Wanna close more policies every month? Use 7 perfect insurance selling strategies For Indian customers 👇
Raman got a new job as an insurance agent. And his job is to sell insurance policies to new customers. He has previously worked as a sales rep for a car dealership and knows how to sell insurance and close the deal.
With plenty of experience in sales, he thought his new job would be a walk in the park. But he is in for a big surprise, it’s his second month on the new job, and so far, Raman has only sold just two insurance policies for the entire tenure. Every day, he is faced with rejection; no matter how hard he tries, it is difficult to sell insurance.
And to make things worse, most leads won’t even pick up his calls. And the ones who picked up his call would hang up on him within 30 seconds of the call. So, he is desperate to find out what is wrong and wants to improve his sales performance.
In his mind, two important questions are going on.
Why are the leads (Potential customers) not picking up his call? and
How can I make them pick up my calls in the first place?
And even if he finds a solution to that, it brings him to the next problem:
When the customer does pick up his calls but hangs up in the next 30 seconds, so this begs the next set of questions:
Why are the leads hanging up their call immediately within 30 seconds? and
What can I do to make them stay longer without hanging up?
So, have you ever been in the same situation as Raman, where you didn’t get a chance to pitch your insurance sale? Do you feel it’s frustrating when it comes to selling insurance in India?
And are you wondering if there is a solution for that?
Yes, there is a solution to fix that. And what if I tell you that you can not only sell insurance to more people but at the same time find the process as very rewarding?
In this article, I will give you the tips and tricks that will make you a successful Insurance salesperson.
Why does it suck to sell insurance in India?
If you’re an insurance salesperson in India, you know that the job can be pretty sucky. Low pay, long hours, and constant rejection are just a few of the reasons why.
But why does it suck to be an insurance salesperson in India specifically? Here are a few reasons:
1. The pay is low. In India, insurance salespeople earn an average of just Rs 12,000 per month (about $150). That’s not enough to live on, especially in a big city.
2. The hours are long. Insurance salespeople in India often work 12 hours a day, six days a week. And if you want to make any decent money, you have to put in a lot of extra hours.
3. You’re constantly being rejected. It’s hard to sell insurance in India.
As an insurance agent, you get paid based on the number of policies you sell as commissions. If you sell more policies, you will get more money. And if you sell no policy, you will be paid nothing. It is as simple as that.
It doesn’t matter the amount of time you spend and the effort you put into getting an appointment to pitch your sale. If you don’t sell, you won’t be rewarded. So it’s no wonder it is one of the toughest jobs, and the whole experience can be very frustrating.
Why do they Feel Frustrated?
When selling insurance, they feel some common frustrations. Some of them are listed below.
- It’s difficult to organize all the leads in one place.
- Difficult to mark which leads show interest and which don’t. Besides, it’s extremely difficult to update and distribute these key details to all your employees in real-time.
- They use tools like Excel, which doesn’t have the option to automatically filter out leads that don’t have interest in what you offer. Hence these insurance salespersons end up calling these same leads who are completely uninterested in your policy. And that will result in a waste of valuable time and resources.
- As for the ones who show interest in buying insurance from them, it is difficult to follow up with them. And tools like excel don’t have the option to remind them of follow-up dates.
- In order to follow up with the prospects, they rely on multiple different tools. So, they feel even more frustrated because it would be easier for them if there was just one tool to do all that.
Why do people fail to sell Insurance in India?
Selling insurance is often seen as a necessary evil. Many people get into the industry because they think it will be an easy way to make money, but they quickly realize that it’s not as simple as they thought.
The problem is that most people are selling insurance using the wrong process and strategies. They focus on selling the product rather than on helping their clients. They use high-pressure tactics and try to push their products on people who don’t need them.
Despite the growth of the insurance sector in India, there are still many people who fail to sell insurance products. There are many reasons why they fail to sell insurance products,
- Many insurance salespeople in India use a “spray and pray” approach, where they try to sell to as many people as possible without really knowing anything about them. They get a random list of leads and are not filtered based on potential prospects. It is not ideal. And this approach rarely works and often results in the insurance salesperson getting rejected.
- Another common mistake is not tailoring the sales pitch to the specific needs of the customer. Insurance products are complex, and each customer has different needs. If the salesperson doesn’t understand the customer’s needs, they will likely fail to sell the product.
- In addition, they use too much jargon and technical language when trying to sell insurance. This often confuses and intimidates potential customers. As a result, they are less likely to purchase a policy.
Besides, people are reluctant to spend money on something based on a stranger’s advice. They have issues trusting people whom they only know from a 2 minutes phone call. They need some time to think through, and only then can they trust you. And you need to give them the space needed.
An ideal way to sell Insurance
If you want to sell Insurance the right way, you need to avoid using the wrong process and strategies. And focus on the right strategies to be more effective.
In an ideal future
- Your leads should come from a proper portal and not be a random list of people whom you have no idea whether or not they want an insurance policy. Instead, it should be filtered based on the potential customers who might be interested in what you offer.
- Doesn’t matter where you get your leads from. It should be organized. And no matter how many different portals you get it from, it should appear in a single list.
- Once you have the proper list of leads, you should optimize it further. And you can do this after your first interaction with the leads. After your first call with them, you will get an idea of who’s interested in buying Insurance from you and who’s not.
- After that, mark the potential leads to follow them up and filter out the rest. By doing this, your time and resources will be focused properly and allow you to close more deals.
- Make sure the customer understands the policy you are offering and should find it as value.
- In addition, the customer should feel the need to buy it.
- And they should find you trustworthy and feel like you are the right person who can understand their needs.
And you can achieve all of them with the seven perfect strategies listed below. These seven strategies will help you to sell more insurance policies in the right way.
7 Perfect Strategies to Sell Insurance in India
I have curated these seven perfect strategies that will help you sell insurance policies using the best strategies and will help you to approach the customers in the right way.
- Understand Your Audience
- Lead with the needs of your prospect
- Develop a Strong Value Proposition
- Tailor Your Approach
- Create a Sense of Urgency
- Get Personal
- Make it easy to say yes
#1 Understand Your Audience
In order to sell insurance policies, you must understand your audience. You need to know what motivates them, what their fears are, and what their needs are. Only then can you create a sales pitch that will resonate with them.
Fortunately, there are a few tried-and-true methods for understanding your audience. You can start by surveying them or conducting focus groups. You can also look at demographic data or use social media to learn more about them.
Once you have a good understanding of your audience, you can start tailoring your sales pitch to them. This will help you close more deals and grow your business.
When it comes to selling insurance policies, understanding your audience is key. After all, you wouldn’t want to sell a life insurance policy to someone who is in excellent health and doesn’t have any dependents. And you wouldn’t want to sell a health insurance policy to someone who is already covered by a policy through their employer.
By understanding your audience, you can more effectively sell insurance policies that meet their needs. And when your clients are happy, you’re more likely to stay in business for the long haul. So, if you’re looking to sell Insurance, make sure you take the time to understand your audience first.
#2 Lead with the needs of your prospect
When it comes to selling insurance policies, too often, agents focus on themselves. They try to sell their products by talking about how great they are and how much coverage the policy provides. But what prospect really cares about is how the policy can help them.
Lead with the needs of your prospect, and you will be much more successful in selling insurance policies. Talk about how the policy can help the prospect solve their problems, protect their family, or achieve their goals. When you focus on the needs of your prospect, you will be much more likely to close the sale.
The best way to sell insurance policies is to lead with the needs of your prospect. By understanding what your prospect is looking for, you can tailor your sales pitch to their specific needs.
For example, if your prospect is looking for a life insurance policy, you should focus on the benefits of the policy and how it can help their family in the event of their death. If your prospect is looking for a health insurance policy, you should focus on the coverage and the peace of mind that comes with having health insurance.
And you shouldn’t try to sell an auto insurance policy to someone who’s in need of a Life insurance policy. So, learn to know the need of the customer and understand why they need them.
By understanding the needs of your prospect, you can sell them the insurance policy that is right for them. And that is the best way to sell insurance policies.
#3 Develop a Strong Value Proposition
Developing a strong value proposition is critical to selling insurance policies. After all, Insurance is a product that people need but may not necessarily want. This is because Insurance is often seen as a necessary evil – something that you have to have but that you hope you never have to use.
However, there are ways to develop a strong value proposition that will make people want to buy insurance policies from you. A strong value proposition will not only help you sell more insurance policies, but it will also help you attract and retain the best clients.
So how do you develop a strong value proposition?
Here are a few tips for developing a Strong Value Proposition:
1. Identify your target market
First, you need to understand your audience. To whom are you selling? What are their needs and wants? What are their pain points?
Only by identifying your target audience can you offer what they need.
2. Focus on their needs
Once you understand your audience, you need to craft a value proposition that speaks to them. Your value proposition should be focused on solving their problems and meeting their needs.
3. Know your products inside and out
This is very critical in offering the right policy to the one who needs it.
4. Be clear and concise
People will only show interest in your policy if they can understand it clearly. Hence explain it to them in a simple manner.
5. Focus on the benefits of the Insurance policy, not the features
At the end of the day, people buy an insurance policy because of its benefits, and they are least interested in knowing the features.
6. Offer a freebie
Doesn’t matter if you are in India or any part of the world; offering a freebie does make you stand out from the competition.
Let’s say, for example, if someone’s looking to buy a bike insurance policy, and if you add towing service as a freebie, it will surely raise their interest.
#4 Tailor Your Approach
When you are selling insurance policies, it is critical that you tailor your approach to each potential customer. Many insurance salespeople develop a one-size-fits-all approach to selling insurance policies, but this is a mistake.
Every potential customer is different and will have their own specific needs and concerns. Hence, the key to being successful in insurance sales is to tailor your approach to each individual customer.
Therefore, find out what the potential customer wants and needs, and then present the policy in a way that is most likely to appeal to that person.
Find the right insurance policy for each and every customer
By taking the time to understand the customer’s needs, you can develop a custom insurance solution that meets their specific requirements.
Be transparent about pricing and coverage
Trust is a key factor for people when they decide to buy something. Some people go for established brands mainly because they find them trustworthy. When you are transparent about the price and coverage, you will gain their trust.
Focus on the Long-term relationship with the Clients and not on Short-term deals
When you are transparent and focused on fulfilling the customer’s needs, it will not only increase the chances of making a sale but will also build trust and rapport with the customer. In the long run, this will lead to repeat business and referrals.
#5 Create a Sense of Urgency
When it comes to selling insurance policies, creating a sense of urgency is important. This is because people are often reluctant to buy insurance, as they think they may not need it for years down the line. By creating a sense of urgency, you can get people to take action and buy insurance policies sooner rather than later.
There are a few different ways to create a sense of urgency when selling insurance policies.
- One way is to offer a limited-time discount on the Insurance policy.
It can prompt people to buy a policy sooner rather than later, as they know they will save money by doing so.
- Stress the importance of having one
Another way to create urgency is to highlight the importance of having insurance in case of an unexpected event. By showing people that they may not be prepared for a worst-case scenario, you can get them to take action and buy a policy.
No matter how you do it, creating a sense of urgency is essential to selling insurance policies. If you can convince potential customers that they need insurance, you’ll be more likely to make a sale.
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#6 Make it Personal
When it comes to insurance policies, making it personal can make all the difference. After all, insurance is all about protecting people and their belongings from the unexpected. And there’s nothing more personal than that?
Making it personal doesn’t mean that you have to be best friends with your clients. But you need to take the time to get to know your clients and understand their needs before you can hope to sell them a policy. Hence you do need to build a rapport and show them that you care about their individual needs. Only then will you be able to sell them a policy that is right for them.
The best way to make a sale is to connect with your customer on a personal level. Find out what their needs are and what they’re looking for in a policy. Then, show them how your policy can meet those needs. When you make it personal, you’ll be able to close the deal and help your customer feel protected.
#7 Make it easy to say yes
When it comes to selling insurance policies, making it easy for prospects to say “yes” is critical.
There are a few things you can do to make it easy for people to say yes to your insurance policies.
- Firstly, make the process as simple and straightforward as possible. Avoid any cumbersome process that can give the customer a headache.
- Secondly, you can make your policy easy to understand and clear about what it covers. No one wants to read a huge insurance policy document, so make sure you explain your policy in simple, everyday language.
- Thirdly, educate your prospects on the benefits of the policy.
- Finally, provide a clear call to action. You can offer a free trial, discount, or money-back guarantee. This way, people can try out your policy without risk and see for themselves that it’s worth the investment.
Pro tips and Observations:
When it comes to selling insurance policies, there are a few tried-and-true strategies that always work. But if you really want to take your business to the next level, you need to get creative and think outside the box.
Here are a few pro tips to help you take your insurance sales strategy to the next level:
Build a Relationship and Establish Trust
First, it’s important to focus on building relationships with your clients. Insurance is all about trust, so the more your clients trust and respect you, the more likely they are to do business with you.
Secondly, always be prepared to answer any and all questions your clients may have. The more you know about the products you’re selling, the better equipped you’ll be to close a sale.
Don’t be afraid to get creative when it comes to marketing. Traditional methods may not always work, so it’s important to think outside the box and come up with new and innovative ways to reach your target market.
Stay Up to Date with the Insurance Market Trends
Stay current on industry trends. Knowing what’s happening in the world of insurance will help you better understand the needs of your clients.
How can TeleCRM help You Take this strategy to the next level?
So, if you find yourself in the same situation as Raman, who doesn’t understand why the customers are not even picking up his call, we will surely help you with that.
The truth is that many insurance salespeople often use a generic business number that will appear as spam in apps like Trucaller. And in some cases, even without any app, it may appear as spam. So, if you want to avoid that, you can try out our TeleCRM auto dialler app. There are a lot of benefits to using Tele CRM auto dialler:
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- First of all, manage your contacts effectively by simply uploading an Excel sheet to import them into the Insurance CRM.
- It can automatically capture leads from several online portals and social media platforms and automatically distributes them to your tele-calling team.
- In addition, automatically call leads one by one and keep track of potentially interested prospects, and set a date and time for an automatic follow-up call.
- Automate Repetitive tasks like typing numbers and remembering follow-up dates, and maintaining them. So you will never miss out on follow-up dates.
- You can also send personalized messages with just one click via WhatsApp, SMS, or E-mail.
- Better collaboration with your team. A central database that keeps track of all the interactions you have with your prospects. So, it is very easy to transfer the call to anyone on your team, and they can serve the prospects better by accessing their previous interaction.
- You can track the entire team’s performance with detailed reports, listen to their calls, and track their time as well.
- In addition, you can also use it using a normal sim card, and any android device, and your calls won’t appear as spam. At the same time, it can also work on Laptops too. So, you can use it on both of these devices.