Getting insurance selling down to fine art can be a tricky proposition. In today’s ever-changing landscape, only the gifted few can master it with seemingly little effort.
Fortunately, you can study selling final expense life insurance or any other financial product like a natural. First things first, avoid these common mistakes.
Believing a Prospect Will Not Buy
Everybody needs insurance; you have to find the right audience to sell. In the case of final expense insurance, its usual buyers are low-income middle-class retirees. These people typically lack substantial cash reserves to grow their wealth in investment vehicles. They need insurance so that they will not be a burden to their surviving relatives when they pass.
More often than not, you do not need to paint this grim picture in the head of your prospect. Most retirees have buried a loved one at some point. They understand, and they often need a little push to agree to a sale.
Acquiring Bad Leads
One of the benefits of fintech is lead acquisition. Omnichannel marketing practically eliminates the need for face-to-face conversation. Digital platforms like mobile apps make it conveniently simple to get the names of potentially serious buyers.
With so many inquiries, though, it is imperative to pick the source to acquire the highest number of quality leads to lower your acquisition cost. Quantity means nothing when quality has to be significantly sacrificed.
Insurance marketplaces are some of the best places independent agents go to find customers. With so many incredible site features, users themselves can narrow down their insurance options themselves and make your life easier.
Assuming a Customer Has Not Done Research
In today’s day and age, product research requires little legwork. Anyone can compare insurance products and prices in their pajamas in the middle of the night.
As an independent insurance agent, having the ability to detect the product and process familiarity level of your customer matters. It can save you a ton of time and will force you to fine-tune your sales pitch. Otherwise, you might annoy your prospects if you keep on blabbering things they already know.
Assuming a Customer Has Done Research
Here is the tricky part: not all customers are good at product research. Despite bountiful resources, some people do not make enough effort to learn about the specific insurance they need. As an agent, it is your job to fill in the blanks in their head.
Know the core value of your product, and commit to it. Do not be technical, and avoid jargons that create more confusion than clarity. Use the language the laymen understands to send your message across more quickly.
Using the Same Sales Tactic in Every Medium
Convincing someone to buy insurance in person is not the same as selling something over the phone. Each medium is a unique animal and should be treated as such. Now that digital channels are left and right, you need to be extra particular with the sales pitch you will use negotiate as many contracts as you can successfully.
A mistake that you repeat is a decision. It is normal to commit errors, but you should learn from them every time to survive in the cutthroat world of insurance.