by Syndicated Insurance Resources | Dec 6, 2017
Your customers are typically business owners, which means they have a long list of things to think about and manage. Help yourself by setting your insurance business apart. Proactively help business-owner prospects understand why they need insurance.
Knowing what a customer needs and why it is important to them ultimately helps you sell. Needs-based selling can increase your sales while improving your customers’ satisfaction.
We all know that running a business comes with inherent risks that range from financial loss to protecting employees to potential lawsuits. Build on this base knowledge by readily explaining why your customers need to insurance for their business.
Here are five reasons why your business owner clients need insurance:
Potential Accident Coverage. Workers’ compensation regulations and requirements vary from state to state. Regardless of the state your business owners clients are located in, workers’ comp ensures that their employees who suffer from job-related injuries or illnesses get the medical care they need, as well as wage replacement if they are unable to return to work.
Lawsuit Protection. We live in a society where lawsuits are commonplace. Liability insurance gives peace of mind and coverage for lawsuit and liability claims. This type of protection can protect your business from lawsuits resulting from accidents or disgruntled employees. Liability coverage can even help with expensive legal defense costs.
Contract Requirements. From client contracts to bank loans to leasing a business facility, your business owner clients may be required to carry insurance. Requirements vary from agreement to agreement and state to state. Regardless of the fine print, having insurance policies in place show potential vendors and clients that a business is a credible, safe bet.
Business Continuity. In the event of a natural disaster, property and casualty insurance can cover the loss of buildings and equipment. And Business Owner Insurance can help a business survive the loss of income and compensate for regular operating expenses.
Mandated by Law. Businesses that have employees are required by law to provide certain types of insurance. What is required varies from state to state, but failure to have insurance policies in place can result in civil or criminal penalties or fines.
Actively share with your prospective business-owner customers the types of insurance coverage they need to protect their business. Help clients purchase peace of mind so they can focus their attention on growing and developing their business.
by Syndicated Insurance Resources | Nov 29, 2017
Holidays create a mixed bag of merriment and stress for everyone. It can also be Since insurance marketing is a long-term endeavor, any gifts or random acts of kindness can go a long way to engender your brand in the future.
Use this busy time of year to focus on building relationships and awareness about your insurance business. Pouring into your prospects and customers during peek times of stress is sure to pay off when they are seeking renewals or new policies in the future.
Here are some ways to do this:
- Send handwritten holiday cards.
- Stand out by sending your notes early in the season.
- Mail gift cards to restaurants.
- Participate and/or sponsor community events.
- Organize local charity drives.
- Write helpful blog posts.
- Create holiday preparation and “how to” videos.
- Provide special insurance packages.
- Donate money to a cause.
- Invite customers to festive happy hours.
- Promote your donations or sponsorships.
- Host a customer thank you dinner
- Schedule a holiday open house.
- Create a fun light or window display.
- Give away stocking stuffers.
- Deliver gift baskets to your customers.
- Organize a virtual ugly sweater contest.
- Post the results on your website and social channels.
- Promote the contest and results in your newsletter.
- Offer holiday help, eg. gift wrapping services.
- Create 12 days of deals with special bundles.
- Educate and promote about your 12 days of deals benefits.
The holiday season provides tremendous opportunities to build awareness about your insurance business. Start today by making a list of what you’re going to do to help your brand stand out during the holidays.
Investing in others is daunting task. But it is sure to pay strong dividends over time.
by Syndicated Insurance Resources | Nov 9, 2017
Selling insurance is an art that you have to hone and develop continuously. This occurs by practicing your craft and using a variety of ways to find prospective customers, develop a rapport and showcase the value you bring to them.
Since technology has filled the insurance business landscape with competitiveness, you need to find ways to increase your sales and revenue.
Here are some tips to consider when trying to create and maintain a viable practice:
Listen to Client Conversations. The key is to hone in on the emotions in their words. This can help you uncover your clients’ needs. In doing so, you can tailor the recommendations you make to address their pain points.
Set 90-Day Goals. Annual goals are great but seem a bit lofty. It is hard to measure success and make needed pivots when you’re looking at an entire year. Focus on goals you can achieve within a 90-day time period. You still map out the whole year, but you break it into 90-day chunks that are more manageable. You can easily tweak the upcoming 90-days based on real-time experiences.
Educate about Solutions. Most salespeople are product focused. If you focus on educating about the solutions you offer to solve your prospective client’s needs you’ll create a more engaging conversation that can convert to a sale.
Don’t Be Pushy. Keep in touch with prospects and clients but don’t overdo it. You run the risk of irritating people if you are overly persistent. This can make them reject an offer. Being pushy can get prospective clients to unplug from you and not want to do business with you in the future.
Keep Determined. No matter what happens, never give up. Use your setbacks as learning opportunities. Analyze what occurred and address potential problems. Tweak your process using new strategies. Implement your new approach. Remain committed to meet your goals.
Nurture Your Pipeline. Building relationships can help you close more sales. Connect with contacts on social media. Send personalized, targeted emails. Remember the small things – like birthdays. Set up coffee dates for one-on-one time. Make connections for them by introducing your clients to each other as appropriate.
Make Everyone Feel Important. Give personal attention. Make each client feel like a VIP. Treat them like gold by providing finding ways to offer value and always being available. Let others feel like they are a top priority by focusing on them. Put the smartphone down and look into their eyes. Stop multitasking when you’re on the phone with someone, so they can tell you’re engaged in what they are saying. Find ways to say and show you appreciate them genuinely.
Categorize Your Clients. Some clients need more attention as you develop the relationship while others only require maintenance. By classifying your clients, you can determine which ones need more of your time. This can help you devote your limited resources to those who need it the most.
Commit to Networking. Expand your business by joining a group that meets weekly. This could be a coffee group, an entrepreneurial group, Rotary or Kiwanis. You can find community in person or online through platforms like LinkedIn. Participating in local events can also get your name in front of people in your target market. Regardless of which one you choose, you’ll reap the rewards of the time and energy you put into it.
Leverage Technology. Finding quotes for the right products and services is very time-consuming. Tap into free networks that help do the research for you. When you sign up for a free Syndicated Insurance Resources account, you get access to more than 150 markets and 40+ unique product offerings. You also receive commissions that are higher than others. Using a free tool that saves you time and money? What more could you want? Have questions? Email [email protected] today.
Sharpening your insurance selling skills can help you remain competitive and grow your business. As you know, there are many options to use. Implement the ones that work for you and add to it over time. Remember: Nothing ventured, nothing gained.
by Syndicated Insurance Resources | Nov 2, 2017
Getting your client to say yes to your proposal seems like the ultimate end game. But closing the deal is really just a part of the process. You should consider collecting a series of approaches that you can repeatedly use for closing sales. When used right, they can help you build long-term relationships with your customers.
Ultimately, you want an ongoing relationship that can lead to repeat business over time; not a one and done experience. So, how do you make the close conversation seem natural and flow smoothly?
Insurance is about customization. Since one size does not fit all, you have to create personalized experiences by finding the right product to meet the specific needs your of your client. You also need to be well equipped with several closing techniques to fit a variety of situations.
Here are a few tried and tested approaches that you may want to add to your arsenal of closing tips.
Listen to Understand. If you carefully listen to what customer says during your interactions, you’ll know which way to guide the conversation. Once you understand what the customer wants to accomplish, you can use that information to your advantage.
Speak to Their Needs. The key is to uncover the needs of your client. Ask them “What is important to you?” If you listen carefully – they will mention precisely what you need to emphasize to help close the sale.
Create a Sense of Urgency. No one likes to be rushed to make a decision. But you can help move the decision-making process along if you share that “this rate is set to increase in the next x-number of days/weeks.” By creating a fear of losing out, you are helping to move your client towards the decision they need to make.
Showcase the Benefits. The payout or coverage of a policy is clearly the number one benefit. If you turn it into a question, you’re helping the client focus on the benefit of why they need the policy you’re offering. Ask questions like “Could a check for $1 Million help in the event you experience property damage or are held liable and sued?”
Ask Their Opinion. Ask customers “In your opinion, do you think this will solve your problem?” Their response can provide you with insights. It can also give you more time to address any additional concerns or objections. If they answer yes, you can move to asking them to sign.
Leverage Requests. Your customer may ask you to make concessions on pricing or additional terms within the policy. They may also want you to give them extra perks or free add-ons that you haven’t offered. Close the sale by saying “If I could do that for you, would you sign the agreement now?”
Be Direct. You’ve addressed your customer’s concerns and are confident your customer knows the value of the policy and services you’re offering. When you’re sure of these things, use a yes or no question to close the sale. “Are you ready to sign with us?”
Find the closing tips that work best for you. Try each one on for size. Customize them to your specific conversations. Add the ones that work for best into your closing talk tracks that you script out. With time and practice, you’ll begin to know when and how to use your closing tips.
by Syndicated Insurance Resources | Oct 21, 2017
You’ve checked all the boxes to launch your new career selling insurance. You’re excited and eager to reach out to prospects so you can close deals.
As you look at the task ahead, you become a bit overwhelmed. You’re trying to get a handle everything from the complexities of insurance sales to working in an agency or brokerage and providing customer service.
You’re determined to be successful and don’t want to waste any time reaching that goal. You’ve decided to talk to veterans in the field and even research best practices on selling.
We’ve collected a few tips to help you in your quest for successful selling:
Genuinely Listen. Successful sales and long-term relationships are built over time using relationship marketing. This means you take the time sincerely listen and content with people. Make every connection memorable so they relate to you on a personal level. They may not buy from you immediately – but you will be the person they think of when the time is right for them to purchase insurance.
Dress for Success. You’ve heard it said that you only get one chance to make a first impression. You may not need to wear a suit, but you still want to keep it sharp and classy. Make sure you look your best, so you leave people with a good impression.
Build Trust with Transparency. Anticipate and provide answers to questions your prospect may ask during your conversations. Be armed with key data points that target your prospects insurance needs, as well as data to showcase the value you can offer. This approach helps you be a step ahead and gain the trust of your customers. (Here’s an example of data you can find through research: According to the U.S. Department of Labor, the highest rate of workplace fatalities in 2015 was among logging workers, with 132.7 deaths per 100,000 full-time employees, followed by fishing workers, aircraft pilots, and flight engineers, and roofers. The all-industry average was 3.4 deaths per 100,000 workers.)
Script Your Talk Track. Marketing yourself and what you sell is key to your success. You can’t wing it. You must be prepared. You can do this by creating a brief script about your products. Write down your key messages and value points. Practice how you share it with others – from voice inflection to key statements. Rehearse your key points so you can say it in your sleep and find creative ways to inject them—at the right time—in conversations.
Map Conversation Starters by Insurance Type. Think about current trends and hot topics. Turn them into opening lines that help you guide the conversation in the direction you want. Remember it isn’t all about you. It is about your customer and how you can help them. Write out questions and rehearse them so you’ll have them on instant recall, as needed. For example, if you wanted to discuss workers’ comp insurance, you might ask: Are there risks associated with your business or your employees’ jobs? What controls have you put in place to reduce that risk?
Remember, like any profession your success will come through time and effort. Stick with it, be persistent and never give up.
by Syndicated Insurance Resources | Oct 17, 2017
These days it is challenging to sell products and services to people.
Your competition is not just the insurance broker down the street. You’re also competing with the wealth of instant information your prospective customers can access on their computers, smartphones, and iPads. With the click of a button, anyone can quickly research reviews and prices for almost anything.
So what can you do to compete and win the business? If you genuinely want to be different, you need to sell on value not price.
Selling value over price can get you a higher caliber of customer that is willing to stick with you for the long run. Studies show that value is the difference between the price you charge and the benefits the customer receives.
Exactly how do you sell the value? Here’s a couple of approaches that may work for you:
Showcase Your Company’s Success. Share how your company stands out. Tell how you’ve helped other clients be successful. Use case studies and testimonials. Feature these stories in your conversations and on your website.
Showcase Your Customer Service. Many competitors don’t offer excellent customer service. They sell the product or service and move onto the next client. Let your customers know that they are important and you’re with them for the long run. Tell stories about how you’ve supported other long-term clients over the years. Be genuine, and let them see that they are more than just a number to you.
Showcase Your Product and Service Benefits. Start by identifying your customer’s fundamental problems. Every customer has unique circumstances that are important to them. If you can readily recount these issues, they will know you’ve really been listening. Then highlight how what you offer solves their problems. The more you focus on the value, the less important the price becomes to them and the decision they are making.
Showcase the Cost Difference. Provide a market analysis and quantify the difference they receive by doing business with you. If your policy is $100 more, divide that by 365 days and show them what they’re getting for only 27 cents more per day. Most agents claim they make a difference until push comes to shove and a client has a claim. Tout your success as an insurance consultant by really analyzing the value and showing the ROI you’re bringing to them up front.
Showcase the Discounts. Everyone loves a discount. The more discounts you can offer, the more incentive people have to do business with you. Be sure you know how to explain why and how they are qualified to receive specific discounts. When they see you know what they are entitled to receive they will understand yet another value of doing business with you.
Remember loyal customers don’t always buy based on the lowest price. Long-term clients— which is what you want for repeat business and future referrals—always buy based on the rapport, relationship and value you bring to them.
