You spent weeks cultivating a prospect through marketing emails and social media outreach, convincing them you have the perfect solution for their insurance needs — and it worked! You finally schedule an appointment and after your presentation and talking with the client, you leave with a signed contract. Time to pop the champagne, right? Maybe not.
Insurance agents become so focused on closing the deal that they sometimes forget what they do after the transaction is complete is just as important to the client — and the agent’s business. Clients have the right to cancel an insurance contract within 14 days after they put their signature on a sales document. This “cooling off” period can make or break a sale — as any agent who has ever received the dreaded “thanks, but no thanks” phone call following what they thought was a done deal knows.
Successful insurance agents recognize that there is more to selling insurance than just getting a client to put pen to paper. They follow these five tips to ensure clients don’t toss the signed contract aside.
Stay with the Client After the Deal is Sealed
After the contract is signed, you may be tempted to bolt from the meeting, thinking your job is finished. It’s not. First, thank your clients for giving you their business. It’s a small gesture, but one that shows your appreciation. Then, reassure them they made the right decision for themselves and their family. Go over the details of the policy even after the contract is signed. Purchasing an insurance contract ranks as a major, long-lasting financial commitment. Clients understandably may have second thoughts. But you can overcome any hesitations by reiterating the benefits they will receive through the policy, whether it’s homeowner protection or life insurance for their family’s financial stability.
Sell the Right Product for the Client’s Needs
After reflection, a client may cancel a policy because he or she realized it didn’t meet their needs or match what they actually wanted. If that is the case, ask yourself: Did I truly listen to the client’s questions? Perhaps you entered the sales meeting with a preconceived notion of what the client wanted and mistakenly sold them the wrong policy for their circumstances. Oftentimes, insurance agents think of a sales meeting as just that — a meeting to close a sale. A better tactic is to use that time to consult with the client so you understand the problem he or she intends to solve with insurance coverage whether it be a personal or business issue. When you sell the right product to the right client, there will be no buyer’s remorse.
Overcome Any Client Doubts
During your conversation, the client may express objections or doubts about the product. Don’t take these as signs that the deal is off. Instead, acknowledge those objections and explain the policy features that address those concerns. A client that feels variable life insurance is too financially risky may be a candidate for guaranteed permanent life insurance. It all goes back to listening to the client and pairing him or her with the policy they feel most comfortable purchasing. Overcoming objections increases the odds the client will be pleased with policy and have no reason to cancel the deal.
Continue to Follow Up with the Client
The follow-up begins during the sales meeting when you describe the next steps in the process, such as when the contract will be filed with the carrier, when to expect confirmation in the mail, the effective date, and the payment schedule. Make sure the client understands what is in the policy before you leave. Provide your contact information and emphasize your availability to answer any questions following the meeting. If you don’t hear from them, pick up the phone or send an email inquiring whether they’ve received all the necessary paperwork or if you can help them through the process. These actions indicate your commitment to helping clients beyond merely making a sale and can sway them against nixing the contract during the crucial cooling off period.
Build a Lasting Relationship with the Client
Use the initial sales meeting as a building block to a long-term relationship with your clients rather than a one-off transaction. Clients can sense if you’re there to only book a deal and may reject your product even if it suits their needs. But if you position yourself as an expert consultant, able to assist them in achieving their goals through insurance, you stand a greater chance of not only keeping them beyond a signed contract but also selling them more products in the future as well.
While it’s great to hear the word “yes” during a sales meeting, remember that a deal is a process. Successful insurance agents cultivate enduring client relationships by understanding their concerns and finding the right solutions for their needs. That only happens when you stop selling and start listening
source:go.preciseleads.com
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