However, the need for life insurance exists across a large segment of consumers who generate income and borrow money. Finding ways to increase life insurance sales reverts back to some time-tested methods and involves a few new wrinkles to help agents tap evolving markets.
Know Your Stuff
Find a key product (attractive & saleable) and learn it inside and out. Prospects are impressed with Agents who possess a thorough knowledge of the contracts they promote. Unit-linked policy designs and riders are complex, but educating yourself on features, benefits, and sub-accounts helps move sales opportunities forward. Aimlessly pivoting between products may muddle the presentation.
Develop the habit of conveying policy benefits to potential buyers in plain terms. Rather than using industry jargon and acronyms, discover a way to engage prospects without sacrificing transparency. Buyers need to know what they're getting. Less confusion at the point of sale aids in sales successes, as well as policy retention.
Hone Your Presentation Skills
Putting prospective clients at ease in an appointment setting translates into improved closing ratios. Before launching into a formal presentation, finding some common interests is an effective way to connect with potential buyers. The sales track should be organized, simplified and most importantly, brief.
Avoid dominating the conversation in the sales meeting. Through open-ended questions, involve the prospect in the process and retain interest through interaction. Agent needs to be more authentic in their communications. Candid discourse between advisors and potential purchasers helps ease anxiety and facilitate sales.
Have A Story
Many seasoned Agents have relatable stories that humanize the life insurance purchasing process. The tales don't necessarily have to center around tragedy. After all, life insurance policies have living benefits, as well: providing liquidity for an emergency fund or supplementing retirement income.
On the other hand, some buyers are moved by emotion. Parents want to see their children attend college and spouses wish to ease the fiscal burden for their partners. Most Agents have had to deliver a check that helped to stabilize the lives of beneficiaries. Be prepared to tell your story when the proper circumstances arise.
Create A Partnership
It's true that the best advertising is free. Word of mouth goes far in building a client base. Going it alone can be cumbersome, especially when your strengths may extend to financial products and services other than life insurance. If this is the case, pursue a symbiotic relationship with an Agent who specializes in life insurance sales. The partnership may spawn a small referral network from which sales increase and split commissions flow. Adopting a team approach and creating synergies lets clients know that you are a committed fiduciary.
Leverage Social Media
Successful life insurance sales remain a numbers game. The more prospects you solicit, the more likely you are to close deals. With the crush of digital advertising, social media platforms such as Facebook offer an effective means for inexpensively marketing services to thousands of buyers within your geographic area. Nearly 29% of consumers say they prefer to buy life insurance online.
Take advantage of the fact that most people own mobile devices and log in frequently during the day. The era of "smiling and dialing" is over.
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