How To Sell More Insurance
In this section, I describe how to maximize sales results no matter what insurance product you sell.
Below are 4 selling insurance tips Ive discovered Id like to share with you.
All are based on in-the-trenches selling with insurance prospects since 2011, and training more than 1,000 agents since 2013.
Follow these 4 tips and youll likely increase your odds of short- and long-term success selling insurance successfully.
Lets get started.
What You Need To Sell Life Insurance From Home
Those who take the time to research how to sell insurance from home are often surprised at the small initial investment required to get this type of business off the ground. However, there are certain skills and expectations agents must familiarize themselves with before they begin selling insurance from home.
Value Your Prospects Time
Agents must respect customers time. Do not press the customer to extend the call or set up a face-to-face encounter. Also, even if the consumer is cordial when you meet in person, dont be lured away and make the meeting last longer than it needs to.
In either scenario, be considerate of both your time and the time of your customers.
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How Much Money Can An Insurance Agent Make
In this section, Im answering the question: How much money can an agent make selling insurance?
First, youre in FULL control of how much money you want to make.
Its true. You DO write your own check when you sell insurance.
In fact, its a good idea to research what the best paying insurance jobs are as a part of your due diligence.
Whether you want to make an average or exceptional income doesnt matter.
Either way, you decide how to go about doing so.
You Write Your Own Check
The beautiful thing about learning how to sell insurance is you can level up your career as you gain experience and confidence.
You can sell higher dollar insurance products to more lucrative prospects. I know many who do and earn millions of dollars annually.
In fact, I just got off the phone with a new recruit, and he told me the guy that he knows, a couple neighborhoods over that sells annuities.
He gets referred business from a couple of a Fortune 100 companies.
The guy writes over $2,000,000-$3,000,000 in annuity commissions a year! Nice!
Now, is it easy to just flip the switch and make it rain money?
No. It takes time, investment, and energy.
Remember, many of the people who get to that point of success simply are here because they just never gave up on themselves. They kept going.
The Benefits Of Selling Insurance From Home
The transition to a home office is natural, especially for agents endowed with solid entrepreneurial and organizational skills. By employing these two personal strengths, you will enjoy the independence of working from home.
One of the best-selling points of the argument for working from home as an independent agent is the autonomy to determine your own working hours. Though, keep in mind that your availability also affects how well your business does.
The benefits you reap directly correspond to the amount of effort you put in. If you become an agent for the impact you can create in peoples lives, then selling insurance will prove lucrative and fulfilling.
So, what benefits will you gain from selling insurance at home? While there is a lot to gain from working at home, here are some of the most popular ones:
- A higher earning potential The traditional office setting comes with a limit on the number of hours that you can work. It also has a lot of distractions and diversions. At home offices, there are no time constraints, and distractions can be eliminated .
With fewer distractions and time constraints, there is a higher earning potential for home-based insurance agents. Research shows that the average salary for stay-at-home workers is at least $4000 more than that of office workers.
All it takes for you to get better earnings from home is motivation. If you have the drive, you can restructure your day and earn more money.
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Always Be Prepared Ask Questions And Pay Attention
Before your first meeting, do a quick Google search for the prospect, look at his website, or check him up on LinkedIn.
Always be ready to present fascinating client tales, replete with specifics on the beginning situation, challenges faced, a quick synopsis of what you did, and, most importantly, the outcomes you achieved.
A decent question may get a response, but a great question entices the other person to look inward, which may be where your most significant competitor resides.
There are far too many salespeople that talk excessively. It is recommended that you adhere to the 80/20 rule. The salesperson should spend 20% of their time talking and 80% of their time listening to the prospect.
Is Selling Insurance Part Time Worth It
First of all, you may be wondering whether or not selling insurance part time can even work. In short, yes. According to ZipRecruiter, most part-time insurance agents make between $31,000 and $103,000 a year. The nationwide average for part-time insurance agents sits at just over $72,5000.
The salary possibilities for a part-time insurance agent vary significantly. ZipRecruiter also reported salaries as low as $19,000 and as high as $250,000. What you’re able to make depends heavily on your mentality and efforts. You don’t have as much time to sell insurance when you’re a part-time agent, so there’s less room for mistakes. If you want to be successful, it’s that much more important to ensure you’re doing everything right.
Selling Insurance Over The Phone Or Via Video Call
You can meet with your clients and prospects over a phone call or even a video call. I personally prefer phone calls right now, but Michael Sams explains that video calls might be the right choice for you.
“People I’ve never met before are used to doing FaceTime with the grandkids. Don’t underestimate the senior crowd. I encourage agents to do video calls to further the relationship,” Michael says.
According to Pew Research Center, 59% of individuals ages 65-69 and 49% of individuals ages 70-74 own a smartphone. Older adults whose household income is higher are even more likely to own a smartphone.
The advantage of a video call is obvious everything is the same as being face-to-face. You can pick up on your clients mannerisms and better gauge their emotions than you could over the phone.
The New Horizons marketing team uses Zoom.us since some of them work remotely, and they love it. Michael also uses Zoom.us for meetings during the All-Star Program 8-week bootcamp, and it works really smoothly.
With Zoom.us, its also easy to share your screen. Not every video conferencing service offers this option, and its not always as easy as clicking a button.
Rebekah Parr, Copywriter, explains, “We’ve tried other video conferencing tools before, and there were issues with bad connections, lagging, and difficult set up. Zoom.us has been the simplest to use, and I think the majority of seniors would have no problem using it.”
How To Start Selling Life Insurance From Home
Learning how to sell insurance from home is a constant learning process. Industry changes, new sales tactics, and understanding the complexities of different policies means agents must strive for perfection to beat out the competition. Selling life insurance remotely is not designed for those who expect instant results with no effort. Heres how new agents can begin selling life insurance remotely.
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Work With An Insurance Company
Once you have the proper insurance license you will need to find a company to partner with to sell insurance. This can either be accomplished by starting your own company or working for an agency. Since starting your own agency is a very large and complicated undertaking, well just cover working for an existing agency in this article.
Finding a job at an agency is a lot like finding any other job. One positive, however, is that many insurance companies push their agencies to subscribe to an always be hiring mindset, so finding an opening near you is generally not a difficult task.
If you are applying for an insurance sales job, be sure to highlight any prior sales or customer service experience in your resume when applying to the position. You will likely be speaking on the phone and in person regularly with clients and prospects, so the hiring agent will want to know that you are comfortable and confident with these types of tasks.
Determine The Background Requirements
If you were already selling insurance in a brick and mortar office, the transition to selling from home is simply a change of venue.
On the other hand, if this is your first-time selling insurance, you must meet the following requirements to become a licensed insurance agent:
- Background checks
The pre-licensing education required by most states can usually be done online. Insurance courses generally cover relevant laws, regulations, and ethics.
You must pass the exams for the license to sell insurance to be issued. States will likely conduct a background check before the license is issued.
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One Research Your Options
Insurance policies vary drastically. Some agents choose to have a wide range of policies on their books, whereas others prefer to specialize in certain areas. Which approach you choose is largely a matter of personal preference. Some options for insurance policies to sell include:
- Individual policies
- Family plans
- Medicare coverage
Standing out as an expert in a niche market makes it simpler to build a brand and edge out the competition. Think about the target audience and which ones play to your selling strengths.
Complete Your Insurance License Application
You will need to complete and submit an official license application. These applications are state-specific and most often available through your states Department of Financial Services, Department of Insurance, or State Corporation Commission. Most states use the National Insurance Producer Registry to submit and process license applications.
To complete your application, you will need to provide your own basic information, such as full legal name, social security number, address, and criminal history, if applicable. It is important to read each question carefully and answer to the best of your ability.
You will need to know what kind of insurance license you want to get so that your pre-license education and other requirements are evaluated correctly. The options may include:
- Life Insurance License
- Personal Lines Insurance License
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How To Sell Insurance Successfully
Now lets discuss the top 5 qualities of successful insurance agents.
Additionally, Ill describe qualities that dont matter much, which may come as a surprise .
There are common traits that will show you how to be successful at learning how to sell insurance over the long-term.
Ive interviewed dozens of agents on my YouTube channel. And I know agents across the country in different niches that sell different insurance products.
Whats funny is that in doing these interviews for my best-selling book on top producers, Ive come to find that there is MORE in common with successful insurance agents than there are differences.
My goal is to uncover how top-producing insurance agents succeed at selling insurance in a short, straight-to-the-point way.
That way you can better understand how to mimic those behaviors and experience your own success.
Successful insurance agents believe that what theyre doing is MORE than just a job.
They believe in their heart of hearts they are doing GOOD work.
In a sense, some of the BEST insurance salesmen are evangelists by nature.
They want people to know how insurance helps solve problems.
Bottom line, they have passion and want to help!
Empathy Is Important
If you want to be successful at learning how to sell insurance, you must have empathy for your clients.
If you have contempt if you DONT like the people youre selling to OR if you dont like people in general
Youre NOT going to do well in the insurance business.
Simplify Processes With Software And Technology
To fully take advantage of technology that can make selling insurance from home easier than ever before, consider the following:
- Your computer should be updated and capable of meeting all of your professional online needs.
- Design an attractive, consumer-friendly insurance website with informative and current content that can drive traffic to your site.
- Use social media and networking sites to build your brand. Your online reputation can direct prospects back to your insurance website, generating leads and, ultimately, resulting in sales.
- Automate as much as possible.
Adopting the right technology can set your business apart from your competitors. With innovative CRM software, for example, you can generate and manage leads, communicate with prospects and clients, provide multi-carrier information, give real-time quotes, deliver proposals, and assist clients with online enrollment services, all in one comprehensive system.
CRM software also adds a crucial element to selling insurance from home: automation. Rather than relying on spreadsheets to input data, consider using an advanced CRM that does the work for you. For instance, some software will send reminders about unfinished tasks or remind you to reach out to a lead. Such software also makes it possible to pull customer information directly from databases and add them to emails. Whenever you add automation, it lowers the likelihood of human error and increases your efficiency.
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Create An Online Presence
More people are online now than ever before and businesses are taking advantage of this fact.
You can save money by building a DIY website using an insurance website builder. However, this should only be a short term strategy. As soon as possible you should have a professional create your web presence.
Hire a web designer to create a user-friendly and attractive website for your insurance agency. Update this website with the latest information about insurance and other traffic-generating news.
Here are some insurance blogging tips to help you drive traffic to your new website.
Create social media accounts and use them to engage and interact with potential clients.
Set up profiles on Facebook, Google and Yellow pages and request online reviews from your clients.
Your online presence gives people confidence in your services, in addition to generating leads that translate into sales.
Take Your Insurance Licensing Exam
This is one of the most critical steps to getting your insurance license and takes the most amount of preparation. Many states provide an exam content outline on their website that details all of the information and regulations on the test. A pre-license education course is still the best way to study and master what you need to know to pass the state insurance exam.
The specific information tested will vary by state and type of exam. It may include:
- Purpose of insurance for financial security and emergencies
- Contract law as it applies to insurance
- Underwriting and application
For insurance pre-license education and study tools, StateRequirement recommends:Kaplan Education Company
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How To Market For Insurance Sales
In this section, we discuss different ways new or experienced agents selling insurance can market for prospects.
Know this up front
There is no perfect marketing method.
However, there are pros and cons for each method you need to know before you invest your time and money.
By the end of this section, youll have a better idea of what kind of insurance marketing works best for your goals.
How To Sell Health Insurance
Trying to sell health insurance is a tough job. Heres why:
As agents, our job is to make sure our clients are actually getting something for all the money they’re spending. Here are a few tips:
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Use Medicarecenter For Remote Sales
If you sell Medicare Advantage or Part D drug plans, you need MedicareCENTER. It’s a powerful, free platform that includes everything from enrollment to client management.
The scope of appointment can be texted or emailed to your client, and you can handle the quoting and enrollment process from home. There’s no physical paperwork required, so it can all be done over the phone.
Visit our MedicareCENTER page to learn more about the enrollment tools and watch training videos!