Let’s look at six common insurance sales mistakes to avoid in the insurance market. Whether you are a new to the industry or a seasoned agent; following these tips will help you avoid some of the biggest mistakes made by insurance agents.
Insurance Sales Mistakes to Avoid
1. Buying Leads too late
If you’re going to be buying leads, you want to make sure you do so in a timely fashion. Doing so too late can hinder your response rate, as well as your lead quality.
If your target demographic is people that are turning 65, you want to make sure that you’re giving yourself at least a five-to-six-month buffer, as it’s to your advantage to be one of the first to be in their mailbox, and the first to grab their attention.
The same thing goes for AEP. You don’t want to be sending out mailers in late September for AEP as many people are already going to be getting bombarded with mail months prior.
Sending at the most optimum time will help your lead response grow.
2. Not Calling Leads Enough
Another mistake we see in terms of leads is when agents mistakenly think that calling them once or twice is working the lead.
For success, you often need to call these leads 5, 10, 15, maybe even 20 times.
Just because the lead doesn’t answer your voicemail doesn’t mean it’s a bad lead. You need to keep calling so you eventually get them on the line and give them your pitch.
3. Lack of Appointment Preparation
Another mistake that we see all the time is the lack of preparation for appointments.
You worked hard to get this lead on the phone. You paid a lot of money for this lead. You want to make sure that when you finally get that appointment, you’re going to do everything that you can to ensure that you close that sale. The key to that is preparation.
Run the needs analysis. Get their doctor information. Get their prescription information. Get their budget – Gather everything that you need to ensure that you are presenting them the correct plan. On top of that, depending on what you are presenting them, you may also want to be prepared to cross-sell them. Whether it is a hospital indemnity plan, a dental vision plan, hearing plan, and much more.
You want to be prepared for these things to ensure a smooth appointment, and, of course, receive more commissions after you close that sale.
4. Expecting to Know Every Product Detail
Let’s talk about analysis, paralysis, and quite frankly, hesitation. This is another mistake that we see very often with newer agents in the market.
One of the things that you cannot do is to expect to know every single detail about every plan, or every detail of Medicare. Before you pick up the phone, start making those calls.
Do not worry if you do not know the plan line by line. You have the Internet, you have PDFs. You likely also have some application booklets in your office somewhere. Make sure to not overthink it. Get on the phone. And if somebody asks you a question that you don’t know the answer to, the answer is typically just a Google click away.
5. Not Using Available Resources
The next mistake is when agents do not use their resources. Always talk to your upline or the FMO that you’re currently working with – they have the resources, they have the expertise, and they have the connections that you need to get your questions answered or begin a marketing strategy.
In addition, look at your carriers. They have broker managers everywhere, specifically in your market. They know the product and how it works in that market. They can also get you in connection with resources and opportunities in the community. Make sure you’re taking advantage of this. This is free for you to use, and they want to help you sell more.
6. Not Asking for a Referral
Let’s discuss referrals. One of the worst mistakes any agent can make, and many newer agents, and even some veteran agents will do this: Not asking for the referral. This is hurting your business, and you’re missing out on easy leads and easy sales. Not only whenever you get a referral are you getting new business, but you’re strengthening your relationships with that client, and who they are referring to.
Remember, never fear rejection. Many things that we want in life we have to ask for. What’s the worst that they can tell you? No. And what did you lose? Nothing.
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