Closing Insurance Sales – The Important Numbers Game

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Insurance trainees are merely fed a truckload consuming number scheme by their company bosses. Amazingly, these trainees are brainwashed to believe that the numbers are true and their careers end or both.

What’s the difference between insurance trainees, and sheep? Sheep will follow a leader who protects them from harm. A leader is also a guide for insurance trainees. Their leader makes them lose their way and encourages them to jump off of cliffs. Why does the sales manager not change the pattern after seeing it repeatedly? When some of his trainees go astray, he can easily find more insurance trainee shepherds. Remember your leader never considers your logic. He will accept only his logic and the logic of the insurance company.

Insurance agents are required to participate in the following number games:

1. Create a 100-name list. Before you sign your contract, this list must be completed. It must contain 100 names of family members, friends, and associates who are willing to sign your contract. Agent logic: Don’t bother with people you don’t know or have the money or health to buy. Driving time and giving out your out of the can presentation are two to three hours. Sleep is not an option as rejection and tension buildup are difficult to overcome.

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2. Complete 50 phone conversations daily. Agent Logic: A minimum of 4 hours on the phone may get you one appointment. Or, it might be an easy appointment with a lonely person. Forcible appointment prospects are quick to disappear just before your appointment. Rescheduling can often lead to a second no-show. Rarely will you find yourself in the right place at exactly the right time.

3. Weekly schedule 8 appointments. Agent logic: If the manager is able to make 8 appointments, that would be amazing. There will be no shows. There will be many objection-stopping interviews. What percentage of sales actually are being made? Are you also writing sufficient weekly premiums to meet your contract needs?

These numbers and many others will not make professional sense. Right. You entered the business with the intention of becoming a professional. Why are you part-time phone solicitor and part time wild goose “lead chaser?

Sales managers are often the ones who want you to do your best while they rest theirs. You will see sales magically when you work harder. Number mazes never seem to bring financial rewards. This is enough of the cheesy, stinky sticky way. The trainee route is not recommended for any sales professionals in your office.

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It’s time to recognize that quality is what matters . Quality always trumps quantity. 250 calls can result in 8 weak appointments that fail to hold but end with only 2 objection-overcoming sales credits of $400.00. The office insurance professional might make 10 calls and then go to 3 appointments before closing the week with $2,000 worth of commissions.

Once you have cleared your mind, you will realize that quality and time are both important in the insurance industry. Only one number should be your focus. This number is your closing ratio. This is the percentage of sales you make after factoring in full presentations. STOP: Agent Logic Required. Increased number of presentations doesn’t necessarily increase sales. While you can speak more and fight more objections, it is possible to make less money.

SHOW me the MONEY HONEY There is a proven method to achieve success quickly. Quality and new sales techniques are two of the most important things you need to add. Spend time practicing, refining, shortening, learning and revising your sales skills. It is important to feel confident that you are treating quality prospects fairly. You must continue to improve your closing skills as perfection is impossible.

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You can get better quality leads by not using tedious telephone prospecting. You can get quality leads from an internet source or a seasoned broker without spending a lot of time cold calling. Quality leads are able to lead to high-quality presentations and a greater chance of closing the sale.

Closing rates using traditional quantity garbage can be as low at 20%. An insurance professional with many closing skills may have an 80 percent closing ratio. Is the pro making 4x more? NO. It is often 6 times higher. They sell 4x more policies, but because they have the experience and confidence to do so, the premiums are higher. There are often multiple policies sold at the same time, which is a bonus.

To make money and find a fulfilling career as an insurance agent, you should forget about your sales manager’s smokescreen numbers. You should be focused on closing more insurance sales by increasing your sales ratio.

If you’re still unsure, here are some answers. Take a look at the real numbers. Insurance sales managers have some of the lowest survival rates.

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Don Yerke is a published author who likes to focus on the things you don’t know and what no one else dares print. It’s okay to tell it as it is.

His new paperback book will be available on Amazon in the spring. This book is full of great information about insurance marketing and recruitment.