Best Practices To Sell An Insurance Agency

Whether you are part of a large insurance agency, or own a small insurance company, selling your business and services to interested enterprises is something you must inevitably learn. Unfortunately, the insurance real is like building business and there are no clear cut ways of selling insurance. Nonetheless, there are various guidelines and general practices that may boost your chance of attracting new business and even some old enterprises. It is important to remember that you are a salesperson and you have a duty to sell your product (the insurance), which is often not as simple as selling other products like kitchenware or shoes. You must convince the business that they need insurance coverage and this requires deep insights. Nevertheless, there is no cause for worry; there mere presence of many insurance agencies and brokers in the market tells you it is very doable. Here are four strong tips to help you with selling insurance:

1) Start by doing your research on prospect buyers
Insurance prospect buyers include new and old businesses and companies. Before you approach any business with the hopes of selling them insurance, it is important to do your research. Businesses need information that is both educative and offers insights for the future (overreach). You must know the name of the business and what it does/offers. Try as hard as you can to fact-find on some of the challenges and important issues the business is presently facing, and then carefully devise your words to make insurance the lifesaver.

2) Always provide an educational value
Businesses are dying to learn something new and gain competitive edge over other offers in the market. In addition to using testimonials of how you assisted other businesses, identify real-life examples that help the business owners see a need for insurance. Focus on finding the problems you can solve and boldly present them to the owner. If possible suggest some issues that will negatively impact the business if they do not buy insurance. Stay away from affordability matters as such businesses are interested in quality service and not just saving money. Always be prepared to leave something behind like a brochure, newsletter or card to book future appointment. The key here is to bring something to the table, which will help make their business better.

3) Have respect for time and convenience
It is important to note that business owners are very busy and love their privacy as well as convenience. The first time talking to your prospect buyers should be very short. Ask for 3 minutes max to explain your offer and recommend a powerful strategy to quickly capture their attention. Once you have this, you can have your next 15 minutes in the future. All you need to do within the 3 minutes is call the owner by their name and ask for an introduction. Make it as professional and brief as possible. One good thing about selling insurance is that you can communicate the details when walking and a few minutes are sufficient to convince one to buy your offer. However, remember not to focus on what you can do for the business during the 3 minutes; this is the time to ask for more time in the future.

4) Relate to business owners on a personal level
Instead of making your questions and comments all product related, try to personalize the conversation to relate with the business. Ask questions like “what is your exit strategy” or “what keeps you awake at night” or “do you think of your business as an asset or liability.” These questions earn you immediate points as a salesperson and the business owner can easily be convinced that this is the product they need to buy. Focus on the business and its needs rather than what you can offer. Remember not to discount the security gatekeepers as they can be your advocate.

There are many other minor tips with regards to selling insurance although these four are the most important. Many small businesses have limited understanding of insurance, insurance options and the benefits of such products. As a broker or agency salesperson, your work is to identify these gaps and loopholes within current coverage, and then come up with strategic, educational solutions that will leave the business feeling informed, better yet, prepared for the future. This is how you sell insurance to small businesses. It is also the same when targeting long-serving enterprises and large establishment although they probably know a lot more about insurance. You may need to be more coercive and very informed about the sector, challenges and difference your cover has that others don’t.