Consumers shop online for nearly everything. Insurance companies need to utilize their online components to not only capitalize on online leads, but also modernize the process of buying insurance. In this article, James Riebel explains strategies to help your company utilize the online tools available to you to enhance your digital presence.

Modern consumers shop online for everything from groceries to new homes. It only makes sense that they’re looking to the web for insurance polices as well. After all, why would they pick up the phone and call an agent when they have unprecedented access to information online?

Readily available, summarized information is helping consumers compare policy options to make smarter purchasing decisions, and the trend is only gaining momentum. Depending on the insurance vertical, up to 83 percent of consumers would use the Internet to conduct research before making a purchase if it were an option.

As an insurance agent or company owner, it’s time to consider how your business is responding to this shift. To continue to grow your book of business, you need a strategy to harness the power of the Internet. Your options are plentiful: buying leads, creating websites, running Facebook ads, updating Facebook pages, etc. All of these modern channels allow you to track and automate sales practices.

I’ve heard on more than one occasion that all of this seems overwhelming and expensive. Without a plan, that can certainly be true. However, the best practices mentioned in this article will not only prevent you from getting overwhelmed, but also help your business flourish.

Define your target audience. The first step is figuring out what types of customers you need. Ask yourself these initial questions:

• Are you targeting more home items this year?
• Do you need to grow life production?
• Is auto what you open the sales process with?
• Or is all of the above a priority?

Buying Insurance Leads?

Buying Insurance Leads? 5 Details to Consider

When comparing insurance lead providers, many agents fall into the trap of focusing solely on the most common details. These include things such as lead cost, line, filters and method of delivery.

While these details are important, there are a few less emphasized but also excellent factors to determine which providers are a good fit for your specific needs.

Here are five often times overlooked details of insurance lead providers:

1. IS A CONTRACT REQUIRED?

While most major insurance lead providers don’t require a contract, check on this detail before making a final decision. The last thing you want is to get tied up in a long term contract.

2. AVERAGE BUYERS PER LEAD

It is amazing that so many agents overlook this important detail, perhaps because most lead companies do not make much mention of it. When buying from the top providers of shared leads you need to know, on average, how many other agents are receiving the same lead. This will give you an idea of what type of competition you are up against.

3. EXCLUSIVE LEAD OPTIONS

Maybe you don’t want to purchase shared leads. Instead, you want to be the only agent that receives the consumer’s contact information. In this case, you are interested in what are known as “exclusive leads.” You will pay more, but your chance of a sale is greater since you are the only person making contact with the prospect.

Tip: Exclusive lead sources can be very good but they are often very hit or miss and are typically not consistent.  I like to look for shared lead providers that will allow you to limit the competition through tiered pricing.  Bestinsurancequotes4u.com does a good job of this with their life leads.

4. LEAD RETURN POLICY

While every insurance lead company does its best to filter out bogus leads, none of them are 100 percent successful in doing so.

If you run into a bad lead, you should have the ability to return it to the company within a specified period of time. Most give you a 10 day window, from the date of purchase, to return a bogus lead.

5. PROMOTIONS

Is there anything better than getting something for free? In the world of buying insurance leads, the answer is no. Most companies always have a promotional offer, although some are better suited to agents than others. From free leads to a $100 (or more) credit, you should know what you are being offered and then take full advantage.

What Now?

At this point, you probably feel one of two ways:

• More comfortable with your ability to compare providers and choose the right one
• More confused than ever before, thanks to all of the details that you have to focus on

As long as you take the time to compare insurance lead companies, paying close attention to these details, as well as those that are more basic, you should feel comfortable buying leads for the first time in the near future.

Top10 Common Problems Salespeople

10 Common Problems Salespeople Have and How to Fix Them

MARCH 4, 2015 BY www.Bestinsurancequotes4u.com

If you’re an insurance agent, make no mistake about it: you’re a sales professional. But what does that mean exactly? Sure, you sell insurance products along with your services to customers, on the face of it. But you also identify and solve your clients’ problems. Sales is really about problem-solving and you are selling yourself to your clients as a problem solver.

Your clients aren’t the only ones with problems, though. The sales profession also has its own share of issues. Lloyd Lofton is a sales expert who’s written and spoken widely about these problems. In this post, we’ll take a look at 10 common sales problems insurance agents might encounter both in their training and their early career. We’ll also give you the tools you need to solve these sales problems and boost your insurance sales and client satisfaction.

Problem 1. Who has More Direct Experience in Sales? Hint: It’s Not You!

The Problem As a new insurance agent making sales calls, you likely feel well prepared with your schooling and special training to meet the challenges ahead. But for all your great preparation, when it comes to engaging in a sales interaction, your prospects likely have you beat.

In the product-placement, retail-therapy, cold-call marketing world your prospect lives in, the sales profession can sometimes get a bad rap. This leads to prospects that have gained “sales resistance training” skills, according to Lofton, along with a wariness to be open and honest about their intentions and personal circumstances.

It’s easy for someone new to sales to want to help these customers, with you ending up giving out free advice, being led on without ever closing the sale and losing control of the sales interaction. All your product knowledge training isn’t likely to help you with this type of prospect.

The Solution What you need are the personal skills to gain this prospect’s trust and put them at ease. You also will need to stay in control of the interaction, while giving the prospect the impression they’re in charge. Lastly, you need to know how to apply your product knowledge, solve the prospect’s problem, and win the sale.

Begin building a rapport with the prospect from the moment they pick up the phone or open the door. You want the prospect to see you as a real person and a professional, not just another sales guy/gal. Stay in control of the interaction by having a plan and process and sticking to it. Ask questions to learn the needs of the prospect and sell the benefits of the product and services to meet that need. If you work for a larger organization, ask an experienced colleague to help mentor you on these skills.

Problem 2. That Prospect that Seems So Promising, Yet is Never Going to Buy.

The Problem Not every prospect will become a client. It seems obvious, yet we often forget this reality. With the pressure to make ends meet, turn a profit, or meet sales goals, sales professionals often get in the mindset of not wanting to lose any sale. You may find yourself making another call-back, giving another quote, doing extra research, and giving the prospect “more time to think it over.”

This is a huge waste of your valuable sales-closing time. We all window shop from time to time. It’s natural. But learn the signs.

The Solution Determine if your prospects are ready to buy. Avoid pouring too much time and energy into these so-called “tire-kickers.” Learn how to qualify your prospects early in the sales conversation. Ask the hard questions that may put off some window shoppers who don’t really want to commit to anything concrete. Lastly, realize that “no” is a perfectly acceptable answer to your sales ask. Time to move on to another prospect.

Problem 3. Your Talking Skills Are Great, Your Listening Skills However…

The Problem You talk too much. What did they expect? You learned so much about your products. You created a process and plan to provide top-quality services that really sets you apart. You want your prospect to know that you know what you’re talking about—and to prove it to yourself as well.

As Lofton notes, customers buy for their own reasons, not your reasons or even your organization’s reasons. Plus, your long-winded sales pitch probably sounds like your competitor’s long-winded sales pitch to the prospect, meaning he’ll likely just pick the lowest priced quote.

The Solution Ask questions. You may know everything about your products, but you don’t yet know everything about your prospect, their needs, or their insurance goals. Make everything you say prompt the prospect to give you those answers. Then you can start prescribing solutions that meet your prospect, their needs, and their goals.

Problem 4. You Worry About Price Way Too Much.

The Problem Your prospect may say he cares about price, but it is very rarely the real issue. The real worry is that the prospect’s needs and goals won’t be met by the product, that any benefits will be outweighed by a high cost, or that your quality of services won’t be worth it. Getting caught up on price is never advisable. Someone can always go lower.

The Solution Continue to ask those questions. Find out if your prospect’s price obsession is really about. Once you know how to get to the root cause of the prospect’s price concerns, it will cease to be an issue your prospects obsess over.

Problem 5. Your Training Focused Too Much on Product Knowledge and Not Enough on Finding Solutions.

The Problem You may have been taught that sales calls consist of making presentations and pitching products. You may even be eager to describe a whole range of products you’ve just learned about to the prospect, after all, 80% of your training may have focused on this.

The Solution But your prospect won’t buy for your reason; they’ve got their own. You’ll have to figure out why they want to buy and what solution will work for them.

That doesn’t mean your product knowledge isn’t valuable. It is. At each point of the sales conversation, you’ll need to draw upon just the right product knowledge to fit the new information you’re learning from the prospect. This helps the prospect clarify what their problem is and work with you to determine a best-fit solution.

Problem 6. You Find Yourself Putting Off the Budget Discussion.

The Problem You’ve just gotten the prospect on the line. They seem wary of opening up too much. You’re not sure what kind of budget he has or even what he can afford, but you’re not about to ask right now for fear it will scare him off.

The Solution Money can be a taboo subject, but it’s absolutely necessary to have the budget discussion with the prospect. Lofton explains that it let’s you know how serious the prospect is about solving their problem and also saves you from trying to go off of your own assumptions.

Problem 7. You’re Not Getting Commitments from Prospects.

The Problem You find yourself giving out tons of quotes and following up on a large number of leads, but at the end of the month your sales are lagging. For all that effort you’ve put into your prospects, you’re not get much back in return. It’s not that you don’t expect to lose a certain percentages of sales. You’re just wondering why after doing everything right you’re coming up short.

The problem here is similar to Problem 2. You’re spending your most limited resource—time—on leads who aren’t producing sales. That’s tough for your morale and bad for the future of your business.

The Solution Refocus on those customers who show determination to pin down their problem and find a real solution during the sales process. You want more of those prospects and fewer prospects not ready to commit. Start asking more questions to qualify your prospects before investing your time in quotes.

Problem 8. You Haven’t Been Prospecting Enough.

The Problem There’s so much to do. Leads, calls, follow-ups, meetings, paperwork. We get it. The problem is that without new leads turning into customers your business isn’t sustainable. According to Lofton, 40% of veteran sales pros have let their prospecting fall to dangerous levels and 80% of new agents fail for the same reason.

The Solution Prospecting has to become part of a daily and weekly regiment. You have to find that self-discipline to make yourself put it on your calendar and do it. It’s especially important to continue prospecting through busy periods—a dry spell could be just around the corner.

Problem 9. You Find Yourself Seeking Approval from Your Clients.

The Problem You have to bond with your prospects and clients to build that trust and rapport. That’s necessary for a sales business. But if you face rejection after you’ve invested yourself in a client relationship, it can be really tough emotionally.

The Solution The relationships you have with your clients and prospects will feel genuine to you, but you need to keep it professional. You can’t be best friends with these clients and still do your job. Set boundaries and make sure you can maintain them if you want to stay in this business.

Problem 10. You Don’t Think of Yourself as the Sales Professional You Are.

The Problem It’s easy to fall into a routine with something that works. If you’ve got your process down and a healthy list of client contacts, your business might begin to seem like it’s running itself. Eventually you start taking things for granted. You’ve been putting your skills to good use and they work just fine. The problem is that business is always changing. What works today may fail tomorrow.

The Solution

Always ask yourself how you can improve. Can your process become more efficient, leading you to service more clients and make more money? Are there new technologies or skills suitable for today’s market that could improve your business? Seek out these opportunities whenever you can. Not only does it make you a better sales professional, it also boosts your morale and can breathe new life into your work.

How To Execute A Successful Cold Call

Tips To Execute A Successful Cold Call

Posted on , 8/18/2014

Cold calling can get a bad rap. Often, it is associated with entry level jobs and getting hung up on for hours each day. The reality is, however, that cold calling can be one of the secrets to generating promising leads for insurance agents. It's not enough to simply call dozens of people each day or show up at business after business - as an agent, you have to execute good technique to turn cold calls into solid leads. Here are some tips to help you do just that:

Have a plan
Just dialing up businesses or individuals isn't going to help your cause. It is essential that you plan ahead so that when you get someone on the phone, you know what you're doing. This means doing your research before picking up the phone. While you don't need to do an in-depth investigation of the person you're calling, you'd be surprised how much a quick online search can turn up. It will not only help you make the appropriate sales pitches, but will also help you feel more confident in what you have to say.

Respect the gatekeeper
Whether you're calling into an office or showing up at their door, it's likely that you'll run into a receptionist of some kind. Even though this person may not be the ultimate person you want to deliver your pitch to, don't make the mistake of being rude or short with him or her. You don't know how much influence the receptionist has over the ultimate decision-maker, and many professionals make a habit of asking their assistants if visitors treated them with respect upon arrival. If there is a nameplate on the receptionist's desk, use their first name and be as engaging as you would with your client.

Make it personal
No one wants to hear a robot giving them a tired old sales pitch. Whether you are in person or on the phone with a potential client, find something personal and interesting to talk about, whether it's a shared love of a local sports team or plans for an upcoming holiday. It will immediately change the tone of the conversation from formulaic to personal.

Be self-aware
Making calls all day or driving from client to client may prompt you to fall into bad habits, which is bound to turn off potential customers. If you're on the phone, try standing and facing a mirror. While it may feel a bit silly, it will also make you smile, which will give you a more confident sound over the phone. Recording yourself is another great way to get a little more objective with how you come across. Do you sound rushed, annoyed or unsure? You may be unaware of how you sound to the person on the phone while you're speaking, but hearing it played back will likely change your outlook. 

Keep records
Of course, not every call or stop is going to result in a sale. Nonetheless, it will behoove you to keep careful records of all of your sales pitches. First of all, you can get an idea of how many appointments you set per call, giving you averages that you can work to improve. Plus, if you end up revisiting a potential client, you'll be able to go in prepared. What did you pitch this company or person last time? Why did they turn it down? Paying attention to these details will not only help you customize exactly what you're trying to sell to your potential client, but it will also make them feel as if you are going to give them the personal attention they want in the future.

Apps for Insurance Agents

5+ Apps for Insurance Agents

Insurance Agents chasing new leads are always on the move. From meetings with clients in person to calling prospects on the phone, you are going to be busy from morning until evening.
One of the best ways to increase productivity and save time is to take advantage of the many mobile apps that are available. Do you own an iPhone? If so, you are in position to download multiple apps that can help improve your business. (note: I have an iPhone and use these apps myself.  Most of these are also available on Android or BlackBerry)

Here are 5 Great Mobile Apps for Insurance Agents

1. Kelley Blue Book. If you sell auto insurance this is a great app to have on your phone. In short, it allows you to quickly pull information on the value of any vehicle. Are you trying to help a client decide what type of insurance coverage to buy? If so, you may need to know the value of the vehicle.
2. Insurance Journal. Are you interested in staying current with news from the insurance industry? You are probably well aware that Insurance Journal is one of the top resources. You can use this app to stay connected, no matter if you are in your office or on the go. Throughout the day, you can check in to see if anything major is happening.
3. Evernote. From taking notes to capturing images to creating to-do lists, when you have this popular app on your iPhone you are able to stay organized – no matter how hectic things may become. Some agents have an extremely difficult time staying organized. With Evernote, you can protect against this.
4. Google Voice. Let’s face it: you are not always going to be in your office. Does this mean you want to miss important phone calls? Of course not. With Google Voice and its call forwarding capabilities, you can be rest assured that you never again miss a phone call. You will find that this app is a must if you want to provide the highest level of customer service.
5. Twitter, Google+ and LinkedIn. Some agents are serious about social networking. They know that this is a great way to stay in touch with clients, prospects, and industry colleagues. Others are not yet taking full advantage. If you are the type of person who likes to stay involved with social networking, even when away from your computer, these three apps can be a big help.
There is a fine line between using the right apps and having entirely too many. You don’t want to bog yourself down, being forced to use your phone for every last task. However, you can truly turn your business into a “mobile operation” with the help of the right apps.
Even if you only download one of these apps, there is a good chance that you will soon find yourself in a better position.
What apps make you a more effective agent?

Mortgage Life Insurance Leads – Tricks of the Trade

Many homeowners realize the importance of buying a mortgage life insurance (also known as mortgage protection insurance) policy. With that in mind, agents who offer this type of coverage have come to realize that it can be extremely difficult to sell.
Most consumers are of the thought that mortgage life insurance is a waste of money. In other words, they don’t think they will ever use this type of policy. That being said, it should be looked at in the same light as every other type of coverage. It is something that consumers purchase for protection, since they don’t know what the future holds.

Reach your Target Audience

More so than many types of insurance, when attempting to sell mortgage life insurance you must find your target audience.
Simply put, if somebody doesn’t have a mortgage they don’t need to consider this type of coverage. Remember, this product is specifically designed to pay the remaining balance of a mortgage loan should the policyholder pass away.
Finding clients that have a mortgage and are willing to consider mortgage life insurance is no simple task.
While cold calling and direct mail will always be two options to consider, purchasing leads online makes it much easier to target the appropriate audience. Through the use of filters, you can ensure that you are only getting in touch with consumers who are actually interested in this type of coverage.

Pre-Qualified Leads

When you turn to a reputable internet lead provider, you will find it easy to find pre-qualified leads. With pre-qualified leads, you know that the consumer is at the very least interested in what you are selling.
Also, with pre-qualified leads you are in position to use a variety of filters. For example, you can find consumers with health conditions who may not be able to purchase traditional life insurance. This means they are more likely to purchase mortgage life insurance since the qualification process is less strict.
Despite the fact that you have to spend money upfront on mortgage life, remember one thing: you are getting what you pay for.
If you rely on cold calling and direct mail, you could go many weeks without ever contacting a consumer who is interested in this type of coverage. When you purchase leads online, this is never the case. Instead, you are only spending time on prospects who are likely to consider everything you have to offer.

The Sales Process

No matter how many qualified mortgage life insurance leads you generate, you are still faced with a sales process. Just because you are speaking with somebody who is interested in buying a policy does not mean that he or she will actually do so.
When you purchase pre-qualified leads, you know that the consumer is in position to purchase a policy. If nothing else, the prospect has a balance on their mortgage and is interested in at least hearing what this type of insurance can do for them.
During the sales process, you must explain the benefits of mortgage protection life insurance as compared to more traditional life insurance (whole and term life). Many people think that if they have life insurance they don’t need mortgage life insurance. How are you going to overcome this common objection?
With every sales call you will learn more about the process, including how it typically unfolds. Soon enough, you will devise a strategy that helps yield the best results.
Summary
There is no denying that it can be extremely difficult to sell mortgage life insurance. This holds true for two primary reasons:

• You are targeting a small audience
• You must educate consumers that buying mortgage life insurance along with traditional life insurance is okay

The ability to purchase pre-qualified life insurance leads via the internet will make it easier for you to contact interested buyers. From there, let the sales process begin!

Earn Referrals With Great Service 

No matter how you are generating insurance leads, one thing must stay the same: you need to provide a great customer service experience. A focus on great service will not only result in a higher close ratio but it will also play a key role in earning ongoing referrals.
There are steps you can take to provide better service to prospects. Of course, these steps will also hold true when providing service to current clients.

Fast and Efficient Communication

Prospects don’t want to wait around for an answer to a question or advice on what to purchase. If you are going to communicate with a prospect, make sure you provide fast and efficient service no matter what it takes. This means answering questions when they come up, providing information as necessary, and doing whatever else you can to make the consumer feel at home.
As you continue to provide the best service, the prospect will see that you are truly interested in what they are doing. This is an area that other agents often times overlook, so you should be willing to take advantage.

Provide a Detailed Quote

At some point in time, every prospect is going to request a quote. This is what you will provide the buyer in order to get the buying process moving forward. The more information you give the better off you are going to be. Additionally, a detailed quote can help you avoid some questions down the line.
Be sure the quote includes everything the prospect could possibly need to make a decision, including but not limited to the coverage being offered as well as the premium. Also, let them know that you are available to answer questions in the future should they arise.

Provide Detailed Answers to Questions

Just because you have a lot of knowledge does not mean the consumer is going to be as advanced. For this reason, you must provide complete answers to any questions that are thrown at you.
The more details you can provide the greater chance there is that the prospect will understand what you have to offer. Subsequently, your odds of making a sale in the near future greatly increases.
There is no question so challenging that you will be lose for an answer. Make it your goal to provide too much information as opposed to not enough.

Stay in Constant Contact

Some prospects are ready to make a purchase after receiving a quote. Others will put this off, time and time again, meaning that you need to stay in constant contact. Although you don’t want to go overboard with emails and phone calls, the prospect should know that you are available to provide advice and answer questions.
When you stay in touch with the prospect, you are showing that you truly care about their future. This may be the difference between making a deal and losing the client to another agent. Have a schedule for making follow-up phone calls and do your best to stick with it.

Email and Phone Support

Most insurance buyers will want to communicate via telephone. However, some are realizing that using the internet is the way to go. You should not shy away from communicating via email if this is something the buyer is interested in doing.
Also, if the prospect lives in your local area you should make yourself available to meet in person. This may be the final step in closing a sale.
Wrap Up
By following this advice, you will realize that you are able to provide a better customer service experience to every prospect. This does not mean you are always going to make a sale, but you are doing your part in increasing your chance of success.
Regardless of how you generate a lead, you should always put a lot of time into providing the best customer service in the industry.