Life Insurance Sales Ideas: Does Your Sales Process Accomplish these 4 Goals?

To be successful at selling life insurance, you have to take a serious look at the process your sales team is using and whether or not it has been successful for you. If not, perhaps there are some changes you can make that will boost your sales and give you that competitive advantage.
After all, customers don’t care about your bottom line—all they care about is getting the best value in life insurance for their hard-earned dollar. If you don’t fulfill this need, they will just go elsewhere, customer loyalty considerations aside…You have to work on ways you can present your prospects with the best life insurance products available in a timely manner and make the sale a seamless process from the initial contact with the customer until you sell them a life insurance policy. Buying insurance isn’t usually fun—but it shouldn’t be painful.

What goals do you have in mind for your sales process? Let’s take a look at some life insurance sales ideas* and goals. Your sales process should do these four things:

#1 Give you an inside view of the customer’s buying habits? To sell a life insurance policy you need to know when a customer is most likely to purchase a policy. This could entail details such as policy renewal dates or customers who have existing policies in other lines (homeowners, auto, health, etc.) that might benefit from life insurance. This type of “account rounding” data will prompt your sales team to ask the right questions to make sure customers have adequate insurance coverage. A good sales automation system can help your sales team in this area.

#2 Maximize efficiency of the sales cycle? If you don’t follow-up with a lead in a timely manner, guess what happens? Someone else has made the sale. Use your time efficiently—working smarter, not harder. You have to have a system that streamlines sales prospects in a way that makes the most valuable use of your time.

#3 Increase your sales numbers and profitability? Profitability increases when sales managers find the best way to not only meet a current need of an insurance customer but to also fulfill a future need. It’s called “upselling and cross selling.” The customer truly doesn’t know the life insurance products he needs. It’s your job to open up his eyes to how a future circumstance—such as trying to pay off debts after the death of a spouse, putting a child through college or having the re-finance a home mortgage could produce the need for life insurance. It is the life insurance salesman’s job to ask the pointed questions and to know the right time to ask these questions. To do this, you must have an organized system where you can see at a glance all the policies in place for each of your customers.

#4 Help you close more sales? To close the deal on a sale, you must have a system that accurately tracks your leads so the sales team can do the appropriate follow-up. If you have the right sales processes in place, it will result in closing the deal on more policies sold. Leads have to be nurtured until they are ready to make a buying decision. If you lose track of this valuable lead information, you won’t be there when the customer is ready to make a buying decision.

You must give your sales team a smooth and efficient sales process to increase profitability and turn more leads into final sales. A little extra effort now will pay off in increase long-term success for your sales team. Contact us for more great life insurance sales ideas 800.921.3100.







The information contained herein is for general information purposes only. Imeriti, Inc. is not to be held responsible for the accuracy of this information. Neither Imeriti, Inc. nor its employees provide tax or legal advice. As with all matters of a tax or legal nature, your clients should consult their own tax or legal counsel for advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax adviser.

The information, statistics, and opinions reported herein are from sources believed to be reliable. However, Imeriti and the author of this blog do not guarantee the truth, accuracy, and reliability of any source, fact and/or statistic cited and no do necessarily agree with any opinions expressed by such sources.

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