How Selling Insurance Can Make You a Millionaire

Always Summarize Quotes for Policyholders with Products and Premiums

You must always follow this step when mailing insurance products and quotes to prospective clients. Whether sending a final expenses policy, a 30-page IUL illustration, or even a homeownership plan, you should improve the experience of your prospect by creating a summary of your products and quotes. The point is when having to send multiple pdf pages from various insurance companies you're working for, always remember not everyone understands what insurance is all about. As such, even your prospects may not be familiar with whatever policy you want to sell to them. To make things easier for them, you need to summarize everything in a few documents to enable them to grab your offer with little confusion. This will also demonstrate that you're an easy agent to work with. And that's what makes insurance premiums and summary sheets super essential. Here are proven strategies for selling insurance effectively:

• Create a summary page that aligns with each client. Let each page list all the insurance products you're offering, complete with a quote and terms and conditions. This gives your prospect an easy time to make informed decisions. The more consistent you are, the easier it will be for you to scale up your agency.
• Create a template. The first step is creating a  template containing an intro, a section for the insurance service being offered, and a call to action. You can use word doc to make this, complete with charts and costs for each product. Attach the coverage letter in the template to maintain consistency. Next, attach a copy of the insurance coverage summary for each client, complete with quotes and instructions to review the summary sheet. 

Going out of your way to make things easy for your prospects will not only impress them, but they'll definitely appreciate that you took the trouble to create a simple process for them. It might also accelerate the conversion process. This idea works better if you want to cross-sell auto or homeowners insurance coverages to specific clients.

Marketing/Prospecting

So you've already obtained your license and even got a few contracts. But, you're a newbie; how do you take the next step? As a newbie, it's essential to read informative books on selling insurance before getting started. These books are all listed on Sales Hacker, where you can find a whole library of valuable and resourceful books to help kick start your insurance sales business. However, the simplest way to sell insurance is identifying the client's needs, availing insurance coverage samples and rates and prospecting from there.

But that's the easiest part. The hardest part is finding these prospects, where most agents give up along the way. Client acquisition is the biggest challenge insurance agents face. However, there are multiple ways you can use to prospect or reach out to potential clients. They include:

Friends and Family – Reach out to your network of friends and family and let them know about your new agency and what you're offering. This will help you with some small sales here and there. Also, ask them to refer to their friends and so on.

Use Shared Leads – Some agencies operate by buying bulk leads. You can talk to them to use their leads then split commissions. This is an excellent way to start and gain traction.

Buy Leads – Alternatively, instead of using shared leads, you can buy your own. This may be challenging at first since you're new to the market, but you can resell the same leads at five to ten times the buying price.

Make Cold Calls – This is more like cold pitching. Take a deep breath, smile, and make that call. It's a hard shot, but what's the worst that can happen? You can successfully win many prospects from such.

Create Your Leads – Create your website, social media pages and embark on marketing your agency. Incorporate as many marketing tools as you can to push your business to the forefront.

Strategic Partnerships

Two things that can guarantee you a successful career in the insurance market is patience and strategic partnerships. This works especially for insurance brokers and single agents. Strategic alliances are all about surrounding yourself with like-minded professionals to share tips, advice, and morale. They not only make you appear professional and smart, but they can connect you with high-value prospects. Surrounding yourself with resourceful people familiar with your industry is an excellent way to build your brand image and attract leads. So how do you do this? By showing up at events, meetings, taking someone out for coffee or lunch, joining the local golf club, basically doing everything to be seen, be known, and know people. In short, go out and interact with people, unlock those opportunities.

Social Media

Even the top industry experts at the top of the revenue ladder don't have a close rate that's 100%. Conversion leads depend on a client's timing. One way to keep tabs on prospects and existing clients is by keeping them engaged on social media. A vibrant social media following enables you to build a good rapport with your clients and even conduct prospecting. For instance, someone posting a new baby is your cue that they may be looking for a new home while a newly promoted employee may be looking to purchase a new car. Those simple interactions can turn out to be more significant opportunities to cast your net.

Be Patient, Don't Give Up & Keep in Touch

Okay, so it's possible to become a millionaire selling insurance. However, remember it doesn't happen overnight. Even the big fishes you see now started somewhere, knocking on doors, some even selling only Medicare Supplements. Your business will start in slow-motion at first, but with determination and persistence topped by patience, you'll get there. Again remember you must focus on bringing value to your clients first before you think of making those thousands of dollars. Once you start assessing clients' needs, they'll be the ones reaching out to you, not you looking for them. Only then will you begin to see a rise in your production, and before you know it, you'll have earned your first million.

Conclusion

So, does selling insurance pay? Most certainly, and it pays well, as we have seen in this article. It sure does! Even more than a million dollars per year. However, the trick is to work smarter, not harder. The above steps and tips can help you jump-start your insurance selling career. However, if you need a helping hand, you can reach out to us for help. At InsurGrid, we support agents who sell property and casualty insurance. Sign up for an InsurGrid demo.