The topic of life insurance is quite an entertaining one. Well, purely for the process that leads people to eventually buying life insurance.
Most people start out with an irritation towards life insurance sales agents and the prospect of their pending death being held against them as some sort of commodity. But, eventually, when marriage, children and life-changing investments come into the picture, we’re rather quick to go knocking on insurers doors.
One could argue that the “stigma” around life insurance marketing and sales pitches is the way in which they are presented to audiences who aren’t ready to hear: “have you sorted out your life in the event that you might die tomorrow?”. And who can blame them?
We’re going to be talking about a few ways to change your approach as an insurance company and change the minds of potential clients.
Find something in common
Salespeople, in every industry, need to have a knack for communication and connecting with people. And even more so in the insurance industry where the end of a person’s life is under discussion. You can’t start with a hard life insurance sell.
Start by learning more about your potential client and find something the two of you have in common. Not only will it help you personalise your sales pitch (and we’re getting to that), but it will also make your clients feel more comfortable to open up to you and trust you as an advisor for a huge life decision.
Personalise your sales pitch
Every customer is looking for a customer experience with a brand that promises to change their lives and then delivers. And it’s for that reason that an established relationship and personalised sales pitch is necessary. It’s also why generic cold calls and “threats” don’t work when it comes to selling life insurance.
It’s not about knowing each individual in your prospecting list of clients. But you need to narrow down your audience and know who you’re talking to. Through marketing campaign analytics and even your social media’s statistics, you can keep track of your audiences demographics, interests and needs.
And with this information and placing your audience into segments, you can cater for specific audiences and, in that way, personalise your sales pitch. That way, when you do your cold calls and know who you’re talking to, you can be more sensitive towards the prospecting client.
Calling up a twenty-something-year-old and telling them they need to invest in life insurance today and think about how their families would be able to cope without them. Not only do they experience that as insensitive, but their first reaction is that it’s irrelevant. Take a moment to change your perspective as a salesperson and rather communicate by speaking of the benefits it will have should they start life insurance now and what monthly payment options are available.
Relate through human emotion
Now, when we think about life insurance advertisements they’re either in-your-face life insurance or seemingly completely irrelevant. No one wants to watch an advertisement that consists only of experts sitting in an office and giving you the statistics on life insurance and how death affects a family (skipping over the entire grief period while they’re at it).
You need to find the balance between introducing the people of your company, the work your company has done and the lives your company has changed. Because that is what people are more interested in – someone or some story they can relate to.
Testimonials are a great way to get an audience to relate through human emotion. They want to listen to the people with similar stories and situations as them. They want to hear that it’s possible to save money, have living benefits and have life insurance pay out when the time came and the family was in need. Your target audience would rather find out that way that having life insurance is, actually, important and that the weight of responsibility that falls on those you leave behind can be tremendous and hard to deal with.
Young adults with no evident responsibilities won’t need to hear about how a middle-aged person with a partner and children is benefiting from life insurance because they aren’t in that stage of their lives yet and their answer to an insurance sales agent would be “I’ll wait until I need it”. What they need to hear is words coming from a fellow young adult who can rest assured because they know they’re covered should anything happen now and, even more so, later in life because they started now.
How you can do it
The right way to sell and market life insurance is to get to know your audience and give them whatever it is they need to relate to your company and your product. Take a look at your website and see what it says to people who have no idea what life insurance is about.
The AUL website, for example, gives comprehensive breakdowns on what they offer, who they work with, the people they help and what their mission is. It’s not about doom and gloom threats to get people to buy insurance from you, it’s about fulfilling a need and being a part of a process that will change their lives.