Last month, we wrote a blog with 10 insurance sales strategies to win more business. In this blog, we have 10 more insurance sales strategies to help you nail your prospecting meetings and close more deals.
1. Ask the right questions
Asking questions is a great way to learn more about your prospect, their current goals, pain points and relationship with their current broker. Get started with these questions.
2. Listen to the prospect
However, don’t get too preoccupied by asking questions (or sharing your sale pitch), and forget to listen. As much as it makes sense, let the prospect lead the conversation, and listen carefully to questions they answer. Feeling listened to and understood is the first building block of trust.
3. Focus on prospect pain points
Once you’ve learned everything you can about a prospect, focus the rest of your presentation on their needs and challenges. Tailor what you offer to how you can solve their problems and/or make their life easier.
4. Demonstrate a superior renewal experience
One of the most effective insurance sales strategies is actually showing the prospect that your renewal approach is superior to the incumbent. Conduct a sample renewal during the prospect meeting, so the prospect experiences the process in person. (And if you’re still relying on spreadsheets for your renewals, consider an alternative, modern approach.)
5. Suggest new strategies
Another way to stand out from the proverbial crowd is to suggest different or creative plan design options. You may want to explain the benefits of self-funding, for example, or explore different contribution models.
6. Integrate technology
If you employ technology solutions, it can be quite effective to demonstrate your capabilities during a prospect meeting or final presentation, particularly if you offer something that your competitors don’t.
7. Start with the budget
The cost of providing employee benefits is a significant concern for employers, so some brokers have switched up the traditional renewal process and started with a specific budget in mind. Rather than going through the process of choosing a health plan and then helping clients figure out how to pay for it through contribution strategies, consider a budget-based planning model.
8. Anticipate objections
Overcoming objections is one of the toughest sales skills to master; even the most experienced producer can become flustered by an unexpected or aggressive objection. Practice handling common objections during your presentation to preempt employer concerns and alleviate them up-front.
9. Don’t forget ancillary
The focus for most prospecting meetings is the group health plan, but ancillary can be a powerful way to get in the door or even close a deal. Employees today are demanding more from their benefits plans, and offering ancillary can be a competitive advantage for employers—many of them just don’t know it yet.
10. Keep in touch
For opportunities that don’t close, and particularly for cold calls that say “now isn’t a good time” or something similar, it’s important to stay in touch with that prospect. Adopt the first insurance sales strategy in this blog, and share value on a regular basis. You’ll have several that will purchase several months or even years down the line, and the tipping point in that decision may be an informational article you send that they find extremely valuable.
Want even more sales strategies to help you drive sales? Make sure to check out this free ebook.