Insurance, just like every other industry, has constantly been changing over the years and so are the skills required to sell more insurance than your competitors. New innovations and new technologies have filled a once almost dead and generic industry with brand new life.
Studies show that insurance has contributed more to the GDP of the US in 2015 than even banks. There is insurance cover for virtually everything now aside from the primary ones that used to be.
How to Sell More Insurance – Selling Strategies
1. Play Educative and Advisory Role, not just an Agent.
For the common and average consumer, insurance can be very frustrating and confusing, so either you are selling to individuals or corporate bodies, it is very possible that your customers do not have an idea of the insurance policies that are available to them, it’s a very big decision to make.
Therefore you need to build up credibility and trust with them, they need to know that you are a master in what you are explaining to them and that you also understand their needs. Find a way to explain insurance policies to them in simple terms.
2. Have Few Options
Having too many options may cripple decisions sometimes. Studies show that if people are given more options they are likely not to purchase, therefore to reduce the options, just know exactly what your prospective customers’ needs and tailor the options towards that area of need.
3. Try and Personalize your Experience
People tend to respond positively and also believe quickly those who share their life experiences with their prospects. The customer wants to be certain you are familiar with the products and the risk environment and also see you share your personal experiences with them.
4. Use Stories that do not Cause Fears
Most insurance agents tend to use scary and fearful stories to sell their products. The resultant effect is that people will run away thinking you are wishing evil to befall them. It’s true that the insurance business is risk associated, but there are other enticing stories that can be used and get the attention of people.
5. Build Relationship Virtually Using the Communication Means your Prospects Prefer
There is no one perfect communication method that is suitable for all your prospective customers. You need to develop so many communication skills so that you can suit each of them as the need arises.
Using customer relations management you can smoothen out communication and build a structure that attracts them instead of frustrating them.
6. Sell your Products Based on Value
While selling your products, it shouldn’t be based on price rather it is that you are communicating value. This does not mean you should sell below the price, rather it means selling a product that is valuable to a particular customer.
7. Take Measurement of your Results and make Proper Adjustments
In as much as you are trying to make sales using different means, you also need to crosscheck your means and take note of the one that is really working out for you and know what
to discard. To this effect, you need to analyze your current cost and also the means with which you got them. This will help you to streamline your medium of sales.
8. Make Good Use of your Referral to Sell More Insurance
Referrals can be very good customers at the end of the day due to certain reasons. If they trust who recommended you, they will definitely trust you and will sure patronize you.
Again, the person that recommended knows both of you, such that he knows what the person wants and knows that you have what the person wants. It goes a long way in boosting sales.
Conclusion
In selling insurance products you have to be very tactical about it and do a lot of hard work. Not minding all the hard work set out time to work on retaining your customers, you will have to do everything possible to make sure they remain. Again know who your competitors are and try as much as you can to be ahead of them.