There are three types of advisors. Consider the insurance agents who can endure a 20-year career. These agents will earn a combined income of between a million and one million dollars. This group of insurance agents is composed of fewer than three out 100 people who have entered the insurance business. Move up a level. In a similar time period, the 1 agent of 100. The career income of this insurance representative is approximately 1 1/2 to 3 1/2 millions dollars. This is the highest earning agent in the industry, which makes up less than 1% of 1 percent.
You can find many tips and tricks for selling insurance on the internet. The average agent is reading articles that will help you increase your income and your skills. You are likely earning between $30,000 and $60,000. You need to be cautious about who you seek out for advice to move up.
I was very fortunate in my career as an insurance salesperson and later in my insurance marketing business to make a decent income. It is possible to find helpful advice online about insurance selling techniques. While some of the information may be of high quality, many of it isn’t worth your time. Here’s why.
BAD INSURED ADVICE #1 This advice article is usually written by an agent whose insurance income will eventually reach $70,000 per year. You might be making less than the author. Just recently, I read an article on closing. This was the recommendation: When you give a presentation to a married couple, find a reason to leave the room before you close. This allows couples to have a conversation and the most confident person with their plan will win.
MY COMENTS: The presentation table is your permanent home. This creates a loophole that allows for objections to be raised. This type of insurance representative is not likely to close and will not become a top producer. It is important to ask prospects why they are interested in coverage. Next, you should explain three to four reasons why your product will fill their need. It is now time to use one of the most basic selling strategies. Close the sale. You can say, “You agree that this would solve the issue, right?” “I’m going to show you two options and then you can tell me which one you prefer. Sounds good, doesn’t it? While you are giving the options, keep your eyes on the wife.
BAD INSUREDICE #2 This information comes from a rare elite agent who is making huge bucks. This advice comes from an insurance agent who is way out of your league. The agent will tell you that they can only sell annuities above $50,000 by working with lawyers and CPAs. It could take several weeks to prepare and plan. You might do the same one day.
MY COMENTS: Currently, you are looking to learn how to improve your selling skills by 25% within the next twelve months. The fastest way to increase my income and selling skills was the larger the sales, regardless of their size. There were many weeks when I was able to get 8-15 applications. Two things happen magically the more you give presentations. Your closing ratio will improve. The average sale price tends to rise.
GOOD INSURANCE DIRECTICE I was recently reminded by an author how important it is to “warm up”. He shared some methods that he used to do this successfully before launching the sale. This gives the prospect confidence. This is excellent advice, most likely from an experienced insurance representative. These are not sales techniques that an insurance sales manager would give. This would not be found in any insurance company-prepared script. It increased his chances of selling a lot, which I agree with.
MY COMENTS: Try methods from agents who have moved up in income. They should not be about repeating something that was not successful to begin with. Cold calling is one example of daily prospecting. Many articles can be found on how to overcome objections. An even better article would focus on how to avoid most objections ever happening. These articles are easy to follow and provide valuable advice about selling techniques that few agents use.