iwinagencygrowth-blog

[iwinagencygrowth-blog]

What Insurance Training Is And How It Can Benefit You

All consumers and companies need coverage. As such, this is one industry that will always have clients. As with all financial and coverage-related products, you will need a license to work in this field. If you are looking to pass a local licensing exam, your first step is to enroll in a trusted and approved form of insurance training.

Classes are designed with the primary goal of helping people prepare for the rigorous testing that they'll have to undergo to become a licensed professional within this arena. Among the information covered in these classes are basic coverage such as general liability, both for private parties and for licensed businesses.

Students also learn all about excess umbrella coverage, indemnity and more. These courses define the rules and regulations that govern the provision of policies. They also detail the minimum legal limits for basic forms of insurance when these exist. Providers must have a comprehensive understanding of these rules to provide their customer with information on their individual plan needs.

There are some limitations placed upon how to market and sell these policies. Agents are not allowed to use confusing language but must present the available range of products in clear language. The goal of these restrictions is to ensure that consumers are never misled or convinced that they are legally obligated to bind more protection than required.

One of the greatest benefits of this on-line learning is completing the courses at a time that is convenient for the student.  Companies can set aside special time for their trainees to fulfill this work as well. Thus, individual consumers can meet their learning obligations without compromising their regular schedules and companies can remain on par with industry standards, without suffering any losses in overall productivity.

For more information on how to improve your insurance agency, contact The Wedge Group.

[iwinagencygrowth-blog]

How To Ensure That Your Sales Meeting Goes Smoothly

Although you are probably well-versed in your standard spiel, you want to know what to say and how much to share when dealing with prospects on a more personal level. If you have lined up your very first sales meeting, there are a few things that you can do to ensure that the entire process is a success. Following are several tips to help you get ready for these all-important events.

It is first important to have a clear understanding of your prospect. A lot of sellers make the mistake of only studying up on their products or services. People who have approached you for additional information and who are ready to move closer to a purchase decision will want a more personable approach.

As such, you want to customize your presentation to the needs of your audience. This customizing is accomplished by defining the pain points of your audience. This way, when you get ready to present, rather than telling your prospect detail about what your product or service, you inform them how you can solve their problems.

Use language that your audience can understand, but don't talk down to them.  Using a lot of industry jargon will make you seem knowledgeable, but it will turn many viewers off.   Break complex terms down into simple ideas.  This approach is trustworthy as it shows that you are actively working to help people make informed purchasing decisions that benefit them.

Finally, always bring lots of visuals to share with your audience. The upcoming generation is increasingly visually-oriented. If you want to incite people to action, you have to show them what you're offering. If there are ways to show your service or products in action, try to incorporate these strategies into your presentation as well.

For more information, contact The Wedge Group.

[iwinagencygrowth-blog]

3 Biggest Secrets in Insurance

Motivational speakers love to put the word "secret" in the title of their presentations.  I've sat through many sessions, and I've always wondered what kind of "secret" can you tell on the stage of a packed auditorium?

In truth, when it comes to sales, the most important "secrets" are those things that experienced, successful people know but won't necessarily say.  So let me tell you the three biggest open secrets of our insurance business.

Secret No. 1: We are all selling the same thing.

Many producers waste a lot of breath trying to convince prospects that the insurance products they sell are different from those sold by the competition.  This is a very hard sell in itself.  Why?

Because insurance is a fairly uniform commodity.  All of the Big Dogs in the carrier and agency community are offering the same basic thing as their competitors, because it is virtually impossible to design a new, exclusive product.  If you can create a new coverage or rate deviation and file it with the state, I guarantee you that your competitor can too.

This is a powerful "secret" because it undermines the intuitive approach to sales, which is to announce, "Buy mind, because it's the best!"  When there are 10 other agents lined up behind you with the same product, that's a tough idea to sell.

Unfortunately, most producers insist on sticking with this approach.  They spend most of their time with prospects pitching their products, services and carriers, as well as their agency.  The results: Secret No. 2.

Secret No. 2: We are all saying the same thing.

Sometimes I feel very sorry for all the junior executives in corporate America who are given the job of meeting with insurance agents.  How many times have you told them, "We have a lot of markets, great people, experience, knowledge and good service.  Can I offer you a quote?"

When 10 different producers are selling the same product - and all selling it the same way - you have to wonder how the prospects are able to smile and nod politely as much as they do.  Not that they are indifferent.  It's my experience that if you can break through the clutter and convince the prospect that you can, in fact, make a difference for him and his company, you will have a very interested audience.

Producers make the common mistake: They try to break out by focusing on the product.  They "go geeky", laying out elaborate explanations about "coinsurance," "promulgating the e-mod," or "updating the unit stat card."

The strategy seems to be to show the prospect how well you understand the insurance industry and how familiar you are with your own products and services.  This sends us straight to Secret No. 3.

Secret No. 3: The prospect doesn't understand insurance!

There are a few exceptions to this statement, but in most cases business people have only a vague understanding of insurance.  They know they have to have it.  They know they can get into trouble if they don't.

But review in your mind the prospects you've met, and ask this question: How many of them, if you quizzed them right on the spot, know what is and is not covered by their policies?

I talked to an agent recently who had obtained an appointment by referral.  He had saved his prospect a significant amount of money and improved the coverage.  He walked out of that presentation literally glowing with confidence.

Two days later, he got the email.

The email said, in essence, "You're great! Your price was great, the coverage was great, your proposal was great.  Even the vibrant color of your proposal cover was great. But...

"Unfortunately (for you, fortunately for me) my agent took me to lunch yesterday.  He reminded me of all the things he had done for me during the last three years.  He assured me that the pricing you brought to the table was unpredictably lower than expected, but he felt sure his company would match it.  As a result, I'm not changing.  Please feel free to call me next year and save me some more money."

In other words, the deal came down to "I know this guy, I don't know you.  You're both pushing the same thing, so I'll stick with the guy I know."

So how do you break this cycle?

First, shift your focus from sales presentations to sales interviews.  Get curious about what's really going on inside your prospect's head.  Ask yourself:

"If I were the buyer, what would really be important to me?"

"What surprises would I be concerned about?"

"What's wasting my time?"

In particular, focus on the elements of insurance that the prospect already dislikes: the unpredictability, the seeming lack of control he has over these costs.  If you can show him how you can put him in charge, that the way you deliver his services will empower him and put him in control, you will have his attention.

Second, look for ways to establish rapport, to help prospects feel comfortable sharing their goals with you.  Dig deep.  Be curious.  Stop assuming you already know what prospects want and why they want it.

Finally, when the prospect has clearly identified his goals, find specific ways to use your unique abilities to achieve those goals.  Take yourself out of the uninteresting, confusing arena of insurance, and put yourself into a conversation the prospect will find much more fascinating - how he can succeed.  Chances are, this is a conversation he has never had with the incumbent agent.

It's not easy, but the other option is failure.  It's no secret that winning is always harder than losing.  The real secret is to understand that the game you are playing isn't about the qualities found in the insurance you sell or the agency you represent.  The real success is your unique ability to help your clients succeed!