Global Courant
The foundation of insurance training techniques begins with knowledge of sales products. Effectiveness of insurance sales only arises when product knowledge is combined with leads and personal skills. Find out why most insurance agent trainee training techniques fail.
When agent trainees are licensed to begin their careers, there is a meeting with the insurance manager about setting up their suitcase-sized case of sales products. Their “training” manager goes to the stockroom and hands them a brochure on every single product the company sells. This could easily be over 50 plans with options galore. Included can be simple products such as accidental death for travel or as complicated as life insurance for a key man. The agent is overwhelmed when the trainer simply tells the agent trainee to get to know them all. This is one of the worst possible insurance training techniques.
For the effectiveness of insurance sales you just need knowledge of sales products about the plans you will be selling. Misguided agents trying to understand insurance concepts from plans they will never sell spend so much time. To be on the safe side, they put at least one of each policy brochure in their suitcase. An effective training technique guides the agents to what they are selling. This quick 30 minute meeting doesn’t introduce them to the insurance product knowledge they need to learn and is totally unnecessary at this stage.
Management should provide training on what sales products are actually being sold by the agent. Instead, insurance policies with the highest premiums, or what the manager prefers, are the only ones given any detail. Very few insurance managers are willing to tailor their insurance training techniques to the individual agent. They like to use a cookie-cutter approach. What market is the agent interested in and what age range or geographic area are they most comfortable selling in? Insurance sales effectiveness is not achieved by forcing an agent into an uncomfortable area of insurance without providing time consuming knowledge of sales products. These few insurance managers give.
Without the tips and personal qualities below, the agent trainee quickly becomes an insurance jack-of-all-trades, and failure happens quickly. That’s a fact you can’t take to the bank with.
To always keep going in insurance, you need sales leads, confidence, self-leadership and the ability to become a niche specialist in insurance. These all hang together. In your insurance sales training techniques, ignore your insurance manager on the issue of cold calling. You can’t do random unsolicited prospecting because you don’t know your prospect’s emotional needs. Sales effectiveness requires uncovering your prospect’s emotional needs. Otherwise, your prospect is just a suspect. The insurance manager will provide re-collected leads from old policyholders. They cover the entire spectrum of life insurance. This is a sure path to failure, and prevent you from developing product specialties.
Very quickly, you should get a prospect list from a list broker with customers you are comfortable selling and close to your area level. Example: Self-employed construction workers with a home debt, age 25-45, with children in a certain neighbourhood. You are now developing a product niche. This means that by choosing maybe three products, you become a specialist in sales. In this example, it could be mortgage life insurance, major health insurance, and disability insurance for accidents. You can make a rewarding career in finance by becoming an expert in this career niche. Your confidence and product knowledge zoom in and suddenly your closing ratio jumps from 40% to 80%. Potential customers prefer to take out insurance with a professional in a specialized niche.
Another specialized insurance niche could only work with senior citizens. There your products would be long term care insurance, Medicare supplements, and funeral life. To be an insurance specialist, you must acquire expert knowledge of insurance sales products, but only those plans that meet the needs of your customers.
Except for a lot of insurance training, although the techniques vary by company you represent. Nevertheless, the best knowledge is to realize that you are in business for yourself. So invest time and money in your career wisely.
Insurance Training Techniques – Sales Product Knowledge = Insurance Sales Effectiveness
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