The Perfect Insurance Agent Elevator Pitch in 4 Steps

 

Let’s face facts: to the average person, insurance is not exciting or interesting.
Adding insult to injury, I’d be willing to bet that most folks think insurance is a necessary evil and are not thrilled about paying premiums.

Writing new business in an overcrowded marketplace is tough enough already, so when you sound like Ned Ryerson from “Groundhog Day”, the task to grow your book is even more challenging.
So, here’s the million dollar question: How do you go from “I sell insurance” to something that’s actually a conversation starter?

I suggest a short, well-designed commercial known as an “elevator pitch.”
Imagine getting on an elevator and the person standing next to you asks what you do for a living. You now have less than a minute to pique their interest and hopefully get the opportunity for a future conversation.

Wouldn’t it be great to have something planned for such an occasion?
Let’s do it.

First – Create an Intriguing Yet Vague Headline

In order to craft the perfect elevator pitch, you first need an intriguing yet vague headline. I suggest something short and unusual.

For example:

• “I have an unusual business in a not so unusual industry”
• “If I told you what I did, you won’t believe me”
• “I have a niche business.”

Hitting them with something different will create curiosity.
If you lead off with “I sell insurance” you lose the listener at the beginning.

Second – Explain Who You Work With

Let them know the characteristics of the people you want to work with. This statement needs to convey to the listener a little bit about your ideal client.

Typically, the statement begins with the words “I work with…”

Here are some examples:

• “I work with people who own homes and businesses in the Philadelphia area”
• “I work with people who own more than one home.”

This is your chance to let the listener know what kind of business you’re looking for.

Third – Give an Example of Solving a Problem

The third step is to give the listener a short example of how you solved a client’s problem.
Typically, these statements start off with “I recently helped a client…” or “A business owner was referred to me looking for ways…“

Here’s an example of what this statement may sound like:

• “I recently helped a client who’s financially successful. She purchased a multi-unit dwelling and she needed some options to reduce her liability and protect her other assets.”

Be careful, the statement should be no more than 3 sentences otherwise you may sound like you’re selling.

Fourth – Explain The Insurance Part

Now you’re going to let them know who you are and that you’re in the insurance business but you need to do it in a way that maintains the curiosity.

Perhaps it would sound like

• “I’m Bob Smith. I’m in the insurance business. My clients come to me because I have a unique skill in handling complex insurance needs.”

The purpose of the statement is to create a distance between you and your competitors by letting the listener know that you specialize.

Let’s Put It Together

So here’s what it sounds like when you put the whole thing together:

• “I have an unusual business in a not so unusual industry. I work with people who own homes and businesses in the Philadelphia area. I recently helped a client who’s financially very successful. She purchased a multi-unit dwelling and she needed some options to reduce her liability and to protect her other assets. I’m Bob Smith. I’m in the insurance business. My clients come to me because I have a unique skill in handling complex insurance needs.”

Finally, here’s a few tips:

• Write several statements for each of the 4 steps. Use them interchangeably depending on the situation.
• When creating the statements, brainstorm about what makes up your perfect client and the problems you’ve solved for them. Saying that you save people money on their insurance will attract price shoppers; saying you work with responsible people may help you insure more responsible people.
• Once you have created several statement for each step, practice, practice, practice!
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Tips For Developing A ROCK-SOLID Relationship With Every Insurance Client

Selling insurance is hard.

Really hard!

In fact, making a sale is so hard that agents often forget the most important part of building a successful insurance agency:

Developing a ROCK-SOLID relationship with every client.
There’s no better time forge that relationship and boost the lifespan of your clients than immediately after the intital sale, but it’s easy to miss because it’s so exciting just to close the deal.

That’s why I recommend creating a formal Welcome Kit for new clients.
Traditionally, a welcome kit is a folder full of papers for you to explain face-to-face but it doesn’t need to be exactly like that.

The point is just to have something formal to walk every new client through all the most important things they should know as a client of yours.

Here’s 25 ideas to get you started on building your new customer welcome kit:

1) Conversation Checklist

Create a simple one-page checklist of all the things you want to discuss with each new client.
(this article would be a good starting point)

The checklist ensures everything is covered and also keeps the client engaged and receptive by outlining the information you’re going to cover.

Use it as the introduction at the beginning and to review at the end.

2) Everything We Sell Sheet

Unless your agency is like the Progressive commercials with shelves full of policies, your clients won’t know what else you sell if you don’t tell them.

Why not make it easy for yourself?

Create a simple one-page sheet that shows all the different policies and products you sell. Show it to every new client, put it in their welcome kit, and take a few minutes to go through it.
Here’s a few of the benefits:

1. You might make a cross-sale right then and there.
2. It helps you collect x-dates.
3. It prepares the client for future conversations about additional lines.
4. It prevents the client from buying another line of insurance somewhere else.
5. It trains the client to be a better referrer of your agency.
6. It reinforces the idea that you can support all their insurance needs forever.

Hmm…. After coming up with all those reasons I’m thinking maybe you should put it on a refrigerator magnet!

3) Referral Program Explanation

I think a lot of agents don’t create an established referral program because it sounds complicated and they’re confident they’re already handling referred business well.
That’s fine, I’m sure you are.

But if you don’t establish a formal referral program you’re missing out on a huge opportunity – making it easy for your producers to talk about referrals with clients.

Make a one-page sheet that explains:

1. How you “reward” clients who refer you.
2. How you handle the friends they refer.
3. The types of clients who you have the best products for.

Giving your producers something to talk about reduces the anxiety over “asking” for a referral because they’re not asking for anything – they’re just explaining the program.

4) The Client’s Policy Documents

If you print out your new clients actual policy (or application), they’ll be more likely to hang on to the entire package.

(Along with all the other marketing goodies you put in there.)

Tell them they might need it someday so put it in a safe place and don’t throw it out.

5) ID Card Holders

I’m a cheapskate, but I don’t think this is a place to skimp.

Get some nice ID Card Holders for your new auto insurance clients. They’re paying thousands of dollars and all they walk away with is a piece of paper.

Put it in a nice package for them.

6) Connect With Us Sheet

I’d prefer your new clients walk out of your agency having already liked your Facebook page, followed you on Twitter, and connected with your staff and you on LinkedIn but that’s not very likely, is it?

Create a simple one-page sheet that explains your different social media accounts with URLS to each.
As I’ve written before, don’t just ask them to connect, explain WHY your clients should WANT to connect with you.

(And I’m sorry to break it to you, but “We’re trying to get 100 fans” is a really stupid reason)

7) Important Phone Numbers

Create a list of the most important phone numbers your clients may need.

Numbers to report a claim after hours, billing questions, whatever – just take the phone numbers you already give out a lot and put them on one page for the customer.

You’ll help clients solve their problems quicker and more smoothly which should result in better customer satisfaction.

And it should also cut down on some of the unnecessary calls you get in the agency.

Just make sure customers know they can always call you – don’t cut yourself out of the value equation!

8) How To Review Us Online

Create a one-page sheet that explains how customers can write positive reviews for your agency.
Right after you’ve saved someone a ton of money is the best time to ask for a review because 6 months later they forget.

And if you’re not already seeking positive online reviews here’s why you should be:

1. More positive online reviews helps you rank higher in Google.
2. Customers are making decisions on who to call based on reviews.
3. Every insurance agency should have at least 5 positive reviews on Google and Yelp to protect against the potential reputation disaster of having only one review from an irate customer.

And don’t fake them – you’ll get banned!

9) Agency Staff Bios

Make your new clients feel like a part of the family by introducing them to all the members of your agency team.

This is a great supplement (not a replacement) to walking new clients around the office to meet everyone and it’s a great way to put faces on the agency for clients who might never see the inside of your office.

Include work background, education, and pictures of your staff along with each member’s individual contact information and LinkedIn URL.

It also tells your clients they’re not just getting a policy, they’re getting a team of experts at their service!

10) Use Nice Folders

They don’t need to be leather-bound, but show clients you’re investing in a long-term relationship with a high-quality folder to hold their new client paperwork together.

First impressions are lasting and a customized folder with your agency branding will portray a sense of quality and trust.

If you approach new business like every new customer will be with you for life, a lot more of them will be.

11) Sign-Off Sheets

These are conversation starters for selling other lines of insurance (or potentially a tool to avoid E&O exposure).

Create a simple document the client signs if they refuse a certain coverage or another line of insurance you think they should have.

If the client says they don’t want a life insurance quote ask them to sign a refusal form.
They don’t want rental coverage? No problem -just sign this waiver.

Waiver documents you create are probably not going to have any major legal protection value (although they probably can’t hurt).

The real value is to get clients to consider your recommendations more carefully.

12) Contact Info Page

I’m not sure if this requires an entire page in your new business package, but it should definitely be easy for the client to find whatever contact information they need for your agency.

Maybe it’d be good to combine this idea with number 7 above.

13) Online Account Setup Instructions

Do your carriers allow clients to setup online accounts for greater control and access to their policy?
Make sure to include a page that walks them through the process.

Consider setting up accounts right there in the office, or scheduling a time when they’re in front of the computer to walk them through the process over the phone.

The more connected your clients become to the carriers you sell the more likely they will renew.

14) How to Recommend Us Information

Create a simple one-pager that explains everything a client might need to know about referring your agency.

Here’s a few ideas to get you thinking:

1. All the different ways to get a quote. (call, website, fax)
2. The most popular policies you sell
3. The life events when someone should talk to an agent
4. The clients you have the best rates/products for
5. 5 Reasons why your friends are better off with our agency

You should constantly be asking yourself this question:

“How can I possibly make it EVEN EASIER for clients to refer us?”

15) X-Date Capture Form

Do your producers have a hard time asking for x-dates?

Make a checklist with every line of insurance the client might already own with a line next to it to fill in the renewal date.

If you want to take an extra step toward the sale, include another space on the form for how many weeks prior to renewal your agency should contact the client.

16) Customer Service Process Information

Explain to clients how you handle customer service with specifics.
Include

• Your hours of operation
• What’s handled inside the agency vs. by the carrier
• Who does what in the agency
• How quickly customers can expect responses
• customer service contact information
• Your philosophy of customer service

And if you need other ideas just ask your customer service person what they wish every client already knew.

17) What to Do In An Accident Card

Car accidents and other insurance-related losses are highly stressful and jarring experiences.
No matter how much your customers think they know what to do, they’ll appreciate a simple instruction list when something bad happens.

Give every client plenty of them and put your contact information on there since it could be a great resource for referrals.

18) Safety Information For the Kids

If your clients have any children or grandchildren, give them coloring books or other safety information for the kids.

These are great for grandparents because they love giving the kids a present and since it’s about safety their protective instincts will be fulfilled.

19) Explanation of Annual Policy Review

I know a lot of your clients don’t want to take the time to have an annual policy review with you.
I can’t blame them, the idea hasn’t been sold to them beforehand so it sounds like a sales trick.
It’s a lot easier to explain all the benefits of an Annual Policy Review during new business when the client feels no pressure toward setting an appointment.

20) Business Cards

Lots of ‘em.

21) Referral Cards

A referral card is a special card designed for your clients to carry in their wallet and hand to someone as a recommendation of your agency.

You can offer some kind of reward for both parties (depending on local insurance laws) or just give a few reasons why your agency rocks.

If you don’t want to create special cards, get a stamp that says, “Referred by _____” and stamp the back of your business cards.

22) FAQs Sheet

What are the 3-5 most frequently asked questions your agency receives.

Could you go through them during new business and avoid a lot of phone calls later on?

Make it funny by adding in a question that’s obviously not frequently asked. I’m drawing a blank right now, but I’m sure you can think of something funny.

23) Agency Schwag

Now’s the time to give out all that cool stuff with your agency’s name on it.

It’s funny how someone can spend thousands of dollars at your agency and walk away excited about a pen you gave them because it has a cool clicky thing.

I recommend spending a bit more on promotional items that have more staying power. I have a pizza cutter from 5 years ago and will be looking at pictures of my kids wearing Allstate bibs for the rest of my life.

24) Emergency Contact Information Form

Chances are, your carriers aren’t going to require you to collect an emergency contact person for your clients, but it’s still a good idea.

Ask your clients for the contact information of a friend, neighbor, or relative you could contact if there was ever a major emergency with the insurance.

People are used to being asked this question so they won’t think twice. And when they tell you the contact person ask casually who their insurance agent is and see where it goes.

25) Annual Events Information

Does your agency participate in a few events throughout the year?

Even if you just have a sponsor’s table at the annual pie eating contest put it on your list.

Not only will you be able to get more people involved with your events, you’ll also reinforce the idea that you’re a local business and you support the local community.

One More Thought to Add

You might read all these ideas and think,

“My new clients wouldn’t want all this, they just want their insurance.”
That’s not true.

(Of course if you bring that attitude your clients will sense it and you’ll fulfill your own prophecy. Congratulations!)

• Your clients WANT to be treated like they’re important.
• Your clients WANT to feel they’re getting more value for their money.
• Your clients WANT to be a part of something special.

And if you WANT to keep your clients then you’d better figure out how to make it happen.

What to do next:

1) Use a few of the ideas here you like most to develop or enhance your new client welcome kit in the next week.
2) It doesn’t have to be perfect to start using it. Make your kit a dynamic resource that builds over time.

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How to Close An Insurance Sale

Whether you sell life insurance, mortgage protection, disability and critical illness insurance, or annuities, the goal is the same: grow leads and increase sales. The good news is that you are in a sales career that offers multiple ways to grow your business relatively inexpensively. Here are 10 tips every insurance agent should know to close more sales.

1. Listen More, Talk Less
As tempting as it is to sit down and begin explaining all the benefits of your insurance policies and plans, the best thing you can do is let the prospect lead the discussion. Instead of pitching your product, sit down and ask the person you are speaking with about their lifestyle. Ask questions about their family and concerns for the future, and let them tell you what it is they are looking for. Your role is to be an insurance consultant, not an insurance salesman.
2. Don’t Sell Products, Provide Solutions
Instead of jumping into a sales pitch about the great discounts your agency offers on insurance plans, explain to the prospect how what you are offering can help solve a problem they currently have, or potential problem down the road. People are much more likely to purchase products that resolve problems and provide them with peace of mind. You will only be able to do this successfully if you understand the families’ needs and have followed rule number one: Listen More, Talk Less.
3. Highlight Benefits over Features
Rather than focusing on the technical aspects of an insurance policy (although you do want to be sure the lead clearly understands this prior to purchase), first highlight how having insurance will help them in terms they can relate to. For example, explain how the policy help will pay the bills if they become disabled. Be sure to keep the lead and their needs at the center of the conversation.
4. Leave Something to Remember You By
Most simple life insurance sales – especially lead driven sales – can be a one sit close, but occasionally families will need to weigh their options and put more thought into their final decision. This is certainly the case with annuity sales or more complex life insurance sales. Be sure you are prepared with specific company or product literature that you can leave behind. At the very minimum, be prepared to leave a business card, because those who do buy may have questions after you leave and will need a way to get in touch with you, especially if or when they need to use the policy.
5. Set Goals and Deadlines
Make sure that your goals are specific. What number of appointments are you going to set this week? 10? 15? 20? How many of those appointments will result in a sale? Be sure your goals are realistic. Rather than aiming for a 100% close rate, aim to increase your insurance sales by 10%. Incremental goals are much more achievable and create an atmosphere of success. Don’t leave your goals open-ended. It’s not enough to say “I will increase sales by 10%.” Instead, give yourself a set deadline. “I will increase sales by 10% every month.”
6. Take Advantage of Networking Opportunities
Take advantage of the opportunity to attend trade shows, conferences and meetings, and network with other insurance professionals in your field. These are great places to make connections, learn from respected industry leaders and stay up to date on industry trends.
7. Ask for Referrals
Have a happy prospect that you’ve helped in the past? Don’t be afraid to ask for referrals. Word-of-mouth is still a viable, and free, lead generating tool.
8. Learn Something New Each Day
Devote some time each day to improving your sales and marketing knowledge. Read a book, attend a webinar or listen to an audio book, and try to learn something new about your field.
9. Associate with Successful Professionals
Surround yourself with successful, positive people. If you are surrounded by people who are meeting their goals, it will help motivate you to achieve your own objectives. Talk to other professionals in the insurance business about what does and does not work, and ask about their experiences when they were in your shoes.
10. Love Your Job
In order to be truly successful, you have to love your job and believe in the product you are selling. People who enjoy what they are doing experience less stress and a higher success rate.

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Creating Life Insurance Leads

Most life insurance agents work on a commission based on the aggregate value of premiums sold. In order to maintain income sources, life insurance agents must constantly market and find new prospects who want or need insurance. This is a standard part of daily business that keeps a pipeline, especially since large life insurance policies may take weeks, even months to close the deal and get paid on. Life insurance agents have the option of buying leads or creating leads through existing customers and local marketing.

Suggestions

1. Ask for referrals from existing customers by offering to review their policies and ask if they know anyone who may need a " free insurance review." Those who are already happily doing business with you are your greatest advocate for service and integrity with life insurance.
2. Hold a seminar at a local hotel, chamber of commerce event or senior center and keep a guest registry. Most insurance carriers have pre-approved seminars and will help sponsor the event to help you gain community exposure. Seminars help you get recognition as an expert in your field.
3. Write articles for community publications, large or small. Keep your topics pertaining to contemporary insurance issues and use your by-line as a way to let readers know you are an insurance agent in the area with a website or email contact.
4. Network with financial planners, estate planning attorneys, tax advisers and stock brokers. These individuals often have a complete financial picture of their clients and are excellent resources to create a mutually beneficial relationship.
5. Learn more about new insurance products to open up more sales opportunities even within your existing book of business. You may have sold clients life insurance but they may also need long-term care.
6. Buy leads from a business lead generator. You can find many resources online for lead generation that claim to be qualified leads with prospects interested in life insurance. Business.com and LeadBot.com are two resources for insurance agents.

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How To Become a Successful Life Insurance Broker or Agent

The life insurance business can be highly lucrative for anyone looking at building a career in the industry. Life insurance is one the highest commission products sold – not because it isn’t a good value, but because it’s also one of the most difficult products to sell. These products offer intangible benefits and it’s challenging to get most people to face the possibility of diminished mobility and their own mortality. Anyone with the right skill set and motivation can become a success in this industry as a life insurance agent. The tips below will help you learn how to be successful.

• Choose your future job. The beginning steps of learning how to become a successful life insurance broker are critical as these decisions pave the way for your future success in your business. Keep in mind that there is a lot of competition in the industry.
  
  First off, you have to decide if you want to become an independent life insurance broker or a captive agent. Independent brokers sell policies from several different companies, while captive agents sell only one company’s particular product. If you plan to start your career as a captive agent, find out the features and benefits of the company you have chosen. Feedback from existing agents in the insurance industry is the best information; you can often find this kind of information on forums, user groups such as Yahoo Groups and perhaps even the occasional blog. You can get more information on projected salary, job outlook and job requirements on the U.S. Bureau of Labor Statistics website.
• Get licensing and education. As insurance agent or broker requirements differ from country to country, it’s important to do research before getting started in the business. Your local department of commerce or searching on Google is good place to get started. In virtually all countries and in every U.S. state, you’ll need a license to sell insurance. Licensing requirements are different from state to state, but it usually involves taking a relatively short course and one or more examinations. You must have separate licenses to sell life and health insurance and property and casualty insurance. Some states require agents to get more education every two years in order to stay in the business.
  
  If you choose to work for a single insurance company, you may want to start your career as a customer service representative to become familiar with the business in general and specific policy types. Once you have been in the field for a while, you may be promoted to the position of sales agent. You may wish to pursue some college training; insurance companies often prefer college graduates, and some colleges offer courses or bachelor’s degrees in selling insurance. There are also professional organizations in the field that offer certification and continuing education in selling various types.
• Analyze the costs. Along with education costs and fees from proper licensing, there are many hidden expenses in the business that you will need to consider, including:
• Membership dues for professional industry associations
• Office supplies and equipment, including computers, stationary and postage
• Internet access and website hosting, as a great deal of insurance sales today are done online
• Errors and omissions insurance (This protects you from lawsuits due to an error or omission made by you that causes financial harm to another person or business.) You will also need to pay fees for licensing and education.

You may also have a wait before you begin seeing your new income. There is often a lag time of two to three months until you begin to see commissions from new policies. So give yourself a good cushion for the first six months in the business before the dollars start rolling in.

• Set up an office. Once you learn about the business, you'll want to set up an office. There isn’t much required in the way of start-up costs. If you begin your career as an independent insurance broker and you're on a tight budget, you can start with a small home office with work space, desk, comfortable chair, computer, printer, legal office software and business stationery such as business cards, letterheads and an invoice template. You might also consider downloading Open Office instead of buying Microsoft Office as your software suite; either of these software suites work well for insurance jobs. As your business grows and depending on the number clients who come to visit you, you may want to invest in outside office space.
• Work on your skills. To be successful, you’ll need excellent sales skills, as most of your working day will be spent consulting with clients and making sales. It’s very important that you have a tough outer shell – those in this business see a lot of rejection, especially in the beginning. You must also be very well organized, as persistent follow-up is a must. But this must be done in a relaxed manner. You do not want to make prospective clients feel pushed or uncomfortable.
  
  Other skills that benefit people entering the sales field include basic reading, writing and math skills and excellent problem-solving and communications skills. Successful insurance brokers are focused on goals, are persuasive, have a pleasant personality and maintain a professional appearance. You will need to have patience and perseverance, and be willing to work varying hours.
• Choose your focus. One of the hidden secrets in this highly competitive industry is in specialization. Your practice could focus on group benefit plans, critical illness insurance, long-term care insurance or providing solutions for key employees -- the options are virtually endless. Some agents also offer financial planning services to their clients, and may be licensed to offer products such as mutual funds to insurance clients.
  
  Businesses rarely fail from being too focused. Remember: Just because insurance agents can offer many different policies and services doesn’t mean they have to offer them. Don’t be afraid to focus on a very small niche in the industry and create alliances with other professionals to protect your client base from other agents and increase the number of incoming referrals.
• Do some marketing. Word of mouth will account for a large part of your new business. But there are numerous strategies to build your prospect pool. You can advertise your services in local classifieds, community publications or on billboards. You can also build your business online by developing a website with useful content. Cold calling can also be used to generate new clients, but the recent advent of do not call lists in Canada and the United States make this more challenging.
  
  Web marketing is one way to generate sales with a very small monetary and time investment. You may want to consider getting yourself listed on online insurance broker directories, or advertising your services on websites that relate to the topic. Many Web marketing companies offer email lists that you can direct market to, and setting up your own website or insurance blog is easy using templates available on web hosting sites.

 

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