As an insurance broker looking to grow your book of business, prospecting is a must. Sales is never easy, and in a commoditized industry like group health benefits, it becomes more challenging for even the most seasoned producers.
In this blog, we’re going to share insurance sales strategies to help you succeed throughout every step of the sales cycle, from your first cold call to securing the BOR.
Listen and ask key questions
Once you get a prospect on the phone and especially during an initial meeting, you want to learn about what matters to them. So instead of launching directly into your pitch, first listen to the prospect and ask questions about their business. (In fact, this step starts before you get the prospect on the phone, by doing research so you are prepared with a list of questions about their business to help you guide the conversation and show you are familiar with them already.)
What are their goals? What are their employees looking for in a benefits package? What have they liked (or not liked) about brokers they’ve worked with in the past? As you get to know your prospect and their business, you’ll discover important “hot button” issues that you can use later to help close your deal. This is an essential step, as you will use this information throughout the sales process.
Focus on what matters to the prospect
A common mistake salespeople make is they pitch all the great things their agency can do for an employer, whether it’s their value-added technology tools, compliance resources or superior renewal process. Those are all important things, but the prospect likely hears those same types of pitches from many brokers on a regular basis.
The way to set yourself apart is to focus on what matters to them. Since you’ve already spent time learning about the prospect’s goals and challenges, the next step is to match your solutions to their pain points, to show how you can solve their problems and support their business goals.
Take advantage of technology
Once you’ve made it to the final meeting, you want to show your prospect what a renewal experience with you will be like. To do so, take advantage of technology—in other words, show, instead of tell them what you will provide. Like we mentioned above, a prospect doesn’t want you to tell them all the great things you can provide, but instead will be interested in seeing how you can benefit their business.
Presenting a visual depiction of your renewal process will engage a prospect more than a standard spreadsheet and data approach. Be sure to wrap in the pain points you discovered earlier, so you can show the prospect how you can help them meet their goals and/or solve their challenges around the benefits renewal process.
Want more insurance sales strategies to help you dominate the sales process? Be sure to check out our latest infographic: Winning Sales Strategies Throughout the Sales Cycle, a great piece to print out and hang up at your desk for easy access.