Life insurance is one of the biggest and most important investments many consumers can make, but that might not be true if you're selling them on the spot. In order to sell life insurance thoroughly, you need to develop an approach that makes you care about your customer and build a connection with them.
An insurance sales pitch(insurance sales pitch examples) typically includes the following elements:
-A brief overview of what an insurance policy can offer
-How an insurance policy can protect you and your family
-How an insurance policy can help you financially in the event of an accident or illness
-Why choosing an insurance policy from a reputable company is important
There are a few things to keep in mind when pitching insurance:
1. Be prepared and know your facts. Research what type of insurance your company offers and be familiar with the actuarial tables supporting those offerings.
2. Be personable and get to the heart of why your policy is a good fit for the customer. Show how your policy will improve their life or safety.
3. Use visuals to illustrate your points. A well-designed presentation can help emphasize the importance of a particular feature of your policy.
4. Keep it short and to the point. A successful insurance give pitch should feel like a conversation, not a sales pitch. Make sure you state the key benefits of your product in a clear and concise way, then let the customer do their own research into whether or not it’s the right policy for them .
What is insurance and how does it work? The term "insurance" has many different uses. In this chapter, the word will be used to refer to policies that sell coverage against unpredictable or unusual losses experienced by policyholders such as fire, theft or natural disaster. These types of insurance are often referred to as personal lines (think home owners' policy) ,business auto/travel trip interruption andare relatively easy sales pitches because they are less technical and have understandable benefits versus other insurance products. As a general rule, new clients of your company will almost always be sold the smallest possible level of coverage that provides acceptable service levels.
They want to know who pays first (the policyholder) or best (themselves). If a client does not feel like they understand what exactly is covered, their natural reaction to an offer for additional protection will be no! Therefore it's crucial that you often keep the policyholder in control of what they are being sold. In doing so, it's more likely that each offer will be made with some level of confidence and belief on your company’s part regarding why additional protection is important to their family particular situation.
80% of life insurance sales pitches are poorly executed because buyers rely on wrong information.
Buyers make the mistake of basing their decisions on myths and stereotypes, instead of using hard data.
Here are five common life insurance sales pitch mistakes that buyers make:
1. Claiming that you don't need life insurance because you have a low risk lifestyle. Many people think that they can’t die young and don't need life insurance because they're not likely to experience an illness or injury that would cause them to need life insurance. However, this is not a risk-free lifestyle - even if your odds of dying in any one year are only 1 in 200,000, that's still enough to decrease your chance of living to a ripe old age by around 50%.
2. Making assumptions about what your buyer's goals are or what he or she is looking for in a policy. Sellers often try to sell policies that fit the buyer's personality rather than trying to find policies that will fit the buyer's needs.
For example, if you know your buyer wants coverage for a spouse and children, but assumes you do too, you'll be selling him or her a policy that doesn't get your ownership, but rather only covers his or her dependents. You will be making the buyer feel like he (or she) is taking advantage of you and separating donor intent from beneficiary.
To make sure this happens, send one copy to each applicant with an individually drafted letter responding to each individual application: Merely having two copies on hand won’t prevent potential conflicts in writing letters as well because human beings are sadly fallible. If your buyer sends a note that reveals conflicting desires, use it to make the most effective decision for both you and for him or her. Make sure you remain connected .
3. Assuming the office visit is a one-time event. This can be misinterpreted as assuming your buyer wants to purchase life insurance while he or she has already made up his mind with definitive answers on what coverages are necessary and whether they could afford it in their current circumstances. Sometimes family members sell policies for people even when they haven't visited an agent yet, so you might not know if this individual will ever call again: You may have a prospect visiting the office for only one visit and then never call again. Many questions will not be answered by a single conversation, so prospects should come prepared to ask prosaic but important ones that may affect their decisions. For example: What are other coverage options you offer?
Which policies meet self-insurance standards or impose medical requirements on customers ? The wording of how policy provisions interact with life insurance can vary based on what it is sold against and whether medical expenses are allowed to increase the death benefit.
What is an acceptable discount and what terms work best? When it comes to life insurance, all customers want a good deal but no one wants to get haggled over marginal details like price discounts or delivery options . For example: If your book of business has thousands of clients logging tens of millions each year in premiums for private health savings accounts (HSAs) , more than enough volume that an attractive discount could be applied to a basic policy, why should you accept less than that on life insurance just because of the low interest rates?
Insurance salespeople are always on the lookout for common mistakes that potential clients make. Here are four of the most common ones:
Insurance sales pitch examples mistake #1. Not understanding what an insurance policy covers
Insurance sales pitch examples mistake #2. Misunderstanding the lifetime value of a customer
Insurance sales pitch examples mistake #3. Failing to create a specific promise or solution for a client
Insurance sales pitch examples mistake #4. Appearing too pushy or aggressive
The general theme of effective insurance pitching is empathy, service and the relationship that follows a successful sale. Since life insurance salespeople represent both product (life income) and customer at once, they must hone their ability to predict potential behaviors in multiple ways. Not only does each prospect want assurances about his present situation or interest in fixed term products but also how he would use an annuity if it were available; what risks of being disabled from accident , illness or old age would make a client consider a fixed term plan unsatisfactory; and how much original cost of the insurance policy he can afford.
The most popular challenges when writing an insurance sales pitch are finding the right words to communicate your product's value and addressing potential objections. Here are four key tips to help you overcome these common roadblocks:
1. Understand your customer's needs. If you know what areas of your product your customer is concerned about, you can focus your pitch on addressing those concerns.
2. Use the right words to convey the benefits of your product. Be clear, concise, and persuasive in order to make a strong case for why your product is the right solution for your customer.
3. Check for potential objections and address them head-on. Knowing how to respond to common objections will help you secure a sale and build trust with your customer.
4. Stay upbeat and positive! Reassure customers that they're making a wise investment by choosing your product and stay positive throughout your pitch so that customers feel confident in their decision.
When pitching an insurance policy, it's important to strike a balance between selling and presenting the facts. By following a few basic steps, you can help make your pitch more effective.
1. Stand out from the crowd. Insurance is a tough sell, which is why you need to stand out if you want to convince someone to buy your policy. Try using unique language or strategies that other salespeople don't use.
2. Be aggressive but not pushy. It's OK to be aggressive when selling insurance, but make sure you're not too pushy or rude. Instead, use respectful language and ask questions about the customer's needs and interests.
3. Be prepared for rejection. No matter how good your pitch may be, there's always a chance that the customer will refuse to buy a policy. Don't get discouraged; instead, come up with another way to sell the policy to that person.
FAQs
1.
How do you start an insurance pitch?
There are a few key steps that you need to follow when pitching insurance to potential customers. The first step is to come up with a clever and catchy name for your business. The second step is to create a compelling and accurate website that showcases all of the services that your business offers. You should also include testimonials from past customers, as well as a pricing schedule.
Once you have completed these first steps, it is time to start developing your insurance pitch. This should be a well-organized and well-written document that outlines the benefits of insurance for your customers. You should also include a summary of your company's history and how it has helped others in the past. You should also highlight any unique features or services that your business provides.
Finally, you should contact potential customers and arrange an appointment to discuss your insurance products and services in further detail. Make sure to follow up with them after the appointment to make sure that they were satisfied.
2.
How do you write a catchy sales pitch?
There are a few key things that you need to include in your sales pitch if you want it to be effective. Firstly, make sure that it is clear and concise. You want your listeners to understand what you are selling and how it will benefit them. Secondly, make sure that your pitch is personalized to their needs. You want to connect with your listeners on an emotional level andshow them that you are on their side. Finally, be sure to use catchy phrases and words that will stick in their minds.
3.
What a sales pitch should include?
A sales pitch should be well-organized, engaging, and persuasive. When you are writing your sales pitch, it is important to keep in mind the following:
-Who is your target audience?
-What is your product or service?
-What are the benefits of using your product or service?
-How will using your product or service benefit the target audience?
-How will your product or service be different from the competition?
-What makes you unique?
-Why should the target audience choose you over the competition?
Once you have answered these questions, it is time to create a compelling storyline that will capture the target audience's attention. You can accomplish this through effective use of images, statistics, and case studies. Remember to keep your language simple and use terms that are familiar to your target audience. Finally, make sure to end your sales pitch on a positive note by promising to deliver on what you have promised.
4.
How can I promote my insurance sales?
There are a number of ways that you can promote your insurance sales, and the most effective approach depends on your target market and the products that you offer. You can use print advertisements, online ads, and radio commercials. You can also create billboards and bus shelters ads, and use social media to reach out to potential customers. When creating your ads, make sure to focus on key points like what your policy offers, how it can help you, and how to purchase it. You can also hold events to educate consumers about your products and services. By using these various marketing techniques, you can reach a wider audience and generate more leads for your insurance business.
In conclusion,
A good life insurance sales pitch should be tailored to the individual and their specific needs. It should provide information on the benefits of life insurance, how it can help you and your loved ones, and the different types of policies available. It is also important to provide testimonials from happy customers to show that the policy is legitimate and worth considering. Finally, it is important to provide information on how to purchase a policy, how to make payments, and how to get help if there are any problems.
