Sales products knowledge is the foundation of all insurance training techniques. Sales effectiveness is only possible when product knowledge is combined with personal skills and leads. Learn why the majority of insurance training methods for agents fail.
Agent trainees who are licensed to start their careers have a meeting with their insurance manager. They discuss how to set up their briefcase-sized with sales products. Their “training” manager takes them to the supply room where they are given a brochure listing every product sold by the company. There are many options and this can easily reach 50 plans. These could include simple products like accidental death while traveling, or more complex options such as key man insurance. As the trainee agent becomes overwhelmed, the trainer tells him to familiarize himself with each one. This is the most ineffective way to learn insurance.
You don’t need to know much about the plans you will sell in order to be an effective salesperson. Agents who spend too much time trying to grasp the insurance concepts of plans they will never sell are misguided. They keep at least one policy brochure in their briefcase as a backup plan. A good training method helps agents understand what they are selling. The agents are not introduced to the insurance products they need and what information is unnecessary during this short 30 minute meeting.
Managers need to train agents on the sales products they will be selling. Managers prefer the policies that have the highest premiums or are most familiar with. Few insurance managers will adapt their insurance training methods to each agent. They prefer to follow a standard approach. Which market is most appealing to the agent? In what age bracket and in which geographic area are they most comfortable selling? It is impossible to sell insurance by forcing agents into uncomfortable areas of insurance. These are the few things that insurance managers will give.
The agent trainee quickly becomes an insurance jack-of-all trades without the following tips and personal qualities. Failure happens quickly. This is something you can’t take to the bank.
You need to be confident, self-leadership and able to be a niche specialist in insurance sales if you want to last anywhere in the industry. All of these factors are interrelated. Your insurance manager should not be involved in your cold calling training. Random cold calling prospecting is not possible because you don’t know your prospect’s emotional needs. Selling effectiveness depends on uncovering the emotional needs of your prospect. Otherwise, your prospect will be a suspect. An insurance manager will give you rehashed leads from former policyholders. They can cover all life insurance plans. This can lead to disaster and prevent you from developing products that are unique.
You will need to quickly obtain a prospect listing from a broker who has clients that you feel comfortable selling and are close to your income level. Example: A self-employed construction worker, aged 25-45, who owns a home with children. Now you can create a niche for your product. You will now be able to choose three products that you are a specialist in. It could be major medical insurance, mortgage life insurance, or accident disability insurance. This niche is a great place to make a career as a financial expert. You will experience a surge in confidence and product knowledge, and your closing ratio will increase from 40% to 80 percent. Prospect clients prefer to buy insurance from an expert in a niche.
A niche in insurance that focuses on senior citizens could also be a specialty is working with them. Your products could include long-term care insurance and Medicare supplements. You must have a solid understanding of insurance products to become an insurance specialist. However, you should only sell plans that are relevant to your clients’ needs.
You should not take too much insurance training. However, the techniques will vary depending on which company you work for. The best knowledge comes from realizing that your business is your own. Make sure you invest your time and money wisely in your career.
