Whether you sell life insurance, mortgage protection, disability and critical illness insurance, or Health Spending Accounts, the goal is the same: grow leads and increase sales.
The good news is that you are in a sales career that offers multiple ways to grow your business relatively inexpensively. Here are 8 powerful insurance broker sales tips that will assist you in closing deals.
1. Listen More, Talk Less
As tempting as it is to sit down and begin explaining all the benefits of your insurance policies and plans, the best thing you can do is let the prospect lead the discussion. Instead of pitching your product, sit down and ask the person you are speaking with about their lifestyle. Ask questions about their family and concerns for the future, and let them tell you what it is they are looking for. Your role is to be an insurance consultant, not an insurance salesman.
2. Don’t Sell Products, Provide Solutions
Instead of jumping into a sales pitch about the great discounts your agency offers on insurance plans, explain to the prospect how what you are offering can help solve a problem they currently have, or potential problem down the road. People are much more likely to purchase products that resolve problems and provide them with peace of mind. You will only be able to do this successfully if you understand the families’ needs and have followed rule number one: Listen More, Talk Less.
Related Reading: Learn How Top Advisors Effectively Communicate with Clients
3. Highlight Benefits over Features
Rather than focusing on the technical aspects of an insurance policy (although you do want to be sure the lead clearly understands this prior to purchase), first highlight how having insurance will help them in terms they can relate to. For example, explain how the policy help will pay the bills if they become disabled. Be sure to keep the lead and their needs at the center of the conversation.
4. Leave Something to Remember You By
Most simple life insurance sales – especially lead driven sales – can be a one sit close, but occasionally families will need to weigh their options and put more thought into their final decision. This is certainly the case with annuity sales or more complex life insurance sales. Be sure you are prepared with specific company or product literature that you can leave behind. At the very minimum, be prepared to leave a business card, because those who do buy may have questions after you leave and will need a way to get in touch with you, especially if or when they need to use the policy.
5. Set Goals and Deadlines
Make sure that your goals are specific. What number of appointments are you going to set this week? 10? 15? 20? How many of those appointments will result in a sale? Be sure your goals are realistic. Rather than aiming for a 100% close rate, aim to increase your insurance sales by 10%. Incremental goals are much more achievable and create an atmosphere of success. Don’t leave your goals open-ended. It’s not enough to say “I will increase sales by 10%.” Instead, give yourself a set deadline. “I will increase sales by 10% every month.”
6. Take Advantage of Networking Opportunities
Take advantage of the opportunity to attend trade shows, conferences and meetings, and network with other insurance professionals in your field. These are great places to make connections, learn from respected industry leaders and stay up to date on industry trends.
Related reading: Why Networking is Important for Small Business
7. Ask for Referrals
Have a happy prospect that you’ve helped in the past? Don’t be afraid to ask for referrals. Word-of-mouth is still a viable, and free, lead generating tool.
8. Learn Something New Each Day
Devote some time each day to improving your sales and marketing knowledge. Read a book, attend a webinar or listen to an audio book, and try to learn something new about your field.
Related Reading: Proven Strategies That Will Grow Your Advisory Practice
A career in insurance sales is not for everyone, but if you have the motivation and drive to succeed, it can be highly rewarding, both professionally and personally.
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