The base of insurance training techniques starts with sales products knowledge. Insurance sales effectiveness does not incur until product knowledge combines with leads and personal skills. See why most insurance sales training techniques for agent trainees fail.
When agent trainees are licensed to begin their career, there is a meeting with the insurance manager on setting up their suitcase-sized briefcase with sales products. Their “training” manager goes to the supply room and gives them a brochure on every single product the company sells. This can easily exceed 50 plans with options galore. Included could be such simple products as accidental death for travel or as complicated as key man life insurance. The agent is overwhelmed as the trainer simply tells the agent trainee to become familiar with all of them. This is one of the worst insurance training techniques possible.
For insurance sales effectiveness, you only need sales product knowledge on the plans you are going to sell. Misguided agents trying to understand insurance concepts of plans that they never will sell spend so much time. As a just in case security, they pack at least one of every policy brochure into their briefcase. An effective training technique guides the agents into what they are selling. This fast 30 minute meeting does not introduce them to what insurance product knowledge they need to learn and what is completely unnecessary at this stage.
Management needs to give training on what sales products are actually going to be sold by the agent. Instead insurance policies with the highest premiums, or what the manager prefers are the only ones any detail knowledge is given. Very few insurance managers are willing to conform their insurance training techniques to the individual agent. They like to use a cookie cutter approach. What market interests the agent, and what age bracket or geographic area do they feel most comfortable to make sales in? Insurance sales effectiveness is not achieved by forcing an agent into an uncomfortable area of insurance without providing time consuming sales product knowledge. This few insurance managers give.
Without the below tips and personal qualities, the agent trainee quickly becomes an insurance jack of all trades, and failure occurs rapidly. That is a fact you cannot take to the bank.
To last anytime in insurance you need sales leads, confidence, self-leadership, and the ability to become an insurance niche specialist. These all tie in together. In your insurance sales training techniques, disregard your insurance manager on the cold calling issue. You cannot do random insurance cold call prospecting, as you do not know what your prospect’s emotional needs are. Sales effectiveness requires uncovering emotional needs of your prospect. Other wise your prospect is merely a suspect. The insurance manager will provide rehashed leads of old policyholders. They cover the whole spectrum of life insurance plans. This is a sure path to failure, and throwing you off developing product specialties.
Very quickly you must obtain a prospect list from a list broker of clients you are comfortable in selling and near your environment income level. Example: Self employed construction workers, owing a home, age 25 -45, with children in a certain neighborhood. You now develop a product niche. This means choosing maybe three products you will become a specialist in selling. In this example, it could be mortgage life insurance, major medical insurance, and accident disability insurance. You can make a rewarding financial career in becoming an expert in this career niche. Your confidence and product knowledge zoom and suddenly your closing ratio increase from 40% to 80%. Prospect clients prefer to purchase insurance from a professional in a specialized niche.
Another specialty insurance niche could be working only with senior citizens. There your products would be long-term care insurance, Medicare supplements, and Final expense burial life. To be an insurance specialist you must acquire expert insurance sales product knowledge, but only of the plans that match your clients’ needs.
Do not except much insurance training, although techniques vary by the company you represent. Nonetheless, the best knowledge is realizing that you are in business for yourself. So invest time and money in your career wisely.