As an insurance producer, you know how relevant and effective your insurance product is, but sales will depend on how well you convince clients. According to Zippia, there are almost 150,000 insurance producers currently employed within the USA. In such a competitive market, it’s critical that you as an insurance producer avoid the below 6 sales mistakes:
1. Poor Social Skills
The first thing we do on meeting people is developing a good rapport with them, more so, ones we look forward to having a working relationship with. It sounds uncouth that you find a potential client and begin selling them an insurance policy without getting to warm their hearts.
This has much to do with the social skills of the producer. It would make it easier if you developed a rapport with the client before selling them your product. Get to know what it is they could be most in need of from the variety you offer. This comes with expertise and doing it wrong will put off a potential customer. But the key is that you don’t give up.
2. Not Being There
The proverbial saying; out of sight out of mind, is quite a practicality in this business. An insurance producer needs to stay engaged with current and prospective clients. Constant contact is key to winning and retaining clients. There are many insurance brokers out there as we mentioned earlier. As if that is not enough, they aim at being the insurance producers of your client.
In today’s digital age, you may often be on the phone trying to get through to the right customer. According to Gartner, it ain’t easy since connecting to the actual buyer takes 18 calls on average. If you disengage for some time, you will find your clients having switched sides. Getting them back will be harder than it was getting them. Having time with your clients will go a long way in seeing the success of your insurance producer career. But the key is: you don’t give up.
We all know that you earn a living from talking. Likewise, I also have emphasized the essence of talking prowess. However, do not overdo it. There is a need for moderation. Some insurance producers will not give the client time to express their requirements. It is important to listen to them as much as you want to be listened to. If anything, understanding their needs makes it easy to meet their expectations. So, listen. Strike a balance between being a good speaker and a good listener.
4. Asking the Wrong Questions
Imagine a situation where a client asks if you have self-defense insurance for a person who has killed someone during a robbery in a 711 store. Tricky, right?
You need to have the correct information about the needs of your clientele. This comes with a market study. Remember, this is an attempt to analyze a person and come up with areas they need to get insured and then work on convincing them why they should spend their money on your policy. It could be most productive if you used open-ended questions that start with “who”, “what”, “why”, “when”, “where”, and “how”.
You also have to know how to clarify issues and answer their questions exhaustively. In case a conversation is going off-course you need to know how to get it back in line. This skill takes time to master, but it is a must-have if you want to improve your sales and client satisfaction.
5. Remaining Archaic in the Business Field
If you have been in the insurance business for even a short amount of time, you will have realized by now that insurance as an industry is rapidly evolving and becoming more complicated all the time. Consider this:
- Rapidly increasing coverage options
- Several policy options
- The admitted marketplace versus the non-admitted marketplace
- Changes in carrier relationships
- Carriers aggressively fighting claims
All of this means it’s more important than ever that you continue to update and upgrade your knowledge about insurance. You can do things like:
- Take refresher courses
- Go for workshops and conferences
- Meet new colleagues
- And, try anything new that you think would improve your service provision
Though you feel you have been in the field for a time, some likely new technologies and advancements could make you more productive. In the same way, research on markets could improve your approach to your way of doing things.
6. Investing Time on Non-Customers
Learn how to qualify a potential client from your conversation. A potential customer will have a unique problem to be solved. At some point, you have also gone to a shop just to know how things cost. Many times we window shop. This is a similar situation. Some people will just want to know how much it costs. Filter your list. Identify those who mean what they are asking. This saves you both time and concentrating your energy where it could be productive. Do not be desperate for everyone to say yes.
All said and done, it is not expected that you perfect everything. There will always be room for growth and improvement.
Authored by Marcie Young
Mom, wife, and pro-guns writer. I live in Tolleson, AZ where the crime rate has been higher than almost 99% of American cities. A horrible personal experience made me realize the importance of gun ownership and self-defense.
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.