Life insurance is a competitive industry with lots of room for growth and profit. Whether you are a veteran of the trade or a newcomer, there are some things you can do to set yourself apart from other agents. The US Bureau of Labour Statistics reports that in 2021, the median wage of insurance agents was $49,840, while the top 10% made over $126,510 per year.
The above data is a good indicator of how much your skills can make a difference in this field. Here are five tips to help ensure your success as an agent:
Create a Business Website for Yourself
Linkedin reports that 79% of entrepreneurs with a business website expect to grow by 25% or more in the next three to five years, as opposed to 64% of entrepreneurs without one. A business website is an integral part of bringing your business into the 21st century. It makes it easier for potential clients to find you and vice versa.
But designing a good website is not enough on its own. If you think that clients will start rolling in immediately, you would be wrong. Instead, you can treat your website as a lead-generation tool. Ask your visitors to submit their contact details in exchange for some free service, like a quote. You can use this information to contact them later, knowing they are willing to buy insurance.
Start Using Tools That Help You Manage Your Business
You can use different tools to help you manage your business effectively. You can start by using CRM software. CRM or Customer Relationship Management software allows you to effortlessly keep track of customer data and make their experience of doing business with you much better.
Maintaining contact is also an important part of the job. You need to consistently update your customers on new policies, offers, and deadlines. It is easy to feel burdened by the repetitive nature of the task.
But the easy solution is using a readymade life insurance marketing template. You can use these templates for all your basic email, social media, and SMS needs and use the prepared scripts for responding to your customer concerns on a call.
Specialize in a Particular Area
The key to being a good insurance rep is specializing. Insurance, even life insurance, has numerous subcategories. It is difficult to know the ins and outs of every single one of them. Instead, you should try to focus your attention on a specific section that you think you can sell better. When you focus on specializing in a specific niche, you’ll be able to attract more clients and make more money.
It might be easier for you to connect with millennials than with old people. Younger people, due to their lack of financial capability, prefer to buy term life insurance compared to whole or universal life insurance. In that case, you can specialize in selling term life insurance and not spend your time failing to sell universal life insurance to the elderly.
Know Your Demographic
Knowing your demographic is the foundation of successful selling. If you don’t know your customers, then how can you sell them anything?
To become a more successful life insurance agent, start by taking the time to learn about your market and competitor. In other words, find out what makes people tick in general, then go into detail on who they are specifically.
Most of us assume that shielding one’s family from financial burdens is the main reason people buy life insurance. However, Forbes reports that the most common reason for people to buy life insurance is, in fact, paying for burial and other end-of-life expenses. Knowing these facts will help you connect more easily with your customers.Â
Focus On Problem-Solving
Generally, people always take what a salesperson says with a grain of salt. They know that the primary motive of the salesperson is to sell them a product, not to help them. But it is possible to change their perception by using a problem-solving approach. It essentially means that instead of trying to sell your product, you solve the client’s problem using your product.
Linkedin notes a three-step process to incorporate this method into your sales pitch.
- Ask your client questions about what problems they are facing. Use cross-questions to go into as much detail as possible.
- After a few questions, a common pattern will emerge, which will help you identify their real reason for concern. But before offering a solution, ask them to confirm if you have identified the problem properly.
- After and only after you are completely sure that you know what the problem is, offer your solution.
Using this method, you can build trust between you and your client, and they would be much more likely to buy from you.
In a fast-paced industry like insurance sales, it’s important to stay on top of your game. Use these five tips as a starting point, and make sure to keep learning new strategies that will help you improve your business.
Also Read: Why Is Everyone Picking A Reliable Personal Insurance?
