If you've ever found yourself thinking something that starts like this, "I'd sell more life insurance if...", you are not alone. In 2016, we conducted an online survey of insurance and financial professionals that focused on the state of advisor relationships and decision-making criteria regarding their Brokerage Agencies. Hoping to get a better understanding of some of the road blocks insurance advisors face, we asked them to finish the statement "I'd sell more life insurance if..." Below is a compilation of the most common responses we received, coupled with key ways other financial professionals are successfully addressing these road blocks.
"I'd sell more life insurance if I could get in front of more people"
Leads & Prospects- Many advisors feel that they don’t have enough high-quality leads. A great way to grow your lead base is to build a complete, targeted marketing strategy for your business. This could incorporate everything from cold-calling to social media. To grow your business you need to build your brand and identify a lead-capture and follow-up plan.
Networking is another great way to grow your business. Find networking events in your area, get out there and mingle! A great place to start is your local chamber of commerce. They will usually have group meetings and networking events lined up throughout the month. Speaking of networking, remember to be social.
Make sure your website and social pages are up-to-date and that you keep them current. People are more likely to take you seriously if your website is clean and easy to use. Having up-to-date social pages allows prospects to see how interactive you are and may lead to referrals.
"I'd sell more life insurance if I knew how to better close the sale"
Closing the Sale - Closing more business will quickly help you sell more life insurance. Many advisors find this to be challenging. There are things that you can do to close more of your cases.
Our first suggestion is to plan your approach based on the individual client. Instead of treating every client the same and having one single strategy, it's better to cater to individual needs. Knowing how to talk to specific generations can be immensely helpful. The pitch that might work for your 50-year-old client won't work on your 27-year-old client.
Our second suggestion is to manage the expectation with your client. Take the time to find out what your client needs and what they expect from their coverage. Explain to them the underwriting and application process upfront and show them a range of prices instead of showing them the lowest cost option.
Not Enough Time- Time is one of the most valuable things that each of us has, however, most days it feels like there isn't nearly enough of it. The answers we saw based around time were; I'd sell more life insurance if:
- "underwriting didn't take so long,"
- "the application process didn't take so long,"
- "there was less paperwork,"
- "the carriers were all in one place on one site" and
- "there was an online application process."
"I'd sell more life insurance if I could get cases closed and through underwriting quickly."