9 Guaranteed Ways to Drive Life Insurance Sales
- Be smart
- Use technology wisely
- Formalize your process
- Guide – don’t tell
- Highlight benefits over features
- Set goals and deadlines
- Keep learning
- Address financial pain
- Think differently
Editor’s Note: This blog was originally published on 12/20/16 and has been updated for accuracy and comprehension.
It’s been said before, but it’s worth saying again.
The insurance industry is lagging behind in terms of using and adopting technologies.
Blah. Blah. Blah.
You know that, so why repeat it?
Bear with me.
Until fairly recently, the cost of insurance-related technologies prohibited most insurance agencies and independent agents, which are small, from adopting them.
However, cloud-based technologies are helping businesses cut through the cost barrier.
The same might be said of marketing technology that could help insurance agents dramatically increase sales.
Instead, the industry at large has been reticent to let go of tried-and-true methods to fill their sales pipelines, such as telemarketing and direct mail.
Often, agencies and insurance agents are hesitant to adopt inbound marketing because they perceive it taking longer to get results – as opposed to buying a cold-calling list, for example.
Here are some tips to streamline your inbound marketing efforts and really drive ROI.
1. Be smart
Identify the top producers in your agency or professional circles. These are the life insurance agents who’ve earned the respect of their prospects and clients due to their vast knowledge, industry expertise and professionalism.
Now, evaluate HOW these individuals are spending their time.
Or, if you’re a business of one, look into how your daily activities break down. Do you spend enough time on prospecting?
If you find that you’re spending most of your time telemarketing, you can probably get better results by focusing on developing your brand reputation and working relationships for new referrals.
You can drive life insurance sales by applying your best efforts towards the sales activities that deliver the best ROI.
2. Use technology wisely
Don’t worry. You don’t need to adopt every insurance technology out there.
You need to be smart about the ones you do adopt, however.
The best way to employ technology to drive sales involves finding qualified leads and making sales appointments so you can close the sale.
The sales technologies you use should streamline this process and make you more effective.
Look for technologies that tell you who has opened an email and who has clicked on a link in an email. Technology that automates data entry and improves the calling experience will optimize your prospecting results.
3. Formalize your process
Do you know how your referral process works? Already have a formalized referral process? If you don’t, you need to document it.
- The next time you get a referral, conduct a process review.
- Learn what worked well.
- Find out where to improve.
- Involve the customer, and find out what else you could help with.
The outcome will be a referral growth engine that will drive your business’ sales.
4. Guide – don’t tell
Not many people like to be told what to do – including your prospects.
You won’t close many sales if you’re lecturing.
A better approach is to talk with people to help them identify the problem and then show them your solution.
For example, you can ask someone what their financial plan is if one spouse were to die unexpectedly.
If they don’t have a plan, ask them how that makes them feel.
When they express that it makes them a little nervous or stressed out, you have an open door to offer a life insurance solution.
5. Highlight benefits over features
Instead of hitting each minute detail of the policy – though clients do need to understand what they’re getting – focus on the way the policy will help them, in terms they can comprehend.
For example, explain how the policy would help them to pay their bills if something unfortunate were to happen.
Always keep your client’s needs at the center of the conversation.
6. Set goals and deadlines
Think about how many appointments you’d like to have in a week.
Have realistic goals about how many of those meetings will result in sales.
Instead of aiming for 100%, shoot for increasing your percentage each week.
But don’t stop there.
Set a deadline for accomplishing goals, like increasing your percentage of closed sales by 10% each week.
7. Keep learning
As a life insurance producer, it’s crucial that you’re staying up-to-date with the latest trends in your industry.
Attend professional events and webinars to learn something new about your field, as well as fresh ways to meet your clients’ needs.
8. Address financial pain
Think about the ages and financial situations of your clients.
Generation X-ers are probably the group who have the most financial worry.
They’re usually married and have a few children, which means they have an abundance of living expenses.
Some economic experts say that Generation X is also the age group with the most debt.
Whether that’s the case or not, they’ll be more sensitive to cost.
Approaching them from the financial angle will resonate with them the most.
Do this with each of your clients to make sure you’re hitting their unique pain points.
9. Encourage thinking differently
Many of the prospects you come into contact with will agree it makes sense for the main breadwinner of the family to have life insurance coverage.
They may not have thought about the need for it for a parent who stays at home with the kids.
Who will shoulder the costs incurred for childcare, meal preparation, laundry and grocery shopping responsibilities?
Help potential clients see that the loss of a stay-at-home parent can also have dire financial consequences.
The bottom line
Consider how you can adopt new technologies to drive your sales pipeline growth, formalize your referral process, and put enough effort towards activities that will really drive revenue.
That’s how you can guarantee ridiculous life insurance sales that will keep your business in the fast lane.
Where does your business struggle with adopting new technologies? Do you have a formalized referral process? Are you spending your time wisely?