How To Sell Insurance: 5 Expert Tips for Generating Leads and Growing Your Business
Are you an insurance agent or broker struggling to make a sale?
You’re not alone. The insurance industry, although massive and lucrative, is fiercely competitive and brutal. Research shows more than 90 percent of new agents quit the job within five years.
If you’ve been in the industry for more than five years, thumbs up. You deserve it for going against the odds.
However, there is no reason you shouldn’t be a top agent who pulls in a six-figure income. You just need to know how to sell insurance like a pro. Often, mastering the art of selling is the one thing that makes the difference between a successful agent and a failed one.
In this article, we’re sharing tips you can use to generate leads and triple your sales.
1. Don’t Go Solo Too Soon
As an insurance agent, you’ll probably start out your career by finding employment in an established insurance agency or brokerage. Or you could be hired as an in-house agent or consultant by an insurance company.
Either way, you’ll start by working for someone.
But if you’re anything like the vast majority of agents, your ultimate goal is to be your own boss. This means starting your own insurance agency.
There’s nothing wrong with that, but it’s not advisable to go solo too soon. There’s a lot of learning you need to do before you can run your own successful outfit, and this learning will be done on the job. When you work at an established agency, for instance, you get to work under or with experienced agents who have mastered the selling craft.
You want to gain as much experience and connections from these people as possible. By the time you’re going solo, you should be confident that you have what it takes to run your own agency.
There are several types of insurance. Nothing prevents you from dealing with as many insurance types as you possibly can and licensed for.
Indeed, many agents typically sell several types of insurance. This is to say Agent X can sell auto insurance, business insurance, homeowners’ insurance, pet insurance, and more.
This is understandable. It enables you to cast a wider net and capture more clients.
However, when you really want to become a top-selling agent, you’re advised to narrow down your focus and sell no more than 3 types of insurance. You might be wondering how narrowing down your focus increases your ability to make more sales, but it’s all about trust. Potential clients will trust you more when you come across as a, say life insurance specialist, than a jack of all trades.
Do your research and assess your abilities to find the insurance policies you’d like to specialize in.
3. Earn Certifications to Boost Your Credibility
Some insurance policies are more complex than others.
For example, the process of buying auto insurance isn’t the same as buying life or health insurance. Auto insurance is pretty straightforward. What can go wrong when you’re purchasing a policy that expires with a month or year?
However, life insurance is different. Buyers want to know more about it. They want to learn about the different types of life insurance before they commit themselves. They want to get the advice of a credible insurance agent.
The question is: how do you position yourself as a credible and trustworthy insurance agent?
One of the things you can do is to earn relevant professional certifications. For instance, if you’re specializing in life insurance, you can obtain a life insurance certification. This is in addition to your state-specific agent license.
Also, it helps to understand the product you’re selling. If a client asks you a question and you’re hesitant to give an answer or give one that’s not satisfactory, you’ll be shooting yourself in the arm.
4. Implement an Innovate Marketing Strategy
If you’re already running your own agency, it’s time to create and implement a marketing strategy that works.
In the digital age, the vast majority of consumers are buying insurance online. When the average consumer wants to buy health insurance, for example, they’ll go online, do research, and find a health insurance provider.
You need to position your insurance agency along their digital path.
How do you do this?
Start by creating a professional, responsive website for your agency. Optimize it accordingly.
Next, create a blog. This is where you’ll share your knowledge with prospective consumers. If you’re a health insurance agent, blog about what you think the consumer would want to know.
Blogging is good for search engine optimization. Prospective clients are more likely to come across your blog before landing on your agency’s website.
There are also other marketing methods you can deploy, depending on the types of insurance you’re selling. If you’re selling Medicare, for instance, you will want to learn about the dos and don’ts of Medicare lead marketing.
5. Keep Building Your Network
Insurance is a referral-driven industry.
You go to a dealership to buy a car and once you’re done, they refer you to a certain auto insurance company. As an agent, there’s a lot to learn from this.
You want to build a wide network to enhance your chances of getting referrals. If you’re selling auto insurance, make connections with auto dealerships and salespeople. If you’re selling life insurance, you want to connect with personal financial advisors and other industry professionals.
That’s How to Sell Insurance – A Lot of Insurance
The business of selling insurance isn’t easy, but you can hack it. Thousands of top-selling agents have hacked it before. You can, too. Follow our guide on how to sell insurance and you’ll be on the front foot.
Keep reading our blog for more tips and insights.