquire if there are any specific doctors, specialists, or hospitals that employees want to be able to keep if their health coverage change. Compare different provider networks or the prescription drug benefits of the plans under consideration with some pictures. This can help you stand out from the crowd and form a better bond with your prospect. According to studies, more than 90% of people base their decisions on visual input data. Images are processed far faster in the brain than words. Furthermore, your buyer will want to buy from you if they can perceive the value of what you’re delivering.
2. Give examples and pose questions
For your customers, become a storyteller. Tell them about how you’ve helped others save money on employee benefits or lower employee out-of-pocket expenses. Ask inquiries to learn more about the employer’s or benefits manager’s priorities. For example, inquire about their current insurance plan (if any) and any problems they’ve had while covered by it.
It’s critical to establish a relationship with your consumers so they believe you’re working for them, not for yourself or the insurance companies. This will build trust and demonstrate that you care, removing their objections to purchase and getting you closer to a sale. Asking your sales staff to sit together and share objections they’ve heard from others is a smart way to help you prepare for objections. This way, you’ll be better prepared for what you might face.
3. Take it slowly.
While some argue that a “now or never” or “urgency” close can be effective in sales, it does not work well in the context of insurance or employee benefits. It’s unlikely that the package you’re promoting includes a gift or a discount. The best you can hope for is to utilize your knowledge of an impending rate rise to persuade an employer to implement the increase sooner rather than later or to adopt a different strategy without a stated rate increase. If there is a bonus program in place, that could be beneficial to you; however, if you’re working in the best interests of your customer, you won’t be swayed by further money if the incentive plan is more expensive or provides a poorer network for your client.
4. Don’t make promises you can’t keep and then over-deliver.
If you’re working with a customer who needs coverage right now, don’t make the mistake of agreeing to a start date before you know what you can fairly expect. Carrier specifications differ, and some may be more flexible than others. There are many steps involved in the underwriting and enrollment of an insurance contract, but only a few of them can be accelerated. Online registration could save time, but it is not appropriate for every organization because it requires access to a computer, which not all firms supply for all of their employees. Engage in an open communication with your consumers to guarantee that both parties’ expectations are met.
5. Stop putting forth so much effort.
Rather than focusing on the closure, assist your client in finding the best match for their scenario. Is the approach you’re advocating financially and in terms of the employer’s staff sound? The more you push, the more likely your prospects will push back. Listen, talk, and share what you’ve learned. Don’t let your excitement or nerves force you to overlook a clue that your prospect is ready to buy.
Of course, whether you succeed or fail, you should follow up. Send a thank-you note if the sale goes through. Don’t give up if you fall short. Later, follow up with your non-successful sales leads. You never know when things may change or when they will be more receptive to you and your health plan.
Our team at Word & Brown is dedicated to our continued success. We provide a wide range of sales and marketing materials, as well as a team of dedicated sales specialists to present alongside you, as well as compliance and account management experts to help you keep your clients satisfied and coming back year after year. To get started, go to our new broker website or contact one of our six regional offices.
How do you start a conversation when selling insurance?
I hope these insurance sales scripts provided you some ideas for how to structure your calls. Remember that sales-y, complicated calls are not appreciated by most individuals. You’ll only have two minutes to earn or lose the customer’s business. As a result, you must project confidence and make the strongest first impression possible.
- Make your introduction succinct and to-the-point. Introduce yourself, your company, and the reason for your call in a few sentences.
- Inform the customer and their peers who have purchased your insurance policy about the benefits of your policy.
- Know when to make a phone call. The ideal times to call for insurance are usually during lunchtime.
Determine your writing voice
Determine which voice and tone best suit your personality and business goals before writing your insurance agent bio. To begin, decide whether you want to write in first or third person and what kind of message you want to send. Keep in mind to be genuine and utilize a tone that genuinely reflects your personality so that clients can get a sense of who you are.
Introduce yourself
Make sure to identify yourself in the opening sentence of your bio by giving your name and job title. To provide clients more context, you can also include information about where you work or where you are located.
How do you sell insurance to high networth clients?
Getting active in NGOs and other charity organizations that they care about is perhaps a smart option for financial advisers seeking for new HNI clients. It not only brings you closer to those who do good (aka HNW clients), but it also gives you the opportunity to help the organization itself.
Network with Historical Preservation Societies & Art Organizations
Historical Preservation Societies and art groups such as the Metropolitan Museum of Art (MET) and other art clubs are essentially organizations that deal with high-value historic sites and their rehabilitation. You might be able to sell insurance to such organizations every time they acquire a new high-value home for rehabilitation and preservation if you have someone on the inside.
The best part about such societies is that if your services are excellent, you can simply keep them for a long period.
However, in order to effectively utilize these tactics, you must first understand the commonalities that most HNIs share.
- Personal financial loss is a concern, and participants freely participate in risk management talks.
- They want to show that they have “the greatest” financial advisors by referring them to others.
Why do insurance agents quit?
The majority of agents leave because they are unable to make enough money to sustain themselves and their families. The only way to fix this is to learn how to generate more and better leads, as well as how to follow up on them. People use the internet to conduct fact-checking missions. They are unconcerned with who answers their questions as long as they receive responses.