10 Proven Tips For Selling More Insurance

QuoteWizard, 20161st Edition

10 Proven Tips For Selling More Insurance

2016, 1st Edition

Table of Contents

Introduction 3

Sell Yourself 4

Cold Calling 6

Lead Nurturing 8

Upselling 10

Cross-selling 12

Social Media 14

Networking 16

Referrals 18

Handle Objections 20

Conclusion 22

About QuoteWizard 23

Copyright © 2016 by QuoteWizardAll rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.

Introduction

Once upon a time, insurance agents attracted new customers by radio, television, and newspaper advertisements. A prospective customer could pick up the phone book and thumb to the “I’s” and choose any insurance agent whose name or location they liked the best.

Times have changed

The digital landscape has changed how we sell insurance. To get prospects to come to you, a salesperson needs to make themselves visible over more channels than traditional advertising allows. Today’s insurance agents can be found on social media, through a blog, or even on an online review service.

Now, salespeople don’t wait for leads to come to them, they must actively pursue new clients. But, how? Networking with peers, creating a referral system, or even cold calling leads are some options to get started.

If you’re new to sales…

These ten selling techniques can transform you from an unsure, brand new salesperson to well-known insurance agent in your area. Start with our first suggestion and work your way to the end. Pick and choose which tips you like best. Get straight to work and enact all suggestions at the very same time. Regardless of how, why, or where you start, you need to begin somewhere if your goal is to start selling insurance policies.

If you’re a practiced insurance agent in a sales slump…

It’s safe to say that you’ve seen some of these suggestions before. You might have even recommended similar tips to other sales professionals who needed a boost. Well, now it’s time for you to start practicing again. You already know the importance of these tips. If you want to sell more insurance policies than you are right now, use this guide to motivate you and kickstart your selling.

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Before you begin contacting leads to start selling more insurance, take a look in the mirror. How do you present yourself? If your goal is to increase profits and

sell more insurance policies, you need to first stand out from the crowd. There are many qualified insurance representatives consumers can choose to do business with.

What makes you special?

Sell Yourself

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Dress professionally

It doesn’t matter if you’re selling insurance to young or old individuals or big or small companies, the bottom line is that you’ll be judged on your appearance. How you dress says a lot about your professionalism.

Some insurance agents wear a suit and tie every time they meet with a prospect. Others take a more casual approach, leaving the suit jacket at home and donning either a business-professional dress or a button-down and slacks. Whichever you decide to pull from the closet, choose what makes you look your best.

Check your body language

Once you’re confident that your appearance is in order, get your nonverbal communications in check. If you’re nervous, your customers will notice. They’ll also be clued in if you’re distracted or not paying attention when they speak. Don’t slouch, lean, or withdrawn when meeting face-to-face with your customers.

Sometimes it can be difficult to see your own body language faults. It might be helpful to request that a colleague watches as you meet with a new client. Ask them to take notes of your body language. Did you come across as a calm, assertive sales person? Did your posture suggest you were being aggressive of aloof? If you aren’t able to ask a friend for help, videotape yourself practicing a pitch.

Speak well

If your leads will be swayed by your body stance, they’ll be even more moved by the words you chose to share with them. Speak professionally – don’t use “young” word choice such as “gotcha” or “yup.” The goal is to sound well-spoken and educated. Instead, say, “I understand,” when your prospect is looking for reassurance from you.

Don’t forget to remove filler words such as “umm” or “hmm” from your vocabulary. They are used in place of pauses. Take a moment to gather your thoughts instead. You’ll sound more professional.

Your reputation is in charge

How are you known in your community? Do you take the time to get involved in charity events, school programs, or sit on the boards for local organizations? The more involved and dedicated you are in your community, the more trust you’ll earn from your local leads.

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There aren’t many insurance agents who hear the term cold calling and get excited at the task. That doesn’t mean that cold calling isn’t a successful means

to sell more insurance policies. In fact, contacting leads is a great way to increase your client base and practice your pitch. In a recent study done by DiscoverOrg, 75% of 1000 senior-level executives agreed to a meeting or attended an event that originated by either a cold call or email.

Cold Calling

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The first rule of cold calling:

Script every word you plan on saying.

If you’re not prepared for your call, your prospect will know it immediately. Write down every point you want to discuss. If you’re really concerned you’ll miss something, plot your pitch word-for-word. It’s better to be over-prepared than under.

The second rule of cold calling:

Forget your script.

We’re not suggesting you throw away your sales pitch, just get confident with the message you’re trying to get across. Know it so well, that when it’s time to cold call a lead you don’t need the paper in front of you.

The perfect time to call

If you don’t know what time of day your prospects have the most available time, try contacting them first thing in the morning. Your lead hasn’t had a chance to become stressed yet from his or her workday, and you’ll also be fresh and prepared to sell.

Research before you pick up the phone

Be a detective and find out more information on the people you are contacting. Yes, it might take some additional time, but doing a quick social media search will help you find out if you share any connections with your lead. You may have acquaintances in common, shared previous work relationships, or attended the same alma mater. If you can find a commonality, it will keep your lead on the line longer. In fact, you’re expected to be 70% more likely to schedule an appointment on an unexpected sales call if you are in a common LinkedIn group.1

Anticipate Objections

How do you think your lead will object to your sales pitch? What concerns could they have? Take the time to prepare your responses, and your prospects will be impressed by your answers.

1 http://www.insidesales.com/insider/cold-calling-strategy/linkedin-calling-tips/7

Sometimes your leads just aren’t ready to commit. In fact, 63% of peoplerequesting information on your company today will not make a purchase for at

least three months. 20% will take more than 12 months to buy.2

There are many reasons why a lead might not be able to sign on the dotted line. They could be shopping around for prices or waiting to talk with a spouse. So what do you do?

Lead Nurturing

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Many insurance agents schedule a date in their calendars to remember to reach out to prospects who aren’t ready to buy. That’s a great idea, but can you do anything more to make sure you don’t miss out on any new opportunities to sell insurance?

Lead nurturing is an important tool to use in the early steps of selling more policies. Why? It sets you up to be a trusted advisor to prospects who you know already want the products or services you’re offering. Touch base with your leads regardless of their readiness to buy. While they prepare themselves to purchase, you can educate them on topics they’re interested in.

Deliver valuable content

Keep your leads engaged and interested in working with you. Are you wondering how? There are many ways to create and share content with individuals looking to purchase insurance that don’t come across as pushy sales tactics.

Develop a content marketing campaign to warm your leads. You might have a website, but do you have a blog? Blog posts are a great way to share information with people interested in your services.

An email campaign is another idea to follow up with leads that weren’t originally ready to commit. Be sure to include special offers in your follow-up communication that are exclusive to that list.

Other options are podcasts, video series, infographics, and a monthly newsletter. It doesn’t matter which method you pick to stay in touch with your leads – just do it!

Don’t be spammy

Only share content with individuals who agreed to receive it. Never add anyone to your email lists without their permission. Not only will it cause you to lose a possible customer, but if more than a few people unsubscribe from unwanted content, your reputation will suffer as well.

Why is lead nurturing important?

According to Annuitas, leads that had been nurtured achieved a 47% higher order value at close compared to leads that closed, but were never nurtured.

92 http://www.marketingdonut.co.uk/marketing/sales/sales-techniques-and-negotiations/why-8-of-sales-people-get-80-of-the-sales

Great, you’ve gotten your prospect’s attention. She’s ready to commit. So, what’s the best way to sell more insurance? Upselling is a sales technique used to

influence a customer to purchase an item that is more expensive than an item they may have originally requested.

This isn’t a bait-and-switch. The original item is still available. Instead, it’s an upgrade. Just remember – the value has to be worth it to your customers. No one will choose a premium product over a lower-cost product if they can’t identify why it’s worth the additional price.

Upselling

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Why is upselling important to the insurance industry?

Everyone wants to feel protected. No one knows the answer to “what if?” For auto sales, your prospective customers want to know that they will be taken care of in case of an accident. For life insurance policies, people want to be sure their families will be taken care of if they were to pass away. Sell your customers on the value of safety, even if you can’t answer “what if” directly.

Temporary discounts on premium products

How do you price your products? Your sales may increase if you offer a short-term discount when a premium policy is purchased instead of a basic policy. If a lead appears interested in enrolling in a premium health insurance policy, but the cost is her biggest objection, consider discounting the first three months of the policy. You’ll make up the cost difference over the term of the policy.

Upselling techniques

Someone has just asked you to quote an insurance plan. How can you upsell her to a more premium product?

One way of doing so would be by using a graph to compare available plans. Make the differences between policy options evident.

If you’re nervous about upselling a new lead, start small. Suggest an increase any of policy limits or adding riders to plans, such as roadside assistance to an auto policy.

A word of caution

To correctly upsell, be smart with what you suggest to your customers. Someone may be willing to pay $75 a month for a basic policy, but may not be willing to take the jump to a $475 premium monthly policy. The closer you align your customer’s needs and wants with your products and services, the more likely you’ll be able to upsell the deal.

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Cross-selling is a tool that works perfectly in the insurance industry. It is the act of attempting to sell an additional product or service than the one a customer has

originally requested. He might come to you looking for one service, but leave as a customer with multiple.

Cross-selling

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How it works

Let’s say a lead contacts you looking for motorcycle insurance. He seems to be pleased with the policy you’re suggesting and the cost. Don’t stop there. Try cross-selling your customer by asking if he owns or rents a home. Maybe he has a boat or an automobile that needs coverage. Even if he’s covered at the time, ask if you can take a look at his policies. Can you recommend increasing or lowering certain limitations? Ideally, you’ll find a way to save your customer money, while taking over the policy. If your customer agrees and purchases multiple lines of policy with you when his original intention was just one, then you’ve successfully practiced cross-selling.

Be like Amazon

In 2006, Amazon CEO Jeff Bezos revealed that 35% of the company’s sales stemmed from suggested purchases. With all the changes to customer participation in digital sales, that number must have dramatically increased over the past decade. By offering “Frequently Bought Together” and “Customers Who Bought This Item Also Bought” sections, Amazon is unobtrusively cross-selling its customers. How can you be like Amazon?

Bundle discounts

You can show your customers value in two ways when you cross-sell. First, there’s the actual product value that your insurance policies offer. People purchase insurance for the confidence it gives them in the unknown. Explain policy benefits and your customers will understand how the features can benefit their lives. Next, value is shown when two or more policies are bundled together and the price drops. Saving money can be just as important to your client as ensuring safety.

If it doesn’t work, there’s still hope

So what if cross-selling doesn’t work as you planned, and you’re only able to sell the original requested policy? Congratulations, you have a new customer! Remember the previous tip on lead nurturing? Make sure you ask your customers if you can continue to stay in contact, not just your leads. If you stay on your customer’s radar throughout the year, and not just at renewal time, they’ll easily reach out to you if they do have insurance needs you can meet.

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The digital landscape has changed how salespeople find new prospects, communicate with current clients, and brand themselves. Where before,

insurance agents were chosen by word of mouth or paid advertising, now clients find agents after searching on the web. Even better, it works the other way around – agents can now find clients online.

Social Media

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While many insurance salespeople have turned to social media for lead generation and nurturing, some are still hesitant. It’s time to embrace the digital landscape. The Aberdeen Group found that 72.6% of salespeople using social selling outperformed their peers. In fact, they even exceeded quota 23% more often. Are you ready to get on board now?

What does your online presence say about you?

If you’re new to social selling, here’s what you should know:

• Sign up for accounts on all relevant social platforms. Some of the best-performing outlets are Facebook, Twitter, LinkedIn, Google+, Pinterest, Instagram, Periscope, and YouTube.

• Pay attention to the details: Don’t skip the “About Me” section. Make sure to include any important details, such as your phone number, email address, website, physical address, etc.

If you’re already active in social media, here’s a few tips:

• Brand yourself: Be consistent on all platforms. Make sure you’re using the same picture and the name on every site you’re a member of.

• Attract the right people: Use relevant hashtags in your posts to open the conversation to people who might not be currently following you.

Find out information about your prospects

LinkedIn is a great site for connecting with like-minded business professionals. One of the best features is that you can see if there are any similarities between yourself and a lead. Maybe you volunteered or donate to the same charity. Maybe you have a close acquaintance in common. If you do have a commonality, use it to your advantage. It isn’t a cold call or email if you share a connection!

If you can’t find common ground, social media will, at least give you the opportunity to gather information about the lead you’re working with. Maybe they’ve posted baby pictures or are asking for recommendations on a new car. Life events are great conversation starters and can be a huge motivator for individuals to purchase insurance policies.

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You’re never too busy to network with the right people. While some salespeople think that spending all of their time working with leads and current clients is the

best aim for business, that isn’t necessarily true. By attending conferences, trade shows, and meeting regularly with colleagues, you’re welcoming more opportunities to find prospects and learn about selling.

Networking

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Set goals

What’s the point of attending networking events if you don’t understand what your ultimate goal is in attending? Be clear with your intention. What can you learn from the people and events? Everyone has different goals they’d like to realize, and it can change for each event you attend.

Participate in networking events

When attending conferences or trade shows, use social media to connect with attendees or organizers before the event even begins. It will widen your social circle, and give you the opportunity to prepare and organize your networking plan of attack. Another tip is to arrive early so that you can meet the organizers and pick their brain about the perfect people to connect with.

For smaller, local networking events, make it a priority to be a connector. If you can introduce two people who’d mutually benefit each other, both of those people will hold you in high esteem. When someone they know is looking for an insurance agent, you’ll be the first person they think of.

Cross network

Who do you know that works in a similar, yet different, field that you can connect with?You’ll be able to find new people to network with if you narrow down the type of insurance you sell. For example, if you do much of your business selling home or renters insurance, get to know your local Realtors. They can refer business your way. If you sell workplace insurance products, HR professionals are the people to network with. If you specialize in automobile, motorcycle, or boating insurance, get to know your local dealers. And, if you’re a jack-of-all-trades, befriend them all!

Who are your colleagues?

It’s good to know your competition. What do they do and offer that you don’t? Is it working for them? Could it work for you?

Take time today to get to know people in your area who are doing the same work as you. Just because you do the same or similar business doesn’t mean you can’t help each other grow. Learn from their positive selling experiences or even what didn’t work from them. Be sure you’re sharing as well, so that you’re as valuable to them as they are to you.

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A good salesperson knows that sometimes you need to ask others to refer leads your way. However, an even better salesperson does this before they actually

need more business.

Is your customer service up to par? If people like the way you do business, they’ll send referrals your way without an official referral program set up. However, being forward thinking when it comes to referral programs will provide you a better lead group to sell policies. Remember, the more opportunities, the better!

Referrals

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Refer-a-friend

Your clients may very well be your best sources of referrals.

Create a discount program to motivate your current customers. You can offer a discount on insurance policies if your customers refer a friend or family member who successfully purchases a policy.

Before implementing a referral policy, think out all stipulations. Will the discount received be on one policy (if the referrer has multiple policies) or the entire insurance bundle? How long will the offer be good for? Is it a one-time discount or revolving? Is there a cap at how many times one person can refer new prospects your way? Will you offer any incentives for warm leads who don’t commit to a policy, but offer to stay on your lead nurturing list?

Once all the details are worked out, let your customers do the selling for you! Clue them in on your referral program and watch the leads roll in.

Refer-a-client

While you might not be able to offer a discount or monetary benefit to a business professional in return for them sending new leads your way, you can set up a mutually beneficial relationship.

If you’re networking with the right people, you’ll eventually develop strong relationships with individuals in similar fields. If you keep getting referrals from a car dealership for auto insurance, you might want to send referrals back to them when your client is looking for someone to fix their car after an accident, or, purchase a car in the case of a total loss.

When you’re feeling confident in a business relationship, propose the idea of an exclusive referral practice between you and your colleague. Just make sure you always inform your clients when you exclusively recommend a person or business, and, if you’re ever informed of unsatisfactory service to your clients, dissolve the partnership immediately.

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Even the best, most experienced sales people hear objections from leads and current clients. How the objections are handled will define whether or not a

policy will be written and a client relationship will form.

Handle Objections

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Anticipate and brainstorm

Before you begin selling, the first step is to anticipate any opposition. Are there objections you’ve heard regularly in the past? If so, make a list and come up with ways you can address your lead’s concerns.

If you followed our previous suggestion of networking with other insurance agents, this would be a great way to work together. You’ve likely heard many of the same comments, but might be able to offer smaller, individual-specific objections that may reoccur with future prospects. Take the time to brainstorm answers that will calm your lead’s concerns.

Common objections

“I’m happy with who I’m currently working with.”

If your prospect doesn’t want to change agents, don’t pressure them. Instead, find a way to show them your value. Make your products and services stand out, and then bow out of the sale. However, ask if you can add them to your lead list. Let them know it’s full of good, educational content, and exclusive offers.

“I like the way my policy is set up right now. Why should I change a good thing?

Many lucky prospects and customers are hesitant to change policies if their coverage has worked for them so far. In this situation, first remind them that luck is not something that we can control. Next, point out major end results – if auto limitations aren’t high enough, and your client is at fault, she’s at risk of losing her home.

“Oh, I’m a safe person. It’s won’t happen to me.”

Unfortunately, accidents happen every day. Safe drivers get hit by distracted drivers. Safe homeowners are involved in a house fire due to unknown faulty wiring. Robbers break in and steal even the best-concealed belongings. Reminding customers of realistic consequences is usually enough to get them to consider changes.

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Conclusion

Be there for your leads and customers

The best way to make and keep a sale is by providing excellent customer service. If your clients have an incredible experience communicating or working with you, they’ll either sign on for a new policy or stay your customer for a long time.

But customer service isn’t the only way to be there for your prospects and clients. The easiest way to provide the best service is by staying educated yourself. It’s easy to keep up with insurance trends and changes. Read relevant blogs, subscribe to industry magazines and podcasts. Pay attention at those conferences and trade shows you attend for networking. Most importantly, learn from your peers, and don’t scoff at the idea of learning from your clients. They can teach you a lot about the ever-evolving insurance industry.

Don’t overpressure

People often feel uncomfortable when taken by surprise. If you push your pitch too hard, they’ll likely back off. When upselling or cross-selling doesn’t go as planned, back down. It’s better to sell one basic policy than lose out on the sale when a customer isn’t ready to commit to more.

If you stalk on social media your lead may feel as if you’re trying too hard to insert yourself into their lives. There’s nothing wrong with “friending” a prospect or connecting on LinkedIn, but shy away from commenting on their wedding photos – especially if they’re from five years ago.

If the sale doesn’t close, remember this one thing:

Sales coach Patricia Fripp says, “To build a long-term, successful enterprise, when you don’t close a sale, open a relationship.” Your lead might not be ready to commit. That doesn’t reflect on your sales skills. While he might not choose to work with you, you could end up on a list of two or three insurance agents he’d recommend to a friend or colleague, just because you were educational, respectful, and professional.

It also doesn’t mean your lead won’t stay in your sales funnel. If you keep in contact via social media or by sharing email blasts or blog posts, he might contact you in the future if the agent he does do business with provides a lackluster performance.

Don’t miss out on your next opportunity to grow your client base. Be focused and continue to go after any leads or prospects that come your way.

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About QuoteWizard

QuoteWizard sells leads to insurance agents and carriers.

With the most liberal return policy in the industry, dedicated account representatives, and leads sold half as many times as other lead providers, QuoteWizard offers agents the best experience in the industry.

Our mission: Make Friends, Have Fun, Help People

Located at 2nd and Yesler in Seattle’s historic Pioneer Square, QuoteWizard has assembled a vibrant team focused on providing the best product and the best service to our customers. We have a long legacy of industry leadership in the online insurance and lead generation space.

At QuoteWizard, we emphasize a strong and healthy work/life balance. We work hard, but enjoy ourselves while doing it with a casual work environment, plenty of team-building activities, and giving back to our community.

• We repeatedly rank as one of the fastest growing private companies inWashington State

• We sell over 1 million leads a month to 8,000+ insurance agents

• Our biggest customers are Allstate, Geico, and Farmers

• Our team of 160+ enjoys some of the coolest office space at the heart of Seattle’slargest technology hub

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