Selling insurance is a tricky business. There are lots of rules and regulations that you need to know, but there’s also a lot of competition out there.
This comprehensive guide will help you get started and teach you the tricks of selling this service. Whether it’s life, health, or even car insurance, certain things need to be remembered to ensure your customer leaves with what they want.
If you want to stand out from the rest, these six tips on how to sell insurance will make the results better.
1. Make Sure You’re Selling the Right Type of Policy
One mistake that many new agents make is selling policies they don’t know about. Even if your customer seems like a great fit, it’s essential to research before selling them something so serious as life insurance or car insurance.
If you are not confident in what you are selling, then avoid doing it at all costs. This could lead to dangerous consequences for both you and your client.
Instead, take some time to learn more about each specific plan which will help increase sales exponentially. The last thing anyone wants is an agent who doesn’t know what they are talking about.
Knowing how much coverage you need is a great selling point. Instead of selling your clients the bare minimum, help them find an insurance plan that takes care of their needs and exceeds expectations. Make it worth buying from you instead of another competitor.
2. Don’t Sell Insurance That Is Too Expensive
This selling tip is closely related to the first one. It’s important not to sell too much coverage, especially if it becomes more than needed.
For example, selling a $100k life insurance policy when you only live in an area where $50k might be enough is wrong. Not selling them something that costs more money than necessary will also help improve your reputation. You’ll stand out as someone who is looking out for the best interest of their client.
Every plan has pros and cons, but it’s how you present them to your customer that makes all the difference. Even if they need more coverage than what they are offered at first, make sure you keep costs reasonable.
You don’t want anyone to feel like they were duped into buying something way overpriced because this will significantly lower your reputation as an agent. Make selling less about trying to get one up on a competitor and more about how much value you can offer instead.
Help your customers find plans within their budget range while still offering enough protection should anything happen.
3. Stay Updated on Industry Changes
The insurance industry changes all the time. New products and services are constantly popping up. This makes it crucial for agents to stay updated on how much coverage is enough, how much down payment should be, etcetera.
Without having adequate knowledge in this field, you will not stand out from your competitors or gain any respect from them either.
There’s nothing wrong with asking an expert if there have been significant changes that need to be considered when selling a specific type of plan. This can help increase sales while also building trust between yourself and the clientele. They know you care about providing accurate information instead of trying to make a quick buck off them at their expense.
You might find yourself going back to old notes now and again because of how much things change over time. That’s okay! Looking at how industry standards have changed recently will be enough to help you provide better value for your customer base.
4. Include a Full Explanation of Each Plan
One crucial selling tip is to make sure your clients fully understand how their policy works. This way, they will know what types of insurance you are offering and how it could benefit them in the long run.
It’s okay if this takes longer than usual. Understanding how something as serious as insurance can help protect someone from financial ruin should be worth every second spent on it.
Breaking down each part which covers different scenarios such as death or accidents, will go a long way with customers who might not have had much exposure to these types of plans before. It also helps give insight into why specific policies come with more perks than others do.
Make sure your customer knows everything so that there aren’t any surprises later.
5. Stay In Contact With Your Clients
Keeping in contact with your customers is not just a crucial selling tip, but it’s how you retain them long term.
Whether they need help when filing a claim or want to upgrade their plan because life has changed significantly, staying on top of communication will keep them coming back for more.
Your clients should be able to easily reach out and get ahold of you whenever necessary. This means being available through social media platforms like Facebook and Twitter and phone calls and email correspondence. This can prevent any misunderstandings from arising and help build trust in your services.
Appearing busy or hard to get ahold of will only make clients want to go elsewhere for coverage. Not giving them the attention they need can hurt business over time.
The key is creating an open line of communication that makes customers feel like their needs are being met.
6. Make the Most of Customer Feedback to Get More Insurance Leads
Every interaction you have with a customer has the potential to help boost sales or improve your skills as an insurance agent.
When certain customers leave reviews, pay attention and try out their suggestions if they’re reasonable.
You might also see that one specific type of plan isn’t selling well because people’s needs are changing over time. This is something else worth considering when shaping up upcoming strategies for success.
Remember, every review counts, and it only takes considering others’ ideas to bring about positive results. You don’t always need brand new marketing materials or tactics; sometimes, all it takes is asking what clients would like and responding accordingly.
Are you a beginner specializing in final expense insurance? Then here are some tips on breaking into insurance sales you need to know.
Selling Insurance: Learn How to Be a Better Salesman
There are many different things you can do to become better at selling insurance.
It’s not just about making the sale; it’s also about creating long-lasting relationships with your clientele. That way, they know who will have their back when the unexpected happens.
These sales tips and tricks should help get you started on that journey. For more exciting content, keep reading our blog posts.