Say your client is a married man. He has children and a wife. You're selling him life insurance, giving him all the pros and cons of making a purchase. He listens patiently, there's some back and forth, and then he signs.
If your client were a married woman, a single man, or a single woman, you might approach the sale differently. Everybody has different hot buttons, different ways of communicating and taking in information. But their objectives are the same.
In fact, everybody buys insurance for the same basic reason: Life insurance provides themselves and their loved ones with a safety net in case anything should happen to the policyholder. They buy health insurance so they and their family members can go to the doctor when they need to. They buy investments so they'll have extra money for themselves someday, to fund home repairs or medical bills. They buy for the future, for unforeseen incidents.
They buy that way in individual sales. And they buy that way in group sales.
Business owners are just the parents of larger families. The best of them care about everybody who works for them. Some have 10 "children;" others have hundreds. And they buy insurance for the same reason individual policyholders do: to safeguard those whom they care about -- their family.
Curbing the competition
A friend of mine is a former financial advisor. He recently said his boss at the time used to tell them to find out when a business opens, then call on the owner about an hour earlier. They'll likely be there. And they're there because they care about their business.
They might not realize, however, how insurance could help their business. So just like you would for an individual, break down how insurance helps protect those they care about, and show them the picture without insurance. Show them how unhealthy workers damage productivity and hurt the business in the long run. And show them how life and health insurance gives all their employees and families a greater peace of mind.
Chances are, if you have the right approach and stick to what you know, group sales will end up easier than you think. Just apply what you already know. Sell to their emotion. Give them an impetus for taking action. Then, you get the satisfaction of a sale and the opportunity to change somebody's life.
I believe you can't get away from group sales. And you can't afford not to include them in your business.
In the past, people didn't have as many choices. It was either you or some other agent. But today, consumers can get more insurance information than brokers could 20 years ago. Your competition is greater than ever.
Everybody's selling life insurance right now. Consumers can get online, find dozens of quotes, and purchase the policy right there. Your bank offers you $1,000 coverage just for opening a checking account. They're quite literally giving insurance away.
You don't need to give up individual sales altogether. But adding group sales to your portfolio will keep you fresh. It will guarantee more sales. It will make you more well-rounded. And it will increase your chances of winning against the competition.
Turn to our second annual Group and Worksite Selling Guide on page 14 for expert advice on what products to offer, how to crack into the market, and how to handle the small-business side. Our guide is packed with all you need to know to offer group sales, whether you're dabbling for the first time or have spent years in the market.
Prospecting
The dreaded prospecting. In our 2006 life, health, and annuity studies, we saw that finding qualified prospects is one of the biggest obstacles to selling any of those products. So how can you make sure your prospecting pays off? Check out the expert advice we've compiled in this year's special Prospecting Handbook which begins on page 36. Learn how to perfect your marketing pieces, nail the cold call, and develop presentations that will turn prospects into clients.
Christina Pellett
ASJeditor@AgentMediaCorp.com
