How to Qualify Insurance Prospects Easier

Many financial advisers seem to think that if they can just give a dynamic presentation about a protection package, then their prospects will have to buy. While it is great to be able to give dynamic presentations there needs to be recognition of the fact that effective qualification of the prospect and the courage to ask for the business is the key to successful sales results.

You can waste valuable time demonstrating your product or service to prospects that aren’t qualified to make the final decision, haven’t got the money or don’t have control of the decision making process to buy.

Most prospects can be qualified very simply, even over the phone. It is about:

• Knowing the right questions to ask
• Making sure you are asking the right person
• Having the courage to ask

When you can combine powerful qualifying questions with this fact finding process you will save time, reach decision makers quicker, get positive decisions quicker and win the respect of your prospect to act on your advice for their benefit.

Here are some aspects of the sales process for insurance for you to consider

Ask what they have now

This clarifies for you if they already have your service, if they need what you are selling, if they need a review/comparison or if they are brand new to your service offer. This allows you to make comparisons on price, age, quality and new features that can be distilled into benefits the customer will want to consider.

Find out what they like most about the product or service they currently have.

If they have a product that gives value for money, is low maintenance and makes them look good in front of others then that is the space and place you want to be when you are making your pitch. Confirm what they like with them. Maybe that is what they want, but are not actually getting those attributes now. Fill the void and you stand a chance of getting a new customer.

Find out what they dislike most about the product or service they use now.

This allows you to prepare for and anticipate objections in your pitch. If they hate the fact that it’s a service paid for monthly, and all you have is a service that is paid for monthly, then prepare for the inevitable objection and overcome it smoothly. Ask them if they would like to get a tax deduction on their income protection by paying for it annually just before the end of the tax year. Ask them if they would like a personal review or comparison on an annual basis.

Discover what they would like to see altered or improved in getting this product or service improved.

This valuable question will reveal the major factors that will influence their buying decisions. An excellent way to approach this is to say “Mr Prospect, if you had a magic wand and could wave it over this service, what would you like to see altered, improved or added?” Then be quiet and wait for the answers.

Find out who, in addition to the prospect, will make the final decision or who has an input into the final decision to implement your offer.

You need to know before your presentation if you’ll be talking with all the decision-makers. If not, make arrangements to do so. Find out if the decision is made by an individual, a partner, accountant, parent, trustee or a committee. If it has to go back to a committee or another individual for a decision ascertain how influential these people are. Will they stand in the way of a positive decision?

Learn when they are ready to proceed if you demonstrate that you have the right product mix or service at an affordable price for their needs.

They may want what you have, but have other obligations to fulfil or financing to arrange, before going ahead. Find out the date for implementation of your recommendations or suggestions. If they give you a date then you can proceed with the sales process.

Activity

Which of these techniques are you using?

Which ones would help you if you included them in your questioning process?