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5 Tips For Selling Insurance Over The Phone!
our insurance sales numbers
How can you make more insurance sales over the phone?
- Listen and engage your prospects without using too much jargon.
- Be prepared with a script and a closing statement.
- Make sure you have everything you need for the call in front of you before you pick up the phone.
- And remember, don’t give up.
Selling insurance over the phone can be hard work and requires perseverance to continue after getting a not so desirable response.
You will not be able to close a deal on every call. Some prospects will take a little more work to turn into buyers.
However, with a little know-how and the assistance of modern technology, you can bump up your sales numbers.
11 Tips to Closing the Deal when Selling Insurance Over the Phone
Listen carefully and engage them
Every time you call a prospect or current client listen carefully for new opportunities.
Ask theme these questions:
- ask about their hobbies – for example, they might need motorcycle insurance or boat insurance
- if they have any children – if they do, it would it be beneficial to mention life insurance?
- do they have investment properties – do they need liability coverage?
By giving them time to talk and asking open-ended questions, you’ll have the opportunity to address their concerns. It will also help in engaging them instead of pitching them for the entirety of the call.
You also want to pay attention to clues about what will affect their purchase decisions. Not all prospects are looking for the lowest price. Some are more concerned with ratings or current technology options.
Avoid jargon and slang
It’s a turnoff to be speaking with a salesperson who is talking in another language. Save the industry-specific jargon to conversations with your colleagues and speak in terms buyers can understand.
Use professional language and avoid slang when calling a possible client.
If it were an in-person meeting, you would be in business casual attire at the minimum, present yourself with the same decorum over the phone to boost your credibility. People want to buy from intelligent and confident individuals.
Be prepared for the call
Practice your pitch, understand where you stand against competitors, read everything you can get your hands on about sales, and ask more experienced insurance salespeople for advice.
You’re more likely to have a successful call if you know exactly what to say and when to say it.
Script your pitch
Have a written sales script of what you need to say to your prospects.
You can change the script around to match the tone of your contact once you’re on the phone, but know your pitch so you can add inflections into your voice and not sound like a monotone recording.
It’s much better to be over-prepared than an under-prepared phone salesperson.
Also, practice your script a few times before calling your prospect.
Establish yourself as an expert
When you’re selling insurance over the phone, it’s crucial to establish credibility and authority. Your potential clients need to know that they’re purchasing from an expert who can provide all the information they need.
When speaking with a potential client over the phone, explain your background, areas of expertise, and credentials. Establishing your expertise will help them trust you more.
Your credibility as an expert particularly applies to selling life insurance. It’s a big decision, so people want to buy from someone they can trust and who will take their best interest into consideration when creating an offer.
Build rapport with your prospect
The first step towards establishing trust is building rapport and creating a comfortable environment that allows potential clients to open up, voice all of their concerns, and be sincere about what they need.
Always smile when you’re opening a call because even though your prospects can’t see you, they can hear your smiling voice. As a result, you’ll come off as welcoming and friendly, and your prospects will feel relaxed.
Break the ice with small talk and by asking something along the lines of “How’s your day going?” This will humanize your approach and your prospects won’t be under the impression that they’re talking to a chatbot.
Show them you’re listening
When your prospect is talking, let them know that you’re listening by using so-called verbal nods – I see, ah, right, mhm, etc.
Using the same words, particularly the adjectives, your prospects use, will also show them that you carefully listen and understand what they’re saying.
All this will help you show empathy and build rapport with your prospects, and break down the communication barriers that may occur during the phone conversation.
Don’t give up
You may be able to sell some insurance policies in one call but be prepared for a second or third call.
Your prospect may want to do some research to compare your rates, they may need to consult with their spouse, or they may not trust you after one call, so it’s important to follow up.
Don’t take it personally, but be persistent. If you get a hard “no” ask if you can call again at their next renewal date.
Being organized is key
Have everything you need to make the sale available at your fingertips. It’s a good idea to open any relevant files you might need before dialing, so you’re not fumbling around searching for documents during the call.
Have everything you need in front of you before you pick up the phone. You don’t want to be fumbling around looking for notes while talking to a prospect.
Consider taking notes during the conversation as you likely won’t remember everything.
If you can, record the call so you have a record of what was said. That way, you can refer back to the recording if someone asks you a question and you can refer back to the exact moment in the call when you had the conversation.
Create a backup closing statement
Is your prospect still on the fence? Have a “backup” closing statement handy.
Don’t forget to ask if it’s okay to call again at their next renewal time or even if you can send them a comparison of quotes.
Sometimes having a visual instead of just hearing the numbers gives the buyer a chance to understand the value of your services.
Technology for Selling Insurance Over the Phone
Gone are the days of spreadsheets with multiple tabs and columns to track your insurance leads. Modern technology provides many tools that can assist in the sales process to make insurance professionals lives easier.
Let’s review a few of the tools every insurance salesperson should be taking advantage of.
- VoIP – Allows you to have everything in one place. Calls can be made from a click of your mouse, making sales representatives more productive.
- Sales Engagement Software – the VanillaSoft sales engagement platform uses queue-based routing to reduce manual tasks and ensure your sales reps will call the right lead at the right time, every time. Combined with VanillaSoft’s email/text marketing and sales lead tracking, you’ll ensure that your team is handling every lead with maximum efficiency.
- Website – I know this one sounds basic, but a site with content can be a significant lead generator. Content should be available for each stage of the buyer’s journey to have a higher chance of capturing leads.
- Quoting Software – A program that compares quotes across several carriers is needed to provide the best option for your prospects.
- Multiple Computer Screens – With more than one screen you’ll have easier access to any programs or files you may need without too much clicking around.
Dealing with Objections
When selling insurance over the phone, you’re likely to hear a few objections repeated by different prospects.
Do you know how to counter these concerns and turn a no into a yes?
Some of the most common objections are “I’m happy with my current provider,” or “Why should I change what I have?”
Ask them when the last time was that they shopped around. Changing markets and demographics of the insured can influence rates and should regularly be reviewed.
Many insurance pros will do the work for the initial sale and won’t follow up in the future to see if any changes have occurred that could affect the premium.
Use this as your foot in the door. Provide your quotes and let the prospect make the best decision for them.
Over to you
Using the phone to sell insurance requires intelligence, confidence, professionalism, and a handful of supporting tools.
Set your insurance salespeople up for success with a product like VanillaSoft that combines lead management and telemarketing applications with basic CRM.
Extra Information About selling life insurance over the phone That You May Find Interested
If the information we provide above is not enough, you may find more below here.
How to Sell Insurance Over the Phone and Close More Deals
5 Tips for How to Sell Insurance Over the Phone
5 Tips to Sell Insurance Over the Phone – InsuredMine
How to Successfully Sell Insurance Over the Phone
10 Little-Known Tips for Selling Insurance Over the Phone The …
5 Questions to Ask When Selling Life Insurance Over the Phone
4 Basic Tips For Selling Insurance Over The Phone | EverQuote
5 Tips for How to Sell Insurance over the Phone – TurtlemintPro
How to Sell Life Insurance on the Phone | ThinkAdvisor
Frequently Asked Questions About selling life insurance over the phone
If you have questions that need to be answered about the topic selling life insurance over the phone, then this section may help you solve it.
Can life insurance be sold over the phone?
You may be able to sell some insurance policies in one call but be prepared for a second or third call. Your prospect may want to do some research to compare your rates, they may need to consult with their spouse, or they may not trust you after one call, so it’s important to follow up
Why is selling life insurance so hard?
Difficulty #1: Commission-Based Pay The majority of life insurance companies classify their agents as independent contractors. They offer neither base salaries nor benefits. This means an agent can work a full week, but if the agent puts no sales on the books, they go without a paycheck.
Is it hard to make money selling life insurance?
The career of a life insurance agent is lucrative but involves constant hustling, networking, and many instances of rejection before a sale is ever made. Life insurance agents might be given a small salary to get started but are otherwise primarily dependent on commissions to make a living.
Is selling life insurance a good way to make money?
Like any profession, it takes time to gain experience and build up your income. With that said, the top life insurance agents earn over $100,000 per year. Many make a lot more than that! You can expect to earn $2,000-5,000 per month starting out.
Can you cold call to sell life insurance?
Life insurance cold calling is a sales technique that involves a sales rep calling a potential customer for the first time to determine their interest in buying an insurance plan ? and a grim plan at that ? financial security for their family members when they’re no longer around to provide support.
How much can you sell a $100 000 life insurance policy for?
A typical life settlement is worth around 20% of your policy value, but can range from 10-25%. So for a 100,000 dollar policy, you would be looking at anywhere from 10,000 to 25,000 dollars.
Is selling life insurance stressful?
Well, that depends on what causes you stress. CareerCast ranked being an insurance agent 155th out of 200 on the worst jobs list. They rank the stress as ?average,? whatever that means. A good income makes up for a lot of stress for many people, so that helps.
Is selling insurance a stressful job?
Selling insurance is a rewarding career, both in terms of finances and personal satisfaction. But it also produces a lot of stress. Read on to learn how to manage it. Unless you watch TV all day and sleep all night, stress is an unavoidable part of life.
What is the cash value of a $25000 life insurance policy?
The cash value is,000, so because the death benefit is 5,000 and the cash value is,000, the real liability cost to the life insurance company is 0 (5,000?,000), making it possible for the insurer to pay the full death benefit of 5,000 upon the policyholder’s passing.
What does 00000 in monthly life insurance cost?
For a 10-year, $00,000 policy, the average monthly cost of life insurance is $1.02, and for a 20-year policy, it is $2.59.
What causes insurance agents to resign?
The only way to change this is to learn how to get more, better, and follow up on leads. People go on fact-finding missions online. Most agents quit because they can’t make enough sales to support themselves and their families.
Is it wise to sell life insurance?
If you can no longer afford to pay your life insurance premium, selling the policy can relieve the burden of a monthly payment and will put at least some of that money back into your pocket. Selling your life insurance policy may only be a wise move in certain financial situations.
Is selling insurance a challenge?
Selling insurance is a fast-paced career that demands focus and determination because many potential leads and clients will decline or lose interest in the products you offer, and they might choose the services of another agent instead of what you can provide.