How to sell more insurance than your competitors

How to sell more insurance than your competitors
How to sell more insurance than your competitors

  How to sell more insurance can be hard work and requires perseverance to keep going after getting an unwelcome response.  You will not be able to close a deal on every call.  Some potential customers will take more work to convert into buyers.  However, with a little knowledge and the help of modern technology, you can increase your sales numbers.

  Most life insurance contracts place the agent on pure commission compensation.  This means that if you are not selling, you are not feeding your family or sleeping indoors.  With fierce competition and tough financial times, successful agents use every possible strategy to find new leads and convert those leads into customers.

  How do I sell more insurance than my competitors?

How to sell more insurance is all about identifying the right audience and customizing your offer to suit their needs.  Your success lies in how quickly you learn to target and customize your offerings.

  Likewise, a sale today may not be available tomorrow.  Let life insurance clients know that they qualify for a great policy now, but their health may change in the future.  And that could affect whether they can have a policy like this in the future.

  Although they may not say anything, many people think of all kinds of objections, and the potential risks of the product you’re suggesting.  Put your mind at ease immediately by avoiding the most common objections and fears they may have.

Is selling insurance easy?

  The insurance industry is saturated with national brands that make a lot of noise, making it difficult for local insurance agencies to be heard by consumers.  Smart marketing strategies are necessary in order for an insurance agency to stand out from the national and local competition.  These are just a few of the marketing strategies an insurance agency can use, but each agency must consider the market and what exactly their target market is looking for before implementing any new program.

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  How to sell more insurance than your competitors

·         Prospecting

  Selling anything starts with prospecting – finding people interested enough in your product to listen long enough to make a sale.  Any good agent is constantly looking for prospects through as many tactics as possible.  Much depends on general probability generators such as collecting business cards, print advertising, online advertising and word of mouth.  Some techniques that work particularly well for life insurance are forming partnerships with financial planners, blogging or writing guest posts for financial advice, and attending community meetings such as the PTA and Chamber of Commerce.

·         Be proactive in communicating with customers

  Your daily insurance activities can and should communicate with your social media efforts.  Frequent posts on social media platforms and regular updates of email newsletters are excellent for several reasons.  First, your brand will be instantly recognized as your audience sees your name and logo in their feed on a regular basis.  Second, it serves as a way to build trust for new and old customers.  Although it takes time and effort, it is entirely possible to increase your insurance sales by staying on top of your interests and being a thought leader.

·         Sell to your existing customers

  The easiest sales you can make are to people who have already bought from you.  You already know all about it and more lines of insurance are likely to get multiple policy discounts! You also have a reason to contact them.  You can call to verify your contact information, tell them what discount they may be eligible for, or double-check current discounts.  While you’re calling them on the phone, tell them how much they’d save if they put together their policies. Do a proofreading of your workbook to identify key opportunities such as parents without life insurance, renters without renter insurance, and self-employment.

·         Polish your website

  Look at your marketing materials (think business cards, flyers, etc.) and your website as if you were a first-time viewer.  Ask yourself a few questions as you compare the different marketing pieces that your current network and future customers will see.  Are there colors you want to include that enhance your branding?  Make sure to use it on your site.  Is your copy interesting and informative?  Talking only about your services and selling 100% will not capture your audience’s attention over time.

  Do your photos look professional and meaningful to your industry?  For example, if you are a real estate agent, photos are often the deciding factor if someone asks for more information about your listing. Perhaps the most important question is “Does your website make it easy for visitors to find your contact information and reach you?”  If this is not easily found on your website, you are likely losing potential leads to competitors.

·         Create a referral system

  As you go about the business of getting new clients, remember that one of the best insurance selling strategies that you can take advantage of is through referrals.  Word of mouth is the most effective marketing technique for a reason.  So, deliberately design a referral and rewards program that allows your old customers to bring in more customers.

   Think of a family tree that connects different members of your extended family.  It never ends.  This also means that at each point in time, you have a pool of leads waiting to be transferred by your insurance sales team.

·         Develop a clear strategy for nurturing potential clients

  79% of potential customers do not succeed in becoming a regular customer.  Much of the blame goes to a lack of upbringing.  This topic in itself deserves a long blog post.  This is how important the success of your insurance sales team is.  To get ahead in the game, your team needs to devise a lead nurturing strategy.  This means that your marketing targets a specific audience and thus creates a matching buyer persona.

  If you sell vehicle insurance, for example, your online ads should not target college students.  It makes following up easier and straightforward.  Imagine calling a struggling college student to ask if he’d be interested in one of your vehicle insurance policies.  It’s not only embarrassing, but it’s also a waste of everyone’s time.

·         Personalize your insurance experience

  In today’s world, customers demand a personalized experience.  In fact, based on research by Accenture, 77% are willing to share their usage and behavior data in exchange for lower premiums and personalized coverage recommendations.  However, only 22% of consumers said that the companies they do business with tailor their experience based on personal data.

  If you take a step forward in personalizing for your customers, you will stand out from the crowd and increase insurance sales.  How much can this benefit you?  Well, the same study found that 58% of consumers say they would shift half or more of their spending to a provider that excels at personalizing experiences without compromising trust.

·         Know when customers are ready to buy.

  Just because you want to be a potential insurance agent and make a compelling presentation doesn’t mean the prospect will change – even if they are not satisfied with their current agent. Changes are not made easily, including insurance agents.  This is why continued cultivation of horizons is essential.  Just because they say no, it doesn’t mean never.

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