Five Great Ways To Boost Life Insurance Sales
There is more to selling life insurance than meets the eye. Of course producers want to make sales, but what does that really entail? In some cases, it involves educating clients on their options. In others, it involves an intense problem-solving process, in which needs are determined and solutions are crafted. Many life producers are compensated purely on commission, so honing all aspects of the sales process makes a huge difference to their bottom line. Agents told us overwhelmingly that the best life insurance sales strategies come through finding value, as opposed to just the best cost. A policy isn’t just a contract, it represents a measure that helps save money, take care of a loved one, or protect against danger. We spoke to experienced producers to find out what they consider to be their best sales strategies.
1. Diversify Your Prospecting Methods
Staying in contact with clients, as well as with other peoples’ potential customers, is an important step in the life insurance sales process. Good agents constantly prospect and follow up through various platforms, including word-of-mouth referrals, partnership formation, print and online marketing, and conference and event attendance. Highly targeted direct mail and incentivization can also be effective.
Agents can make their products more attractive to consumers through differentiation. Even though there are tens of thousands of life insurance agents, they have expertise in different niche markets. If your life insurance expertise lies within a certain population, geographical area, or type of policy, define yourself as the go-to agent within that niche. Your marketing tactics will be more effective that way, and you will be able to offer a solution beyond competitive pricing alone.
3. Create Good Karma
One agent told us, “If someone is not worth your time, they are probably worth someone else’s.” In that vein, feel free to refer potential clients to your colleagues and peers. If you create good will in your community, and are truly focused on providing the best solution for a client, chances are that the favor will be repaid in the future. It’s okay to pass on a potential client if you think that someone else can better serve his or her needs.
4. Find A Good Marketing Group
Don’t listen to ineffective sales advice. Contact marketing groups that allow you to do your job in the way that makes sense to you, and that do not impose oppressive strategies and techniques on you. A harmonious relationship with an association or marketing group can make all the difference in your bottom line and your peace of mind. In addition, if you’re treated with dignity and respect, you will be more likely to conduct business with professionalism, and see greater returns.
5. Provide Proof
As a life producer, history is on your side. Do your research, and show your clients where they would be if, for example, they had invested in a reversionary annuity between 2001 and 2011. Or, provide a case study on a time when a client’s life insurance policy saved their loved ones a lot of money and pain. Each client is different, so being willing to tailor their plan to their goals and provide research on why they should go down a certain road will improve your credibility.
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