Life insurance providers are often viewed as companies that offer financial support to beneficiaries in the unfortunate event their loved one passes on. Although there’s a lot of truth in that, more than 106 million adults have not enrolled for life insurance, according to a report.
When selling life insurance products, you may encounter challenges such as lack of trust, competition, and misconceptions. So, how do you tap into the ever-changing life insurance dynamics to close more life insurance sales?
Keep reading to discover practical ways to get leads for your life insurance business.
Build Trust Online
With technology, buyers are more informed than ever since they can conduct research and compare different quotes from several providers. As well, consumers have quick access to information at their fingertips.
In the wake of the Covid-19 pandemic and social distancing protocols taking shape, most insurance agents had to adapt to the new norm quickly.
Currently, it’s common to use phone calls and emails to reach out to prospects, set appointments, and establish a formal relationship that will enable you to close a deal.
You can achieve trust online through personalized engagements and ensuring the interactions are as humanly possible.
It’s also crucial to ensure that your sales efforts are relevant, clear, and timely. You can create a solid prospects list, which can help in getting qualifying leads and building lucrative sales online.
Use Your Company’s Leads
Often, large insurers with a long history of selling life insurance products have established clientele who renew policies every year. If you work for such a provider, you can use the company’s leads to hit your targets.
Further, you’ll find that such companies have great offers for new prospects, such as new discounts upon signing up. Likewise, new customers are more confident dealing with an established company than a new startup.
Another advantage is that you won’t risk your money since the leads are more likely to convert. Besides, your company will facilitate your travel costs and offer all the support you need.
Finally, companies that offer their sales reps leads don’t usually charge up-front agent fees. However, this does not mean that the leads are free because the company may offer lower sales commissions.
Use Third-Party Leads
You can use third parties if your provider doesn’t offer life insurance sales leads. These businesses exist to help insurance agents or sales reps get leads.
The first step is to sign up with the company and provide important details, such as your zip code, area of operation, and lead targets. Usually, you’ll need to pay upfront fees, and in return, you’ll get leads within your preferred regions.
The advantage of using third parties is that they’ll not take your commissions and your closing rates will improve. Additionally, the fees are generally lower because such companies provide many leads at affordable charges.
You’ll also have the advantage of specifying the types of leads that you want. For instance, you can choose exclusive or non-exclusive leads.
Exclusive leads are sold to you and hence, more expensive. On the other hand, non-exclusive leads are sold to many agents and thus, cheaper.
The main disadvantage of using third-party leads is that you’ll pay upfront fees before you get any leads. You may receive negative pay if you don’t get any leads in your first week or month.
Further, if you’re a new sales rep yet to hone your skills, you’ll risk earning nothing in the first weeks.
Getting leads from third parties is a good option for new sales reps with little experience. However, over time, it’s advisable to get your own leads through networking and building a strong professional profile.
Use LinkedIn For Leads
Unlike other social media platforms, LinkedIn is a networking platform for professionals. So, it’s a good place to use the connections to get quality life insurance leads.
A report suggests that up to 80% of B2B leads generated from social media platforms come from LinkedIn.
Unfortunately, generating leads is not straightforward because it requires building a professional profile, which can take much time.
Rounding out your profile is the first step to getting noticed and letting your prospects know you’re selling life insurance.
Your profile should stand out so that when someone reads it, they’ll know the types of products you’re selling.
It’s important to upload a profile picture that shows that you’re a sales professional. Refrain from group pictures and selfies, since these are mostly for personal or social engagements.
You don’t need to be glamorous in the photo, but a top-notch headshot from a studio will do justice to your appearance.
After uploading a picture, write a summary that outlines your educational and professional background.
Don’t miss the important details in your career and layout your sales experience, including deliverables, targets and achievements.
Don’t join groups aimlessly, but find those in the life insurance industry. Engage in valuable discussions as this will help build your networks.
In LinkedIn forums, provide knowledge and share professional opinions on subjects to get noticed.
When you remain active in such forums, prospects will notice you and build trust when you propose selling your products.
Network With the Right Professionals
In sales, networking is necessary for finding new leads and building a solid referral pipeline. The strategy is useful when selling life insurance policies because it helps open doors and develops powerful relationships.
You can access existing networks and locate qualified prospects as a sales rep.
In networking, you must know who to approach, get the talk rolling, listen actively, and be consistent. After that, ask for contacts necessary for follow-up.
Studies reveal that having many contacts helps build more networks necessary for lead generation.
With this approach, you don’t have to cold call or rely on your company’s leads to hit targets. If you live in large cities, you can network with professionals from various industries.
The best strategy is to attend weekly or monthly meetings, socialize, and exchange sales strategies.
In networking, you don’t have to meet with professionals in your industry, but can connect with other professionals such as accountants, doctors, and lawyers.
For example, a meeting with a lawyer can connect you to a client looking to build their retirement funds. Fair warning, don’t be too pushy as it may drive your connections away.
Conclusion
You’ll agree that the power to close a deal with a prospective client has everything to do with your ability as a sales representative. Without a doubt, there are multiple ways of finding your life insurance. Even though all methods are practical, the best option depends on a combination of strategies. All said, lead generation for life insurance depends on other factors such as target market, competition, niche, and personal sales approach.
