5 Best Tips for Long-Term Success In Insurance Sales

1. Focus your insurance business around your clients.

Sometimes, it helps to focus on a specific client group. You could focus on doctors, business owners or any other type of group. Once you know your target market, host a seminar for that group. This seminar will be a chance to connect with clients, and you will be able to provide a more customized approach by gathering together similar types of clients.

2. Do a Needs Analysis for Each Client

Many clients do not realize what types of annuities, life insurance or financial investments they will need. When you meet with a prospect, discuss what they will need for death, disabilities, retirement and education. Do the calculations with them so that they can see where they currently are at and where they will need to be. Once a client knows what they need for retirement living expenses or other goals, they are more likely to reach out to you for help preparing for these goals. Plus, the client will feel like they were actively involved in the decision making instead of just being a sales prospect.
As household assets rise across the globe, there is a huge potential for advisors to grow their businesses. The right sales approach can make the difference between losing a sale and gaining a new client.

While the competition for clients is high, it is not possible to do everything on your own. You have to focus on educating clients, meeting new prospects and growing your business. To do this, you may have to hire support staff from time to time. Luckily, this is exceptionally easy to do. Automated software programs can also help manage your data. For tasks like blogging or marketing, you can hire a freelancer as you need the help. This allows you to scale your business up or down as you need to, without having to put in the extra hours yourself.4

Track Your Data
If you are not already tracking your labor and revenue, you need to start doing it right away. Advisors need to make sure they are optimizing their return on investment for each prospect. For each type of marketing, track how much is spent on the campaign, labor costs and other variables. Is this amount justified by your earnings? By tracking your data, you can determine which techniques are actually paying off.

Focus on a Niche
Sometimes, it helps to focus on a specific client group. You could focus on doctors, business owners or any other type of group. Once you know your target market, host a seminar for that group. This seminar will be a chance to connect with clients, and you will be able to provide a more customized approach by gathering together similar types of clients.

3. Be the insurance expert.

If you consistently provide valuable advice and products for your clients they'll come to depend on you as their personal consultant.

But being the expert means more than just passing your insurance exam. It means constantly staying up-to-date with the latest products, services, legislation and how these will effect your clients.

Consultants are welcomed with open arms. Sales people...not so much.

4. Commit to the long-term

While some advisors and insurance agents already have a large client list, most would benefit from additional sales. Unfortunately, selling financial and insurance products is not always easy. It takes a certain type of approach to sell, and the best advisors know all of the best tips. With the right techniques, advisors can make sure 2017 is a record-breaking year.

Classify Your Clients
If you are spending the same amount of time and resources on each client, you are wasting money. Some clients only need to maintain their current accounts, and other clients need to be more fully developed. As a rule, you should categorize your clients as protect, maintain, develop or monitor.1

A protect account is already developed, but needs careful watching. A monitor account only has to be managed minimally. With a maintain account, you only have to manage it because the account is unlikely to grow in size. Meanwhile, a develop account should be aggressively grown because there are more assets at stake. By categorizing the types of accounts, you can devote your limited resources toward the accounts that need it most.

Make Each Client Matter
People want to invest in someone they trust. Most clients do not understand the intricacies of financial investments or life insurance plans. Instead, they find an advisor who can help them navigate the marketplace. Gaining a client’s trust is key to keeping their business. By focusing on the client’s experience and educating the client, advisors can make sure each client feels welcomed. Later on, these clients may go on to provide word-of-mouth recommendations that will help the advisor’s business to take off.2

Become the Neighborhood Representative
If you regularly meet your clients at their homes, there are a few changes you can make to ensure a successful sale. Make sure you leave 15 minutes early. Bring along extra business cards and pamphlets. Before you go to your prospective client’s house, knock on at least five doors near them. When the neighbor answers their door, explain you were early for a meeting with your client and wanted to introduce yourself. Tell them you are the neighborhood representative for your company and make sure you leave your business card.3

5. Constantly seek out training

I have a friend named Rick. Rick is an accountant by trade. Now he's a consistently high performer with HIS.

Rick applied his background in statistical analysis to the insurance business and came up with a fantastic spreadsheet that tells him everything from how much he makes on a typical sale to how many doors he has to knock on before he gets to make a presentation.

I'm not saying you have to be like Rick to be successful.

But Rick isn't hurting and doesn't get discouraged when he doesn't make a sale. He knows his numbers and he knows that is he keeps after it he's bound to make a sale.

Most people are scared to death at the prospect of being paid what they're worth (i.e. commission).

But with the right money management techniques you can side step the scary world of commissions.

Here are three easy things you can do today to manage your money better:

Put yourself on a salary - As steady income is huge stress reliever and solid way to ensure your spending habits are maintained at a sustainable pace. We've seen agents have a huge week and then blow it all on a shopping spree. The smart money is on the person who puts most of that windfall away to help smooth out the bumps that will inevitably come.
Get a separate bank account - Don't try to keep things separate in your head. Secondary checking and savings accounts are often free. Set them up know so you get a good picture of how your business is doing.
Hire a CPA - There are two reasons why hiring a CPA makes sense. First, they'll know ways you can set yourself up for financial success you don't. Take advantage of this. Second, your most valuable resource is your time. Hiring a CPA allows you to spend more time with qualified prospects. This translates to sales and dollars in the bank.

Ongoing sales training will help you know how to best serve your clients. Training will also keep you motivated and encouraged, two qualities needed for long-term success.

Training about every aspect of business, sales, insurance, motivation, productivity, and so on can be found quite easily. Training that is specifically tailored to final expense life insurance sales is tougher to come by.

One of our biggest initiatives is the creation and distribution of targeted training material to our agents. We accomplish this by:

Hosting weekly live training conference calls.
Hosting live three-day training events for individual agents as well as team-builders.
Involving all agents to contribute by leavings sales ideas, stories, and motivational tips on a dedicated toll-free number.
A royalty-structure to encourage agents to share their best ideas with the team.
Yearly training events for the entire company.
Most training material is available at or below cost.
How many of these resources do you have access to?

Bonus Tip: Build a team

When you meet with a client, no matter how much training you've had, you're on your own.

Building a team of agents will ensure the long-term success of your business. Not only will they help you service your clients but they'll give you a motivation you just don't get on your own...helping ensure the success of your fellow agents.

It's true; an individual agent can make it. But why not increase your odds by building a team?


A career in sales isn't the easiest. If it were, it wouldn't pay so well. But if you follow these seven tips you'll have the staying power others lack

Read Also: Digital Marketing Company in Kanpur, Internet Marketing Agency


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