When it comes to handling customers as an insurance agent, there are four major objections that you’ll have to handle throughout your career:
- Price and risk involved,
- Quality of service you’re providing,
- The trust and relationships you build over the course of your career, and
- Decision stalls, where you have to keep asking customers for their decisions.
Whether it’s a matter of legacy planning, life insurance, wills or even just a simple matter of estate planning, you’ll always have to overcome hurdles. Unfortunately, there is no such thing as the “perfect sale.”
One of the most common reasons sales aren’t successful are customer objections in insurance sales, and one of the best ways to resolve these objections is to understand them. You, as an insurance agent, need to understand how you can make your audiences engage with you positively and why people might not want to work with you.
Here are our observations about these objections, which helped us build much better relationships with our customers:
People Generally Don’t Like Change
To satisfy customers, you need to head to their turf. Clients – especially those you call – are satisfied with what they have. Yes, you know better about what additional or different insurance policies or products they’d need, but you must take into consideration what Newton said,
“Things that are in motion tend to stay in motion, and those at rest tend to remain at rest unless an external force is applied to them.”
You need to have all the relevant information at the ready to help your clients understand why change is necessary and the costs involved (for them).
The Price – It’s Almost Always the Price
Regardless of whether you’re charging more or less for the same insurance policy, it will always present itself as a hurdle. Yes, lower prices may be less of a hurdle, but it raises a question; why are they charging me less for the same? Is there something wrong with their service?
You need to explain the price difference to your customers in detail and how it affects their insurance or legacy planning.
If high annual payments are a concern, remember to show customers how smaller monthly payments would be better-suited.
“Let Me Ask the Partner”
If there are gatekeepers, there will always be a delay. If people need to check with someone else, chances are that you will have to convince another member of the same household. This presents a stall, where you might end up having to explain your position again.
Keep a cool head and continue to do your best. If you noticed any objections the first person had, hint at them subtly until the other person asks about the same in detail. STICK TO YOUR PITCH. Make amends, not drastic changes.
Customers Looking to Negotiate
As an insurance agent, you know well enough that negotiation isn’t usually on the table unless you’re in an executive position. But as a person buying insurance, it is natural to always look for more insurance against less money.
Be sure to listen to what the clients want and if you can create a custom plan for them that reduces costs and gives them what they want, go for it. Usually, customers aren’t clear about what they want. They don’t know much about their options, so they’ll simply highlight the most important aspects for them in an insurance policy or financial planning.
See if they mention anything manageable, such as a slight amendment in a given plan.
Handling clients in the heat of the moment is trickier than it seems. You might see more and more options in hindsight, but being present in the moment is much harder. At Legacy Armour, we’re here to help you increase your clientele with tailored advice as and when you need it, along with a safe haven for your client’s documents and legacy planning ventures. If you’d like to learn more, contact us today via call or mail.