Have you been pondering about how to sell insurance policy to your next client? The key is to use a variety of strategies to sell insurance policies rather than depending on only one.
This way you can easily and effectively turn a cold lead into a warm one. But that is just half the battle won. The next step is your pitch and how well you convince them to purchase the insurance policy which will benefit them the most.
Ways to boost sales when selling insurance
Selling insurance takes practice as you need to understand their point of view before you make a sales pitch. But if you keep the following insurance sales strategies in mind, you can sell many policies to various customers consistently and achieve success.
Evaluate your audience
Understanding your target audience is the first step in how to sale insurance policy. You need to understand what drives them, what they are unsure about, what they are insecure about, and what they need for the feeling of safety and understanding their financial situation as well. When you talk to them, it should feel like you know them and understand them before you make a sales pitch.
You can understand your audience by surveying them, using social media to understand their thoughts, and looking at solid data available. You can also participate in discussions to build a sales pitch accordingly. The more time you take to comprehend their needs, the better it is for you because you have a higher chance of closing the deal.
You need to also understand why they did not purchase an insurance policy until now before you determine how to convince client for insurance. This ensures you don’t waste time selling the wrong policy to someone as this can cause problems down the line. When your clients feel like you truly care, they are more likely to ask you to renew or purchase another policy from you.
Be transparent
You may have a structure or a plan of how to sale insurance but the truth of the matter is you need to take a tailored approach. Every individual is different and so are their needs. You need to examine each customer in isolation to understand them to the core before you take a personalized approach and make a sales pitch to them. This has a higher success rate than taking a generic approach.
You must also be transparent from the beginning regarding the insurance policy pricing, coverage, terms, and conditions. This will make you appear as a reliable agent and it is one of the top insurance selling techniques that work. Trust goes a long way and establishing it from the start gives you better luck with your customers.
Leverage social media
When it comes to the best life insurance sales ideas, look no further than social media. Social media is one of the many strategies to use to make more insurance policy sales. How to sell life insurance or other types of insurance on social media? You need to focus on the three P’s; prospecting, positioning and presenting.
The prospecting aspect involves research and finding out where your target audience is likely to be. Next, positioning is showing your expertise in a way that resonates with your audience the best way. The last part is the presenting part. In this, you need to show and prove that you are the best among the best. You must stand out from the rest and make a sales pitch that they cannot refuse.
Be prepared for resistance
Do you know how do insurance agents get clients? They go prepared. When you try to sell a policy to someone who has shown resistance for years, it is an uphill battle. This is why you need to have answers to the potential questions they may ask. This will put them at ease and make the process of selling insurance policies much simpler and faster.
One mistake that you want to avoid is not giving importance to their concerns. If you make it seem like their concerns are invalid, they will run away from even considering taking a look at the policy. Instead, validate their fears and show how having an insurance policy can save them in the future by giving them the financial aid they may need.
Highlight the value
Let us say you want to learn how to sell life insurance. The critical part is to highlight the value of the life insurance policy. You can tell them the dangers and pitfalls of not having a life insurance policy. For instance, you can cover how their immediate family members, especially the dependents, will suffer in case of their sudden death. This will inspire them to buy a policy sooner.
Creating a sense of urgency works most times because people do not want to miss out on a good deal. You can add to it by offering a discount that is valid for a limited period only. Even though the price is important, do not make it the focus of how to sell life insurance policy. It can be viewed as an add-on benefit of purchasing a policy but should not be the sole highlight.
The reason the value proposition is so important is that it will show the prospective customer how an insurance policy can enrich their lives now and in the future. You want to show them that purchasing a policy cannot have a price tag because of the numerous benefits it provides. For example, you can show that well-being cannot be replaced by anything else.
Make the process as easy as possible
The answer to how to sell insurance products in India is by simplifying the process as much as you can. People are wary of anything complex and so it is your job to ensure they understand every aspect of the policy. You can do this by using layman’s language so they understand the insurance jargon and are willing to give the policy a try. You can also show them how the policy will affect their life.
As an agent, you want to present all the benefits of the policy in the most comprehensible way possible. It is a foolproof way how to sale insurance policy. You want to include every little detail in simple language and why it is important for them. This way you can convince them by showing them why an insurance policy is worth their time and investment.
Do better than your competitors
There is competition in the insurance industry because every agent wants to make the most policy sales. To do something different, you want to get inspired by your competitors, learn from them, and think of a way to differentiate yourself from them. This is how to sell protection plans and even how to sell home insurance over the phone.
Knowing the benefits and limitations of the insurance policy inside out is the best place to start because you can answer immediately thereby showing your expertise. You want to connect their needs with the policy offers. One way to do this is through powerful storytelling. You can take real-life examples of how the policy helped someone resolve an issue that may have been unsolvable otherwise.
Create a referral and rewards program
Referrals can make a big difference and they are how to sell health insurance and other policies to customers. Word-of-mouth remains one of the best marketing strategies so every customer matters. When you approach any customer, leave an impression such that they advertise for you. With a referral program, you can ensure that your current happy customers bring in more.
By having a referral and rewards program in place you can easily make more sales in insurance policies. But just because you have instant access to leads does not mean you relax. You need to treat them as a new cold lead so you can use techniques whereby, they convert into your customers by buying one or more health insurance policies.
Cross-sell to existing customers
You can easily increase your sales by cross-selling to your current clients. For example, if you have a customer who purchased life insurance from you, you can pitch the idea of buying a home insurance policy to them. It is easier to work with existing customers rather than approach new ones and get them to purchase a policy.
Cross-selling should not appear to be forceful and you should do it with caution because you want to show that you have their best interest in mind. You can offer incentives in the form of discounts so they are more willing to purchase the policy from you. If you get the timing right, you may be able to sell more than one policy to the same customer.
Establish partnerships
How do you sell a term life insurance policy or a home insurance policy? You should establish partnerships as these will allow you to get more customers. You cannot expect that your customers will find you. You want to find them before other agents can for making better sales. This means doing good research and utilizing your time to tap into the information cove in the right places.
Let us say you want to sell home insurance policies. You can speak to property owners in India and then build partnerships with them. This opens up doors to several opportunities that may not be present if you simply tried other tactics. Before you enter a partnership make sure you prepare the right pitch so they are willing to help you out.
Handle customers the right way
A simple technique to closing more deals is to avoid asking questions that require a simple yes or no answer. This is how to sell life insurance policy, home insurance policy, and auto insurance policy and applies to selling in all platforms. If they answer with a no, you cannot try to sell to them without sounding desperate.
Instead, you want to ask open-ended questions so the potential customer gives a lengthier answer. This will enable you to understand customer sentiment and therefore make a better pitch. Instead of providing an exhaustive list of options, pick the best ones for them and then present them. They are more likely to purchase the insurance policy from you. This is how to sell life insurance policy to customers.
Branch out to expand your network
One of the tips on how to sell insurance is to reach out to branch out. Networking is your best bet to get more referrals and leads rather than sitting at your desk and hoping for the best. You can ask your friends and this is how to sell life insurance successfully and other types of insurance. You can also tell them about what your target client is like so they can reach out to you.
Remember that the important part of how to sell insurance online is to always be available for questions and to succinctly respond. Don’t forget that you can reach out to your relatives and colleagues too. They can find people who need what you are selling. You can also share your business card with everyone you meet so they can contact you in case they need to purchase a policy.
Tips to sell health and motor insurance
The following are some tips to sell health and motor insurance.
- In order to fully engage a prospect, use simple language to ask questions and then pitch why a certain health or motor insurance policy is the perfect fit for them and their family. By building rapport, you build trust which enables the prospects to open up more.
- Health insurance is optional while third-party motor insurance in India is mandatory. Make sure you make it clear that both are equally important for financial security in the future in case an unfortunate event occurs.
- Understand the health and motor insurance policies you are selling inside out because prospects will purchase from people who know what they are talking about. Establishing yourself as an expert will ensure you sell better and more policies over time.
Key takeaways
An insurance policy is an instrument that safeguards the policyholder and their loved ones from financial problems. As an insurance agent, you must use a mix of strategies to sell the right type of insurance policy to every individual. The answer to how to sell insurance boils down to understanding their needs and curating the best policies that meet those requirements. It may seem complex at first but how to sell insurance policy to customers becomes easy as you sell more and more.
Read more:
How to become PoSP Insurnace Agent
Tips for PoSP Insurance Advisor to market the Products effectively
