Business clients can be a great source of referrals, sales, and success stories for your practice. Because of the typical large size of business clients sales (in life insurance), these types of clients are courted often and required additional knowledge to be successful.
Business insurance sales are often difficult, and can require extra patience and strategy before they bear fruit. So what makes business insurance sales so difficult and what are the best ways to overcome that resistance and close the deal?
Obstacle 1: Policy Barriers
Organizations, be they businesses, nonprofits, or other groups, frequently wait until their next policy renewals before their representatives seriously consider new options for insurance. Or they may have a policy to only review their insurance every two or three years. Others with a ‘set it and forget it’ mentality may put off thinking about the issue until they are given a reason too—a process often triggered by a price increase or other problem.
Obstacle 2: Relationships
When you get a telemarketing call, isn’t your first impulse to refuse and hang up? The fact is that anyone, with any intentions, can place a call, mail a flyer, or drop by and make an offer. If they are unknown and there is no relationship present there is then no reason to trust them or take them at their word. Bad deals and even scams are everywhere. Without a relationship everything is suspect.
Obstacle 3: Education
Having the best product does you no good if you aren’t able to convey its value. Unfortunately company representatives are universally busy people who don’t have time to learn the ins and outs of every insurance option out there. Hanging up or tuning out is easier.
So what’s the solution?
The fact is you never know when a company might be ready to change agents or shop for new insurance solutions. But that time will come. So how do you make sure it’s your name that comes to the top of the pile when they are ready to buy?
You simply need to be present. Repeated contacts build familiarity and familiarity can make you a resource for future education and problem solving. A follow up email referencing a remembered details from your conversation can be all it takes. Or it may take repeated, no-pressure quarterly postcards before you get a meaningful call back. There have even been numerous success stories (if first contact was friendly and promising) of agents dropping by and following up on their materials, offering to answer questions and letting their contact know that when the company is ready for a change, they would be happy to help. Be accessible and be friendly without being pushy.
Recruiting any customer, be it a big account or small, can be a challenge. But with some courage and creativity you can still find incredible success! If you would like to explore practical training programs for insurance sales, getting the tools and experience you and your team need for professional growth, contact us here at Imeriti Insurance at 800.921.3100 and [email protected]
We have the tools and programs you’ve been looking for!