POWER CLOSING TECHNIQUES IN INSURANCE

Quality Demonstration!

If you are going to take the time to give a demonstration, be sure that you listen to your potential client's needs and interpretations of what they expect to get out of your appointment. There is nothing worse than explaining variable life insurance and all the different cash options and disability waivers . . . to find out they only have a budget of $50 per month. So, listen and then tailor your demonstration to focus on their needs and to solve whatever void they need filled. Don't get too wordy. The best demonstrations have few words, but are very poignant.

Small-closes!

Throughout the demonstration, try to get periodic "buy ins" and acknowledgments that you are on track with solving their needs. Ask for their opinions, ask open ended questions; be sure to engage the potential client. If you can make many small closes throughout the sales process, then when it comes time to pull out the application, they won't be shocked or caught off guard. When they ask a question, re-state their question. This does two things: it lets the potential client know that you are listening to their concerns, but it also restates to them what they have just said is their need. So, when the time comes for you to discuss possible solutions, such as term insurance to cover the mortgage, or a wrap-around disability income policy to substitute the rest of their income, then they cannot back out and say that it isn't a concern.

Between 1 and 10!

This has got to be one of the greatest closing lines ever. It is easy to do, and it forces the potential client to sell themselves. When you have finished your demonstration, you simply turn to your client and ask them, "Between 1 and 10 . . . 10 being ‘I am ready to fill out the application and never worry about how my family will financially survive if something should happen to me' . . . or 1 being ‘I wish you would leave my house right now' . . . .where do you fall? And no matter what they tell you, you ALWAYS answer, "Really, a "#"? Why so high?" Even if they tell you a "4" . . . .you answer, "Really, a 4? I thought you would be a 3, you had your arms crossed and didn't seem interested in anything I was saying. Why are you so high? What made you choose a 4?" And then let them answer. Even with a low number, they will point out the features that they liked. They will point out the solutions that worked best. They will also tell you what they didn't like . . . and then you can move forward from there. If they were turned off by the price . . . .them give them other options. If they were turned off by the fee structure of A-share mutual funds, then tell them about B or C shares.

Suggest/Recommend!

This isn't so much a closing technique as it is a phrase that sets you apart from others by presenting you as the expert. Think about the times you have heard people use this phrase with you. Typically most large oil changing stations will say at the end of their "12 point inspection", "I recommend you flush out your steering fluid or use a fuel injector cleaner". What happens is that, they are recommending this to you, which gets you thinking, "hmm . . . they are the experts, perhaps I should listen to them". Versus someone saying, "you NEED to do this." That phrase turns us off. "I don't NEED to do anything!" When you are sitting with a prospective client and you have finished your demonstration and they have agreed that they need to begin a college savings plan, or invest in a sound life insurance policy, the next phrase out of your mouth should be, "As your Financial Representative, I suggest we get started with . . . .." or "I recommend that we . . . ..". It sets you up as the professional that they will trust.

Take the sale away!

This phrase sounds like the opposite of what you want to do, but rather than chasing someone for the sale, make them ask you for it. Statements like, "I don't even know if you will qualify for this . . . .why don't we fill out some of the medical questions to see if we should even move forward with underwriting." Or if they balk at the initial deposit to open a college plan or annuity, try saying, "You know what? Maybe you are right. This college plan doesn't seem like the right fit to help you cover the cost of your children to go to any school they want to . . . .why don't you check out state savings plans through the bank . . . I believe that enrollment period starts in 6 more months". This gets the person thinking, "Well what is wrong with me? I want to fit in, I want to belong." When you push something, it moves away from you . . . .when you pull the same item, it comes towards you. Another move you can make . . . if someone says that the premium is more than they want to spend, you can always say, "you know what, maybe you are right, but why don't we go ahead and get you underwritten, see if you even qualify for this low of a premium, as you could come back rated. Then once you are approved, then we can determine which policy will work best for you."

It takes a little time to change your thinking, especially when you are just starting out. But give it some time, and practice these steps. You will see clients becoming more attracted to you as a professional.


Source :
http://www.ideamarketers.com

PERSUADE THEM AND YOU'RE ABOUT TO MAKE A SALE!

"Nothing has more strength than dire necessity." ~ Euripides

In sales and marketing, the most basic strategy is an ability to fulfill a need. How can we use this strategy to persuade affluent clients? After all, they seemingly have no needs? Wrong. Everybody needs something. Determining what that something is and if you're able to fulfill it is the process of criteria elicitation.

If you stop to think about what you are consciously thinking about right now it might be the words that you're reading. You're probably not thinking about peeling a banana, or you weren't until you just read 'peeling a banana'. If your doctor told you to eat a banana every day for potassium, you might think about bananas more than the average person, certainly less than a banana farmer, but more than average.

We do not, nor could we, think about bananas twenty-four hours a day. But necessity (i.e. a doctor's advice for your health) can bring them to the forefront more often than normal.

Consciousness is regulated by the part of the brain called the reticular activating system. This is considered to be central to motivation and arousal. It's involved in the central nervous system's activities and it helps us to pay attention to the most important things and store those we can reasonably disregard for a time.

Our conscious minds can hold seven (plus or minus two) bits of information at a time. the rest is stored in our other-than-conscious minds for retrieval when needed.

When you're driving down the freeway, singing along to the radio, you're probably thinking about what you're going to do when you get to your destination, you aren't thinking of using the bathroom, unless you need to. You aren't thinking of getting some water, unless you're thirsty. You aren't thinking of stopping at a gas station for gas, unless you're running out. You aren't thinking of stopping for food, unless you're hungry.

It becomes a different story when you all of the sudden need one of them. Gas becomes so very important if you're on Empty. Water becomes important if you're dehydrated and your A/C isn't working. When food becomes a need, all of the sudden you start seeing fast food signs telling you what's available to eat, when before you may not have been paying more than a slight passing attention to them.

Why don't we have to contend with these needs all the time? Because they aren't relevant all the time. We can safely store them in our other-than-conscious until we require them, until they are again relevant.

This speaks a lot to criteria (the values, wants, and needs of a person). By eliciting a person's criteria we can bring to bear those subtle aspects in a person's reality that apply to their criteria. When you elicit the criteria of your affluent prospect, you speak to their values at even a higher level and essentially you are fine tuning their reticular activating system to your advantage (and to theirs).

Eliciting criteria is mandatory in pointing us in the direction of satisfying our prospect's needs. The persuasion comes quite naturally after that.


Source :
http://www.articlesnatch.com

PUT THE BENEFITS OF INSURANCE TO YOUR CLIENTS HEAD

Basically, you must know your clients needs. In order to make them aroused on what they need, first you have to dig on what these clients' wants, so that you can relate with what they actually need.

INTRODUCTION ON YOUR INSURANCE COMPANY

Get as much measurable information as possible about your insurance company, in order to visualize how strong your insurance company is, the existence, and the product that your insurance company provides to your client.

Glean as much knowledge and information about your insurance company, to draw a picture to your clients' head, how strong, outstanding, high-on-demand, your company really is.Convince your clients that your insurance company is better to compare to the others without telling them directly.

KNOW YOUR PRODUCT AND BE CONFIDENT

Knowledge is power and for retailers, product knowledge can mean more sales. It is difficult to effectively sell to a consumer if we cannot show how a particular product will address a shopper's needs. Having a thorough understanding of the products on the shelves can allow a retailer to use different techniques and methods of presenting the product to customers. Stronger communication skills will allow a salesperson to recognize and adapt a sales presentation for the various types of customers.

In insurance, there are lots of companies out there that provides different types of policies and services
E.G : LIFE INSURANCE, CAR INSURANCE, MEDICAL INSURANCE, HOUSE INSURANCE, ETC.
Understand both the benefits and weaknesses of your insurance company in order to overcome the objections you might be dealing with your clients.

Be confident on what you're selling to boost up your enthusiasm and energy about your product so you can create a smooth yet understandable communication towards your clients.

WHAT IS EXACTLY INSURANCE MEANS

A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.


Source :
http://www.investorwords.com/2510/insurance.html