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Want to Sell More Life Insurance More Profitably – Become a Business Coach!
by
Wayne Messick
Successful life insurance agents historically were the ones who did the best job of “fact finding” whether with or without a questionaire – to find areas in the lives of their prospects where there were gaps between what is and what the prospect wants, and then offer life insurance as a solution that fills the gap.
The most successful of all life insurance agents take fact finding a whole different level – actually engaging in what has become referred to as coach type questions to draw out the prospect in a non-manipulative way, to uncover the reasons behind their feelings and the feelings behind their needs. Successful life insurance agents historically were the ones who did the best job of “fact finding” whether with or without a questionable – to find areas in the lives of their prospects where there were gaps between what is and what the prospect wants, and then offer life insurance as a solution that fills the gap. The most successful of all life insurance agents take fact finding a whole different level – actually engaging in what has become referred to as coach type questions to draw out the prospect in a non manipulative way, to uncover the reasons behind their feelings and the feelings behind their needs. Every year more people enter the life insurance business and from those we have spoken with we have learned that the number one thing they have done that has resulted in dramatically increased production and profit, is business coach training. That’s right, life insurance agents and professionals of all stripes become dramatically more profitable after they became trained business coaches. Training, not to become business coaches per se and not so they can call themselves coaches – implying that they something other than what they are. For them, those only a short time in the business, this seemed like a natural way to go. Since they did not know everything about insurance and their prospects knew they did not know everything, it was easier for them to learn that asking questions is a more productive process that takes them closer to what’s important to the prospect than simply showing up with a proposal for so much of such and such kind of life insurance. Business coach training allows us to get out of our own way, empowers our prospects with actual substantive questions we really want the answers to, before we offer our solutions. When we take the approach of a coach – asking our prospects what’s most important to them, what’s the situation now, and what’s possible – given the intersection of their desires and their budgets, it is their problem and they are trying to solve it. Life insurance, and any other product or service, stays on the books longer when the person who buys it understands specifically the important reasons that underlie their decision to make the purchase. Business owners tell me that for some of them it costs 30 times more to acquire a new customer than to retain one they already have. As the saying goes, persistency pays – so when a life insurance professional acts like a coach, drawing the prospect into the problem and helping create the solution – the business stays on the books. Life insurance companies have created a vast array of flexible and customizable products. The agent whose only goal is to address his or her prospects needs and desires can creatively massage these products into the ideal solution for their prospects right then. Later, when things change the coverages can be changed to address the new situations. If the problems belong to the prospect. The solution and having to live with it is theirs as well. As a agent you are only an intermediary – bringing the time (they will do all these things if they have the time) in the form of dollars to complete the picture of the present and the future that your client has painted. Not only will the business stay on the books so you can spend your time looking for new people to serve, rather than replace the lost revenues when policies lapse, you will have clients who tell their friends and colleagues what an insightful honest caring person you are. And all you did was ask the right questions!
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