How To Sell To A Younger Generation

As we get older, some of us look at the younger generation and say to ourselves, “They think they know it all!” While it’s debatable how much they do know, the reality is that many of them simply don’t know much about the insurance industry. They are at a time in their lives when they might not be giving a lot of thought to insurance, but it’s still very important that they get covered. After all, many of them are just getting out of college and into their first job, and don’t have a lot of extra money, so going without insurance could be disastrous. They might also be getting kicked off their parent’s health insurance plan, so they will need to get their own health insurance plan, but they really have no guidance. This is where you can step in – but in order to sell to the younger generation, you not only have to understand their needs but also show them that you do. How can you do this?

Better Marketing Towards The Younger Generation

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Know how to market to Millennials by connecting with them through social media.

What type of marketing have you done to attract Millennials to your agency? For example, are you creating YouTube videos? Do you have a strong social media presence? Remember, Millennials spend a lot more time on their phones and engaged with social media than older generations, so marketing to them through these platforms is the best way to reach them – but it has to be done right. You have to know how to engage with them, not just try to sell to them; after all, they can spot inauthentic marketing schemes a mile away! Many are even able to spot fake reviews, and once they do, that company will lose their trust forever.

Not convinced that you need a good online presence? Studies show that younger generations are twice as likely to purchase insurance online; in fact, 62% of Millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer. In addition, studies show that 89% of consumers will buy from a brand they follow on social media.

Know How To Process Everything Online

It’s not just that Millennials and young adults want to do their socializing and engaging with content online – they want to do everything online! When it comes to making purchases, some want to avoid human contact as much as possible, and just want the ease of doing things with their phones. It is easier and, let’s be honest, faster. When given the choice, Millennials prefer to shop online for health insurance, with 55% focusing on cost when selecting a plan.

If you want to be successful in selling to the younger generation, you have to stay up-to-date on current technology, which you can do with professional development courses. Know how to compare online instantly, sell online, and process claims online for your clients. Even better, share your screen with them and get them involved in the process, showing them all the quotes you’re getting and what insurance companies you’re working with. They might not feel confident when it comes to the different components of health insurance plans, so using technology to keep them in the loop – and get them quotes instantly – can go a long way.

Know What The Younger Generation Wantspink piggy bank

Millennials are referred to as “Super Savers” because, although they are more educated than older people, they are also in more debt. The majority are trying to pay back their student loans, so they will want a plan that is inexpensive. In addition, they might not be as concerned about which insurance company they can get a plan from as much as older people, and would generally choose to switch plans if it resulted in saving more money. When it comes down to it, the younger generation are all about getting the best plan with the most savings..

Focus On Community

An excellent way to get the attention of Millennials is to get involved with your community. Making a difference is important to many people, especially the idealistic younger generation, and they often want to work with a company that they view as ethical or that they feel has strong core beliefs. Give back to your community any way you can; for example, show your future leads that you care by organizing a local charity or food drive. Or, let each customer know that you will give a small donation to the organization of their choice as a way to thank them for trusting you and working with you.

Looking For Leads?

Benepath offers exclusive ready-to-buy leads. We create ads that are targeted to every age group with keyword-specific landing pages. When someone comes to our site, they enter their information on our form with the intention of speaking to an agent afterwards, so you know that they are ready to speak to you. We do all the work to generate leads for you, and even create a thank you page with your picture and brief bio, so the lead knows who they are about to speak to. And there is no need to compete because all of our leads are sent to you, and only you! For more information, enter your information in the bar on the side of the page, or call 866-368-0377.

Let’s Talk About Customer Reviews & Testimonials

Review and testimonials. They’re what many agents are chasing, unless the reviews are the kind that will send customers running in the other direction! Some companies (including agents) even use fake testimonials and reviews in order to lure people into working with them. It might be tempting to throw in a couple of fake good reviews and testimonials on your Facebook page or website in order to increase your traffic and grow your business, but is it worth it?

The Impact Of Reviewsthumbs up with different colored speech bubbles around it

Approximately 93% of customers read online reviews before deciding to work with a business or buy a product. 31% of customers say they will even spend more on a product or service with good reviews! In addition, the better your customer reviews, the higher your website will rank in search engine rankings.

People Can Spot Fake Reviews

Have you ever put the term “fake reviews” into a search engine? Thousands of answers to the question “how do you spot a fake review?” come up on Google, indicating that people are catching on to fake reviews. About 82% of consumers have read a fake review in the last year, and for 18-34-year-old consumers, the proportion is even higher, with 92% saying they’ve seen fake reviews; and studies show that 90% of people can spot a fake review when they see it. Not only that, but 54% of people say they would not buy a product or service if they suspect it to have fake reviews.

Businesses who post fake reviews will not only lose possible customers, but they will then suffer from a bad reputation. We all know that with a bad brand and reputation, you might as well kiss your business’ success goodbye.

Fake Testimonials Are Actually Illegal

Fake testimonials are not only very deceptive, but posting them is actually against the law. Under 15 U.S. Code § 45, the Federal Trade Commission (FTC) has the power to stop and penalize parties “using unfair or deceptive acts or practices in or affecting commerce.” False advertising falls under this law, including false reviews and testimonials. Fake reviews are not based on real customer experience and so are meant to mislead customers.

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Not only are fake reviews illegal and you can get penalized for them, but you will lose a lot of business.

The bottom line is that posting fake reviews is just not worth it. Everyone spends so much of their lives on their phones these days, which makes it easier for them to distinguish fake reviews from genuine ones. You might get busted sooner or later – and, honestly, there should be no need to fake anything. As an agent, customer service is your best asset, aside from knowledge of the insurance industry. Your job should revolve around helping people find a great plan, keeping in touch with them, and making sure they are happy. When a customer is not happy and leaves a bad review, which will happen once in a while, that’s okay, you just need to deal with it in the right way.

In order to stay ahead of bad reviews, address any you get with a comment saying you would love to speak to the customer to see how you can make things right, followed by a phone call. Show that you are willing to fix the issue and keep your customers happy- this will build your reputation and result in great reviews!

If you would like more positive reviews on your website or Facebook page, don’t be afraid to ask your customers! One study found that 68% of customers will write a review if they are asked. So remember, it just isn’t worth it to post fake reviews, they are more damaging than helpful. Instead, keep your customers happy and they’ll be more than willing to help you out with a positive review!

How to Work with Medicare Leads With Poor Health

According to the U.S. Census Bureau, the size of the 65-and-older population has grown by over a third in the past decade. That means there is a large market out there of older adults enrolling in Medicare and looking for a Medicare Supplement Plan. Medicare Supplement Plans are great because they are the easiest Medicare product to sell and have a high-profit potential because of the renewal commission you get every year. But you have to know how best to sell these plans: some of the leads that you’re working with might be in poor health and wondering how best to keep their medical expenses under control. So how do you sell to a Medicare client who is in poor health?

Explain the Best Option

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Explain to your lead that a Medicare Supplement Plan is a great option for additional coverage.

Some of the seniors you work worth might have health conditions that could be an issue when it comes to signing them up for a Medicare Supplement Plan. The CDC reports that 60% of older adults have one chronic condition, while the other 40% have two or more. Of course, your leads will want the cheapest option, but that might not be the best choice for them if they have health conditions that require medical attention and ongoing treatments. Explain the situation to them, and point out that a more comprehensive Medicare Supplement Plan will be better for them because it will offer more coverage, even if it does cost a little extra.

It is also very important to explain to your clients how signing up for a Medicare Supplement Plan works. Make it clear to them that they will not face any underwriting if they sign up during their Initial Enrollment Period, but that this is not the case if they switch plans. Make sure they are aware of this so that they sign up for the right Medicare Supplement Plan from the start, and will not be denied or be forced to pay a higher rate later.

Medicare Supplement Vs Medicare Advantage

Because Original Medicare does not cover all expenses, and beneficiaries still have to pay coinsurance, copays and more, they will be looking for extra coverage. They have two options: Medicare Supplement Plans and Medicare Advantage Plans. Both can be great options – it all depends on their needs and budget – but Medicare Supplement Plans are generally better for those in poor health.

With Original Medicare and a Medicare Supplement Plan, your clients can better budget their out-of-pocket expenses. Not only that, but they will have access to any Medicare provider across the country that accepts Medicare assignment. Medicare Advantage Plans are more restrictive with their networks, so might not be the ideal choice for Medicare beneficiaries who need to see multiple doctors and specialists.

Finding Customers the Most Affordable Plan With the Most Coverageillustration of a man with a computer screen behind him with logistics

Once you have spoken to your client and are aware of their conditions and familiar with their budget, you can properly search through carriers for an affordable plan. Your client wants the best, so make sure to provide them with that by finding a plan with a carrier that has a positive record and financial history.

Medicare Supplement Plan insurance leads are a guaranteed commission for at least 6-7 years. If you get a lead with no health issues, great! But more often than not, this will not be the case. Don’t worry, you can still get them a great plan, especially if they have guaranteed issue. You just have to do a little comparing to find them the Medicare Supplement Plan that will best fit their needs while saving them as much as possible on their medical bills. If you are looking for exclusive leads that are ready to buy, Benepath will provide them to you! To get more information, call 866-368-0377.

The 4 Customer Personality Types & How To Sell To Them

When you get into the business of selling, one of the best ways to become successful (aside from a great marketing strategy) is to learn how to read people. Learning different personality types will help you understand which types are easiest to sell to, and how to bend your selling strategy to appeal to the more complex customer. In general there are 4 different personality types that you will come across when selling insurance, and if you adapt your strategy to their personality type, you will better understand each one of their thought processes and be able to sell to them easier.

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The assertive type know what they want, it is best to be direct with them.

1. The Assertive Type

Assertive buyers know what they want and will let you know it. They come off strong and want to be in control, and will take risks for a great reward.

The best way to work with assertive people is to let them speak and not interrupt when they are telling you what they are looking for. They want efficiency, so don’t waste your time repeating facts or building up to your point with them; instead, cut right to the chase. Be direct and speak in 2-3 sentences at a time.

2. The Analytical Type

People who are analytical like to do their research, and are more concerned with facts and data than others. They like to take their time making a decision, and will only do so after reviewing their options and weighing the pros and cons of each. Don’t be surprised if they already know a lot about different plans when you speak to them.

All of this means that this type of buyer won’t care about personal recommendations, they will want facts and prices. When working with an analytical type, provide them with detailed information, and stay away from emotions. Don’t rush them, and allow them to take their time to process the information you give them. Set up a follow-up appointment in order to give them time to make their decision.

3. The Amiable Type

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The amiable type are friendly and value a connection, so build a rapport with them.

People with amiable personality types are friendly and value personal connections and relationships. They are not big risk takers, but are open to suggestions and are easy to please. Because they are so friendly, they are more likely to open up and share information. They will listen and will ask more personal questions in order to get to know you better as a professional and a person.

When working with an amiable customer, you will need to build a rapport and relationship with them. Reassure them that you will help take care of them and supply testimonials from similar clients who found great plans they are happy with.

4. The Expressive Type

Expressive people are emotionally driven buyers who make decisions based on their feelings. They are outgoing and tend to be people-pleasers, but also like to look at the bigger picture and understand long-term benefits. If an expressive type trusts you, you will have a client for life, but if you do not keep the personal relationship going and continue to check on them, they will take their business elsewhere.

The best way to work with expressive customers is to reassure them that you are looking out for them; you can do this with testimonials and reviews. You don’t have to focus too much on facts and figures, instead focus on your personal connection and remember to keep the relationship going.

In the sales world, and especially in the insurance industry, you will serve all different types of people and personality types. You will come across some of the personality types mentioned, and will also come across some people who are a mixture of these personality types. The key to being a good insurance salesperson is to adapt your sales approach. Once you are familiar with these core personality types, you can tailor your selling strategy to fit any situation.

How To Help Businesses With Worker’s Compensation

The past year has been a serious struggle for many business owners, and many who have managed to stay in business are confused and seeking help from agents about their insurance options. Many businesses are looking to reduce costs and recover some of the losses they have experienced. In addition, some businesses have had to let go of some of their employees, or have had to change the roles of their workers, which could put those employees at greater risk of injury. Business owners will turn to agents like you for help evaluating their worker’s compensation needs, and will also be looking to save money, so be prepared with your strategy for how to help them.

illustration of money bills over a person's hand with a suit on
Payroll changes will affect the worker’s compensation benefits and costs.

Discuss Payroll Changes

How much an employer pays their employees plays a crucial part in determining worker’s compensation premiums. This also means that the number of employees a business has determines how much they will pay in premiums. The less employees they have (possibly due to layoffs), the less they will have to pay. You can help your customers save money on their premiums by going over their payroll changes with them.

Ensure Employees Are Correctly Classified

During the pandemic, some businesses were forced to lay off workers, or needed to change some employees’ positions – and classifications – due to being short-staffed, or both. These changes will affect how these workers are covered for the new risks they can face. When an employees’ classification is changed, the cost of your customers’ premiums could change, as well. Incorrectly classifying employees, or forgetting to change their classifications, is an easy mistake for business owners to make. Make sure to discuss this with them in order to make sure employees are correctly classified, so you can possibly save them money.

two set of hands each holding a magnifying glass.
When an employee gets hurt, it is important to send them to see a medical professional and then investigate what happened.

Know What To Do When Employees Get Hurt

In the event that one of their employees is injured, your client might come to you for help. Knowing the process will make it easier for your clients. Let them know the steps: first, they should always direct their employee to get checked out when they are injured. Next, your client needs to investigate the accident and take any statements. Finally, they can file a worker’s compensation claim with the insurance company.

Be The Middleman

Sometimes a business owner will come to you to play the middleman between them and the insurance company. It is your job to point them in the best possible direction and, because you work directly with the insurance company, you can serve as the intermediary between them.

Help Build A “Recovery-At-Work” Plan

If your customer’s employee gets hurt, getting them back to work can be a long process. When the employee is able to return to “light duty,” they will have some restrictions. You can help your client come up with a great return-to-work plan to show employees that they can still be productive and be part of the team, when they are ready. You can help your customer identify work activities that their employee can engage in based on their doctor’s restrictions.

The best way to help your client and keep them happy is by explaining employee classifications, how to deal with payroll changes, and what to do when an employee gets hurt. You can help them save money by going over their options, pointing them in the direction of their best option, and providing the best customer service you can.

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.

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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.

Cyber Liability Insurance: A Must For Businesses

Cyber insurance is a must for most businesses, especially now when so much business is being conducted at home and online. Cyber scams and phishing have increased by 40% in the last year alone, which is why it is more important than ever to convey to leads how vital cyber insurance is to their business. Just one cyber attack can mean a significant loss of revenue, or even the loss of their business. But before you can sell cyber insurance, you need to know exactly how it works and how to sell it.

a hand holding a cell phone with the words sign in on it and above the cell phone are the words "warning cyber attack" in large letters
Approximately 62% of cyber attacks are on small to midsize businesses.

Why Cyber Liability Is Needed

Approximately 62% of cyber attacks are on small to midsize businesses, and without cyber insurance to fall back on, most of these businesses will not have the means to survive the attack. The attack will end up costing them thousands of dollars, if not millions. In fact, the average cost of a cyber attack to a business is approximately $2.2 million.

Cyber insurance is needed now more than ever is because so many employees are currently working from home. With so many employees logging in to business’ servers through their home routers, businesses are at a much higher risk of cyber attacks – in fact, 1.8 million cyber attacks are conducted through home routers!

What Cyber Liability Insurance Covers

When speaking with clients about cyber liability protection, it is important to make clear that they may not be as covered as they think they are when it comes to cyber security. First of all, even if they have security software, nothing can stop 100% of cyber scams and attacks, because technology is constantly changing. Second of all, if they have an E&O policy, they may think that cyber events are completely covered. Unfortunately, this is not the case; these policies will offer some coverage against legal claims of negligence and errors, but not from damages resulting from a data breach. One sure thing that can help these businesses survive an attack is cyber liability insurance.

When selling cyber liability insurance, understanding the difference between first-party and third-party coverage is a must:

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  • First-party coverage: protects the data they own, such as information that pertains to the business and its employees.
  • Third-party coverage: covers liability associated with breaches of customers’ data.

Tips For Selling Cyber Liability Insurance

In order to sell cyber liability insurance, you must first be knowledgeable about the different types of policies and coverage they offer. Business owners are looking for help in finding the best policy for their specific business, which is why they come to you – so make sure you know your stuff! Here are some tips that will help you:

  • Speak In Relative Terms– Help your prospect understand the policy using simpler words, and try not to overwhelm them with insurance jargon.
  • Understand The Risks– Each business has its own risks based on its specific industry, so learn to detail the scope of cyber risks for each type of business.

    african american hands in a suit holding a white piggy bank.
    It is important to try and find the most savings that you can for a lead, not only to sell, but to build customer loyalty.
  • Decide What Policy To Sell– Once you evaluate the business, you can decide if they need a standalone policy or a packaged policy. They might need coverage for third-party liability or you can package it with an E&O policy.
  • Find Savings– Business owners might be afraid to invest in cyber liability insurance because they are afraid of how much it will cost them. If you can find them savings and discounts, then do so. If not, then you should explain to them the importance of cyber liability insurance compared to the costs of not having it in case of a breach.

Businesses are continuing to shift toward technology and this puts them at a higher risk for cyber attacks. Knowing these risks and the importance of protecting businesses with cyber insurance, as well as following the above tips, will ensure your success selling cyber liability insurance.

Facebook Marketing Do’s & Don’ts

Social media is a great tool for expanding your business, because it reaches such a large audience. Most people are on their phones for much of the day, and they often find themselves scrolling through Facebook. As they do, ads will pop up for products they might be interested in, or their friends might suggest a business or product. There’s a reason that so many businesses market themselves on Facebook: it remains the most popular social media network. With some smart Facebook marketing tactics, you can get your business noticed on the platform; but if you want to grow your business successfully through Facebook, you need to know what to do and what not to do.

Do:

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Create a Page, Not a Profile

When you begin to promote your business, it might seem like the easiest thing to do is to post on your personal Facebook profile. But you will look more professional if you have a Facebook page for your business.

Share Engaging Content Consistently

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Share your content often and optimize the posts by using hashtags.

People will follow you and take the time to look at your posts if they are engaging and interesting. Don’t just post text-based content; instead, take things a step further with visual content such as live video, photos, and GIFs. People love GIFs! The key is entertaining your audience as well as catching their eye. Don’t just constantly post about your business and what you can do for them; post relatable information, have them engage in polls, and share relevant news stories. Try to post between 12 pm and 3 pm on weekdays and between 12 pm and 1 pm on weekends, and use scheduling software to help manage your posts.

Optimize Your Posts

Sharing engaging content is the first step, but the next is to optimize your posts. How do you do this? By using hashtags and tagging other pages. Don’t overdo it with the tags, use about 1-2 per post and no more than that, or you risk compromising engagement levels. In addition, limit your posts to 50 characters or less to grab the attention of your audience, and include a clear call to action like asking them to “share” the information with others.

Respond To Comments

One of the most important things you can do when Facebook marketing is engage with your audience when they comment or have questions or concerns. Respond as soon as you can to comments and questions, especially if they are complaints. You should generally aim to respond within the hour of the comment or complaint being posted; if you do not, you risk losing that customer or prospect to your competitor!

Don’t:red letter X in a red circle

Just Promote Your Business

As we mentioned earlier, you should be posting about more than just your business and how great you are. The purpose of Facebook marketing is to promote your business, but the best way to do this is by building relationships with people. You cannot do this if all you do is constantly promote your business. Aim for 5 informational posts, 3 original content posts, and 2 fun posts per week.

Ignore The Negatives

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Never use clickbait or you will lose your customer’s trust.

One of the biggest mistakes you can make is to ignore all those pesky and annoying comments people make on your post. If someone decides that they are unhappy with your business and then voice their opinion about it, address it! Do not ignore it or it will hurt your reputation. Nobody likes to be ignored, and by ignoring the negatives, people will think that you lack in customer service. Respond to the comment and then send them a private message to further talk about the issue and find out how you can help.

Use Clickbait, Ever

Everyone hates receiving spam emails, texts, and spammy content. Posting clickbait content is a sure way to lose your customers’ trust and their business. Focus on authentic content that is not misleading. After all, you want to get more traffic to your page, not the other way round.

Cross-Selling Tips To Generate More Revenue

While selling one or two insurance products will generate revenue for you, adding more products will really increase your revenue. Cross-selling insurance is a sure way to make more money because, when it comes down to it, you are more likely to sell to an existing customer than to a new lead. Existing customers have already committed to working with you and trust you to deliver solutions for their insurance needs. In addition, you’ll end up making more money by selling to your current customers, because it costs 7-9 times more to attract a new customer than to keep an existing one. But before you can attempt to cross-sell to your existing customers, take a look at the following strategies for best helping your customers.

1. Know Your Customers/Build Relationships

caucasian woman in a business suit sitting down with a laptop on her lap with a cellphone to her ear smiling.

Don’t just focus on trying to make sales, build solid relationships. You’re more likely to keep your customers, and have an opportunity to cross-sell to them, if you take the time to build personal connections with them. When you take the time to get to know them, you learn what their needs are. If you know them well and know what is happening in their lives, you’ll be able to offer more coverage down the line.

2. Use Agency Management Software

76% of agents use sales technology to increase efficiency. If you don’t have customer management software that helps keep you organized and keep up with your customers and their behavior patterns, then you should consider investing in it.

3. Email Marketingcaucasian hand typing on a laptop keyboard with email drawing going towards the screen.

Many of your current customers are most likely on your email subscription list. In addition to using emails to alert customers of any changes to policies, or to send them relatable information/articles or holiday and thank you emails, you can use your emails to cross-sell. Reach out to your customers with different insurance policies they should look into or you think would benefit them. It puts the thought out there, makes them think, and possibly makes them the perfect candidate to cross-sell to.

4. Focus On Service Calls

Take opportunities to cross-sell to your clients when they arise. If they call or drop by to discuss their account or change their policy or information, take the chance to assess their needs and offer them insurance products that can benefit them. Go through their profile, look at what coverage they have, and see what other coverage they might be missing. Talk to them about how they might be able to save money, because everyone loves to save money!

Cross-selling insurance products to your existing customers can both help your clients and help your business grow. Your customers will remain loyal and trust you to provide them with valuable insurance based on their needs. And the one thing loyal customers bring in is more business!

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 more 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

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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.

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