Top 3 Reasons Agents Fail

Selling insurance is easy, right? Sure, if you’re a veteran and have been doing it for years. But for most agents who are just starting out, and even for some who have been selling for a while, it can be a struggle, and many will fail. It is actually estimated that about 80% of new agents will fail within the first 3 years. If you are aware of the reasons why agents fail, then you can avoid these mistakes and become successful in the insurance industry.

Expecting A Lot In The Beginningillustration of a man in dress clother with his head on his laptop keyboard

This is the biggest mistake you can make as an agent. It would be great to get into the insurance business and flourish right away. But that is not realistic. Selling insurance is a slow and steady race, because of the time it takes to build a customer base. In order to get that customer base, you have to put effort into building a website, creating a social media presence, doing email marketing, and more to get your name out there and get your business known. 

But even before you can build up your customer base, you need to get leads, which can take quite some time. In order to get leads that are exclusive and ready to buy, you have to put in a lot of work, including knowing how to speak to customers, and showing superior customer service skills. Benepath can supply you with great exclusive leads at a low cost. Our leads simply fill out a form on our website and are ready to speak to an agent about their insurance options.

Not Having Enough Training

An insurance agent needs to know their stuff, which means you must constantly learn what is new and what has changed in the industry. How can you get more training and education? There are plenty of online courses available. You can also join a network of agents who can help mentor you. 

Focusing On Making Money Instead Of Providing Great Serviceillustration of two magnifying glasses over a money bill.

We get it, you want to be successful and make a lot of money. But choosing to chase money will only end up hurting your business, and you will lose out in the long run. Customers will see that you do not care about their needs, especially if you are pushy about selling plans without showing your customers how valuable they are. Selling insurance is a service-oriented business, and about building relationships, not just making sales. You need to be ready to go above and beyond to meet your clients’ expectations, and keep your relationships going. 

If you want to become a successful agent, great! It takes a lot of work, you have to be educated in insurance, take your time, and know how to run a customer service-based business. If you’re looking for exclusive leads, Benepath has got your back. To get more information, fill out the form on the side of the page, or call 866-368-0377.

How To Be An Adaptable Agent

The insurance industry is always changing, and this past year has shown just how all the variables that can come into play require adaptability. As an insurance agent, you have to be able to quickly adapt to any changes in your industry, whether they are changes in plans, insurance companies, rules and regulations, or the needs of your customers. Being adaptable will help your business grow in the long run, because the more flexible you are, then the more successful you will be. But how exactly can you be adaptable?

woman's arms sitting at a desk in front of a laptop with a cellphone next to it and a tablet next to the cellphone
Technology is always evolving, so it is important to keep up with it to make comparing plans easier.

Keep Up With Technology

Technology is constantly developing, growing, and changing. People have grown to rely on technology for almost everything: keeping up with friends, finding answers to their questions, getting directions, and shopping – and that includes shopping for insurance! Your customers are looking for convenience, so if you do not keep up with new technology, you will find yourself struggling to sell insurance.

Stay on top of all of the ways to make selling insurance as convenient as possible for your customers. Learn how to share your screens with customers, create a website and keep it updated, and make signing up customers online an easy option for them. 

Expect The Unexpected

If there’s one thing you’ve probably learned over time as an insurance agent, it’s that you should always be ready for the unexpected. The pandemic is a great example of the unexpected! When it hit, agents had to adapt to selling insurance solely over the phone and through video meetings. Adaptable agents, who transitioned easily to selling over the phone rather than relying on face-to-face interactions, were much better prepared to continue selling through a difficult situation. 

Always be ready to tackle any obstacles to selling that are thrown your way, which brings us to the next tip…

Embrace Challenges

How you look at a tough situation will determine how successful you are at tackling that challenge. If you approach a challenge with a positive attitude, you are more likely to have an open mind and find the solution more quickly, and not get frustrated. Being frustrated, annoyed and angry will only lead to giving up, and that’s not an option in the insurance business. After all, it’s not always easy trying to find the perfect plan that meets all of a customer’s needs, and you are bound to be faced with angry customers or periods of rejection. 

illustration of scissors cutting the t off of the word can't

Take a deep breath, take a break, and come back to work on the challenge with a clear mind. It will make a world of difference, because not everything is going to come easily to you, no matter how long you have been doing the job. 

The best way to be successful in any business is to be adaptable. Keep up with the latest technology, with any changes to insurance companies and their plans, and most importantly with your clients. Leads all have different needs, and learning to adapt to them is very important  to having happy, satisfied customers. And if you do end up with unhappy customers, learn to take on their feedback so you know what you need to improve. Remember, if you are struggling to find exclusive leads that are ready to buy, Benepath can help. We provide exclusive leads that are sent to you and only you. We also provide you with better tools, more guidance, unsurpassed sales training, and techniques from the most successful agents and trainers in the industry.  To get more information, fill out the form on the right side of the page, or call 866-368-0377.

Tips For Selling Insurance During Hard Times

Last year was an unusual year. Many people suffered, from business owners to employees who lost their jobs. Some small businesses had to shut down, which ended in them closing their doors for good and laying off their employees. All of this means that many Americans are facing hard times financially, so you might find that selling insurance is challenging right now. But we have some tips to help; after all, people still need insurance. You can help them, as long as you approach each sale with care and offer ways for customers to save.

Address The Importance Of Insurance

set of hands with paperwork in front of them on a table.
It is important now than ever to explain the importance of being insured during tough times.

When selling during tough times, you need to make clear to your prospects just how important insurance is to their health and well-being. Help them to understand the possible consequences of going without insurance. Create different scenarios to illustrate your point. Remember, though, the goal is not to scare them into a sale, but rather to help protect them from the unexpected. 

One way to highlight the importance of insurance to your prospects is to show them that not having insurance can lead to financial risk and loss for everyone, whether it is a business owner who chooses to cut back on commercial insurance, or an individual choosing to opt out of health insurance. A business owner who forgoes insurance can jeopardize their business, because all it takes is one lawsuit to  lose everything they have worked for. An individual who chooses to remain uninsured can end up in medical debt if they have an accident or develop a chronic condition. Again, approach the matter with care and compassion, and make it clear that you are not trying to scare them, or they might feel like they are being bullied into a sale. 

Look for Discounts

If current customers are thinking of cancelling a policy, or changing to a cheaper plan, sit down with them and see if you can find any discounts available for their current plan. There might be some discounts that you can apply that will help lower costs. For business owners, let them know that they might be able to save money by bundling their insurance policies. Even saving your client a small amount of money such as $5-10 can make a difference to them!

Suggest a Higher Deductible

blue arrows, one pointing downward and the other pointing upward.
Having a higher deductible allows people to save with lower monthly premiums.

If a customer is struggling to pay their monthly premiums because of financial issues, the easiest way to help is by suggesting they go with a plan with a higher deductible. High deductible plans will have lower monthly premiums, which can help them save more money each month, as long as they do not have an accident which will require them to meet their high deductible. 

The COVID-19 pandemic has not only caused hardships for business owners and their employees, it has also caused hardships for agents. But if you follow the tips provided, and help people prioritize insurance, then you can succeed during these tough times. 

Remember, if you’re looking for leads, one way to guarantee you’ll find them is by working with Benepath! Hundreds of leads looking for all types of insurance fill out our online forms everyday, and after they fill them out, we immediately transfer calls to our agents. Our leads are exclusive and offered in real-time, which sets us apart from other companies. Not only do we offer exclusive real-time leads, but we will even create a thank you page for you. This way leads know exactly who they are about to speak to before the call is transferred! To find out more, fill out your information on the bar to the side, or call 866-368-0377.

Building Customer Confidence

The secret to growing your business is taking care of your customers. You have to build customer confidence and trust in order to build a strong, dependable consumer base. At the end of the day, people buy from people that they trust, but it’s not always easy to get people to trust you when you’re selling insurance. The fact of the matter is, many people simply don’t trust sales people. Don’t let that discourage you! There are some easy ways that you can gain the confidence of insurance shoppers. 

Share Video Testimonialscaucasian hands on a laptop keyboard with "customer testimonial" on the screen

The saying “show, don’t tell” holds true in most situations, including in the world of customer service. People want to see great reviews of a product or business before pulling the trigger on a purchase, so don’t only show your customers the work that you’ve done or have them simply read reviews from your clients; show them video testimonials of customers you’ve helped. People want to know that they are dealing with someone who truly cares about and helps people, and what better way to highlight your personal relationships with your customers  than by sharing how they feel about you in their own words?  

Talk About Yourself/Build A Connection

Build a connection with your customers by letting them get to know you. Don’t try to rush into a sales pitch; instead, start by talking about yourself, your children, and your pets. If your children are in sports or any after school activities, talk about them and your involvement with the school or community. When you share these aspects of yourself, customers will feel a connection with you and will be more likely to look at you as more than just an insurance agent. They will feel more comfortable opening up to you, and in the end they will feel like they have spoken to a real person, not just a salesperson.

Offer Great Customer Service

support spelled out on scrabble blocks with clear blocks in the background
Be there for your customers when they need you and make them top priority.

Customer service means always being ready, willing, and able to help. When a customer contacts you, be sure to contact them back as soon as possible. Always keep them informed about any changes to their policies, and serve as a resource center for them. Find any solutions to their problems if you can, and take on their problems as your own.

But great customer service is not just about the practical side of things. It’s also about showing  a genuine interest in your clients and in protecting them. Customers get tired of hearing sales pitches and feeling like they are being strong-armed into a sale. They want to know that you truly care about them, so take your time with them, and ask questions so you can better understand their needs. Over-explain and be empathetic while going over their insurance options, and be honest about what plan will best work for them and why. Be genuine, and your customers will pick up on that and appreciate it.

Build A Strong Reputation

Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it.” Reputation is everything when it comes to gaining customer confidence, so you need to build a worthy reputation for doing the right thing, which means taking the time to genuinely help customers as much as you can without being pushy. If you don’t focus on customer service, you could end up with a bad reputation, and then you can forget about trying to convince a potential customer that you are the right insurance agent for the job. Never stop working on your reputation; if you do end up with any unhappy customers, always take the time to try and make things right if you can.

Make your customers your top priority at all times. Period. There are no shortcuts when it comes to gaining confidence from your customers and potential customers. Provide them with the best service you can, be honest and transparent, and don’t cut corners. In return, you will have loyal customers and boost your sales. It’s as simple as that.

Preventing Your Clients From Leaving

Your customers are the foundation of your business, so your number one priority should be holding onto your existing customers. New business is important, but customer retention is more important, especially when it comes to your bottom line. In fact, did you know that it costs 6 times more to gain a new customer than it does to keep an existing one? That’s right, so approaching customer retention with the attitude of “I’ll just find more leads and more customers” is not a great idea. graph of bars going upward with money signs on the first and last bar

When it comes to growing your business, sometimes it’s about quality, not necessarily quantity. You need a solid base of loyal customers. Once a customer is gone, odds are they are gone for good- about 90% of customers who leave a business never return. You can prevent this from happening by building strong relationships with your customers and by resolving any problems that arise – doing so will increase a customer’s loyalty by 30%. To improve your customer retention rate and prevent your clients from leaving, you need to look at what customers want and how you can give it to them. 

Why They Are Leaving

caucasian woman with her hand on her chin looking down
If you don’t tend to your customers except when its renewal time, then you will most likely lose them as a customer.

First, you need to look at why customers might leave your business. Most of the time it’s not because of the price of your product, or because a competitor lures them away. The number one reason customers walk away is that they feel like their agent does not genuinely care about them. 

Are you making this common mistake? You sign up a customer for an insurance plan, and then you don’t make contact with them again until it’s time for renewal, or until they need to make a claim. If so, your customers will feel like there’s no personal touch in your relationship with them; your relationship will feel like a mere transaction. Similarly, if you are not returning your customers’ calls or answering their messages in a timely fashion, that lack of communication will take a toll on your retention rate.

What You Can Do

In short, you have to keep your customers happy, and that means going above and beyond with your customer service. You need to:

  • Build a customer database – Collect information about your customers and keep it in a database such as a CRM. This will keep track of the contact that you’ve had with them, what you’ve spoken about, what they’re interested in, and any problems or complaints that they have.
  • Keep in touch – One way that you can keep in touch with your customers is by sending out personalized emails to let them know about any updates, or any new plans that you think would benefit them. Make sure these emails feel tailored to your customers, otherwise they will just come off like sales pitches. 
  • different apps on a cellphone screen.Offer different channels of communication – This is the most important thing that you can do to retain your customers. You need to give them multiple ways to reach you in case one way doesn’t work. Ask your customers how they prefer to communicate with you, so that you are ready to communicate in that way, whether it is via email, phone calls, texts, or through social media.
  • Thank your customers – People like to feel appreciated and that they are more than just another sale. Go out of your way to thank your customers for their business.
  • Resolve any issues immediately – What many business owners and agents do not realize is that customers who are unhappy don’t usually complain – instead, they just end up leaving. So, if a customer does complain, take that opportunity to try and resolve any issues as quickly as you can. Your customer will  appreciate your attention, and will be more likely to talk about you to others.

Having a lot of customers is great! That means your business is booming. But sometimes it’s not all about getting more new customers – sometimes it’s about keeping your current ones happy. Having a loyal customer base is a more sustainable business model than that of constantly finding new customers to replace the ones you’ve lost. Do your best to keep your relationships with your customers strong, so that they never get to the point of wanting to leave. After all, it is not about competitors or price – it’s all about communication, which is completely in your control.

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