Proven Strategies to Boost Insurance Sales in 2024

Many advisors think that selling insurance is a challenging task, yes it should be done but it is for those who cannot follow a process. Selling insurance is taking money out of a client’s pocket for his / her benefit. Here’s some proven strategies that will help you to grow in Insurance Selling Business

• Command on Products: Its product is fundamental to any business. If you do not have information about it, then you will not be able to explain the quality of the products properly to your potential clients, You should have command over all the products available and Insurance Companies Flagship Products. Need to know what is covered, what are not covered, what are limits, sub-limits, co-payments and many other basic things in Health Insurance and what will get in Maturity, what the tax benefits in Life Insurance Plans generally. For this, you need to understand the “Policy Warding” product benefits tables of insurance plans.
• Prospects– Potential customers to whom you would like to offer an insurance policy. Make a list of as many prospects as you can and approach each one on a priority basis, following up with them regularly. Always be careful not to irritate your potential customers. Keep in mind that when you approach too many potential customers, your chances of conversion will deteriorate and even fewer will convert.
• Neutral Mentor– Net Mentor refers to someone who has strong knowledge of your industry and does not receive any business credit from your insurance business. No matter how big an insurance consultant you are, you still need a mentor. I have known many such club advisors who have made me a guru at some point and are still guiding me in my life.
• Agency Manager or Development Officer– In the agency channel of the insurance company, every advisor is given an agency manager who provides service to his advisor by solving their business queries. Whenever you apply for an insurance agency, always keep in mind how professional your agency manager is, how knowledgeable he is, how he resolves queries, and how ethical he is towards the industry. I have found that even after getting a pass from these advisors, they are not able to do business because they do not get the support of the Agency Manager and if the advisor passes the pass to a professional Agency Manager, he starts working. Always keep one thing in mind the Agency Manager will only solve company-related queries, he will not do any dealing with your client, he can go to joint meetings with you on your client’s side. They will support you in every way but you will have to deal with your clients yourself. “Agency Manager and Advisor are complements of each other.”
• Range of Products– Remember that you are serving yourself in the personal finance industry, insurance is just one product among other products of the industry, so you will have to explore other investment options along with it.
• Services and client reference -When you give time to the industry for a few years, you will get service calls from your clients related to claims, endorsement, member addition etc. If you deal with all this well then you will also get business references from your existing clients.
• Learning and Development– This is a field where nothing can be done without learning, The Agency Manager or Development Officer always helps you in this. For agent meeting training is organized every week/month, definitely attend it, every month “R&R (Reward and Recognition)” is organized in your respective branch, definitely attend it whether you have done any business or not. And you will also have to study books related to personal finance. If you think that my main job is to work for an insurance company, then whoever comes to the advisor’s meetings, their skills gradually improve and they do a lot of good work. What about agency managers? If not you then someone else is right.
• Online Presence– If you can create content on your financial product in any medium, whether written or video, this is also an effective way to increase the number of your potential customers.

Whatever methods I have mentioned here are all gradual processes, nothing is going to happen over them, and you will have to follow the process continuously.