As every industry, the insurance industry is constantly evolving over the years. New technology and forward innovations have filled in many voids of the insurance industry in this digital era. Nowadays, it’s easier to get insurance online and have better insurance experience. There are many innovative companies and digital platforms that help customers find insurance services for everything online, from insurance quotes comparison (see this guide) to policy management and automated AI based claims processing – and so much more.
As a result, customer expectations are also changing. With a welcome note for 2021, here are some winner tips that can help you become a master of modern age insurance sales:
1. Be an educator and advisor and put customer needs first:
Insurance can be confusing and frustrating for the consumers. They may not be familiar with different plans, professional terms and variety of coverage options. Thus, more than a sales agent, educate them about insurance as an advisor, give them a full transparent picture and let them make a choice based on their needs without any focus on your fee. While this may be against your urge to maximize commissions, this will maximize your sales in the long run, as they will trust you and come back to you, and probably refer their friends and family as well.
As an educator and advisor for the consumers, you can ensure them that they are choosing the right company with the right coverage and rate. That’s how you will earn the credibility and trust of the consumers, which will grow your positive reputation among customers and as a result, your business sales.
2. Personalize the insurance experience:
With so many options and growing commercialization, customization to the particular customer type and their needs makes a difference. More and more industries are heading towards offering tailor-made experiences to consumers and this includes insurance. But some things cannot be done automatically and technologically better than it can be done manually by a human being. Personal touch, warmth, empathy, pinpointing their pain points and needs and preparing multiple personalized coverage options that address exactly what can solve it to them in the best way in terms of both coverage, requirements and budget will make sure your sales are exploding and more customers stick to you.
Various surveys have found that consumers are expecting more tailored, customized offers and experiences from insurance providers. So, go beyond the basic data. Try different lead discovery tools. Go out of your way to give customers a tailor made experience from building their profile and understanding their needs and pain points, to the most customized coverage options specifically to their profile and needs. By getting to know your customers, diving into the data and investing in personalizing their experience, you’ll develop a more loyal bond with consumers and will stand out from the crowd.
3. Don’t give them too many options:
Educating the customer is important, but you also shouldn’t flood them with information so much that they stand paralyzed. While giving more options may feel like the best way to win new customers, studies show that the more choices people are given, the less likely they are to purchase something. Understand the requirements of your prospects and give them only that much information and pinpoint coverage options which they need. Top 10 coverage options that perfectly fit what they were looking for in terms of coverage, trusted insurer, budget and flexibility will mostly do.
4. Leverage digital platforms:
The digital evolution is taking the world by storm. The insurance industry is not being left behind and insurance services can and should take advantage of it. It is a lot easier to grow an insurance business today than it was ever before. Take advantage of handy tech tools to stay ahead of the competition. Regularly post on LinkedIn, Facebook, Twitter and others. Create your own Google My Business listing to show up on local search and Google Maps. Create your insurance business listing at Insuranks.com, a digital marketplace that allows you to list your insurance services online and leverage it to grow sales by asking your customers to leave reviews of your services and build up your reputation on the platform. Try promoting your digital assets through PPC and social media advertising to get more people in your served locations to know about your business.
5. Build positive relationships and network online:
There is no ‘best’ communication channel for all of your prospects. You need to be ready to take on all forms of communication with your prospects and build a completely seamless conversation over different channels. Insurance is a business that is based on relationships. The more you focus on building positive relationships, the better you get. Digital sales is gradually becoming mainstream, and it is the biggest change in insurance sales. The faster you will adapt to it, the more your business will sustain and grow. Other than listing your business in digital platforms, leverage it for networking. Since there is no one-size-fits-all solution for communication, you’ll need to understand all of the different methods your customers use and love and take advantage of it to help and add value to their lives. Talk to your customers. Use surveys to find out more about your customers’ communication preferences. Once you have this information, it’s time to make those communication channels seamless. Use these channels to maximize sales opportunities.
6. Sell based on value, not just rates:
Prospects often get attracted by lower rates, but that doesn’t mean you have to offer them only low-cost solutions that don’t suit their coverage needs. When proposing insurance plans, always base it on value, never solely on rates. If you base it only on rates, you will give your customers coverage options that are insufficient and won’t stand the test of reality, because even if they paid less, when they need the policy to cover some related financial expense, that cheap coverage may not include coverage of this specific scenario and leave them paying a lot more. When you can prove to a prospect the value of the coverage options you’re offering, that will not only benefit them today, but it will ease their lives over the years: it will help them stay protected for many different possible scenarios specifically to them that otherwise may cost them a fortune.
When they experience the value of your offered coverage options in real life, they will value you and your business, remain loyal to your business and refer more people to your trusted business. And another related tip: Value-based selling only works when you thoroughly understand what’s valuable to this particular customer, so as advised before, invest in your clients and get to know them and their needs.
6. Maximize referrals:
Getting leads through referrals can be extremely valuable and compound over time. It works like word-of-mouth advertising and in the digital era it can work like a storm. A referral is more likely to become a successful customer for two reasons. First, if they trust the person who recommended your services, so they trust you more from the very beginning. Second, the customer who recommended them knows both you and that person, so they’re more likely to fit what you’re offering. Although most people are willing to give a referral, too many insurance agents forget to ask. So, make asking for a referral part of your process. Once you have a few referral sales, measure the results.
If you see that those referrals are valuable enough for your business, you can even step up your game by offering a reward to customers who bring referrals, such as a gift card, or bonus points that will help them while paying the premium amount, or a small discount on their policy, could be enough to motivate your customers to refer you more to their friends. Both a referral program or a loyalty program that rewards your clients for referring others to your business may increase your sales drastically.
Insurance is a relationship-based business. The most important thing that every agent like you should remember is, you need to build trust with your prospects before they’ll even think of buying from you, which is why listening to them, understanding their needs and guiding them with real advice is so essential to winning deals. Never focus on your fees, focus on your client needs. The insurance industry will keep on changing. But by using these strategies, you’ll be able to provide for the changing needs of your customers in a way that no digital innovation can ever do. We wish you that 2021 will bring you more insurance sales than any previous year!