Five Steps That Will Make Your Business More Rewarding
First of all, most Americans will agree that the idea of buying insurance is not at all exciting, and is in fact a hassle at best. Life, disability and health insurance prospecting reminds people of their own mortality/morbidity which is understandably cringe-worthy. By nature, people don’t want to spend time and money on a product that focuses attention on worst case scenarios.
As W. Harold Petersen famously relates in many of his published works and speeches, “to a lay person, insurance seems to be a boring prospect; it has no moving parts or shiny bits, you can’t eat it or wear it; it is simply a piece of paper you place in a drawer until you have to pay for it again.” As insurance professionals, we know there is more to it than that, and the value of such insurances can be life-changing, but we can agree that it would be beneficial to our business and to our clients if sales transactions were more enthralling. Here are some surefire steps to help make selling insurance to the American public a truly rewarding experience:
Step #1 – Immerse yourself with knowledge
You can’t fully appreciate the needs of your clients until you fully understand the solutions you have to offer. Speak with your company reps on a regular basis. Product benefits and terms do change, and you will find it immensely beneficial to learn the nuances of each plan you make available to your clients.
You are a licensed advisor; properly guiding a client through a successful purchase demonstrates your diligence and care, but proper guidance requires appropriate education. Remain up to date with industry journals and news sources which will keep you attuned to contemporary business trends and new product launches.
Conventions and industry gatherings are also imperative. The greatest wealth of knowledge and experience can be found among your colleagues. Don’t be afraid to share ideas, as most of them are also seeking the latest in practice concepts.
Step #2 – Use your life story as a marketing angle
It is easiest to be passionate about something to which you can personally relate. Your years of working in the insurance business have definitely provided you with firsthand insight as to the importance of life and health insurance. You have seen the tragedies and you have seen the risks – and the rewards.
Consider the sale as your duty to your prospective client. Be frank, but be gentle and make them realize that bad things do happen, and they can happen to anyone at anytime. Personalize your tales so clients can connect with you not only as an insurance expert, but as a person who is just as at risk as they are. You are the key to their comfort and acceptance.
|Step #3 – Try something new
The surest and quickest way to spice-up your business is to be novel and try something new, and not necessarily something new to the industry, but something new to you. There are markets and products out there that can shed new light on your career, and bring more excitement to your day to day.
International markets such as Lloyd’s are great examples of reservoirs of new ideas and products that can be made available to your American clients, helping to remedy insurance shortfalls created by the U.S. markets.
These resources are fantastic supplements to your current portfolio. Don’t move your focus away from your “bread and butter” business; simply know that there are accessible alternatives to enhance what you currently offer your clientele.
Step #4 – Take calculated risks
Life is full of risk, and our business is no different. Most of us are prompted to take a leap of faith once in a while. But we don’t have to jump blindly. Experience has lent at least a fair amount of reason to each of us; therefore most of our choices can be completed with some tact and calculation. Let your own wisdom guide you, and don’t fear taking risks.
You will never advance without placing something on the line, as a reactionary nature is not conducive to high achievement. In insurance, stagnation is the equivalent of death, so be certain that the steps you take are small, but that you continue to walk.
Step #5 – Make your clients happy
There is nothing more rewarding than success and recognition. If you begin your day with a mindset of total client satisfaction, you are headed for a win. Make every client content (no matter how difficult and demanding that is), and you will have nothing to lose. Serve them well with comfort and the truth, and don’t tell your clients that you care, show them that you care. Show them how you can help. Now go forth and reap the rewards.