Category Archives: Insurance Sales
Today’s insurance sales industry faces growing complexity and competition at every corner. Insurance has become a commodity market by low growth in mature markets. As a result, insurance companies are shifting the way that they go to market and interact with their clients.
With new strategies come new challenges in the preservation of market share. Here’s a look at some of those challenges, with some insights on how to overcome them.
Keeping a Client Focused Approach
For the majority of producers, all sales are conversions. That is, a sale for one company is a loss for another. The insurance sale has become a commodity which underscores the need for a client focus to build relationships and loyalty.
The challenge to make this shift is often a direct result of a ‘system think’ philosophy precipitated by internal processes getting in the way of a customer focus.
As regulations become more complex, customers want an easy way to understand their options and make a choice. As part of this shift, producers are taking a more generalist role to provide expertise around a wider array of products. The challenge is using that new approach to provide better customer-producer relationships that lead to sales.
Ensure that the client experience is exceptional. Engage the client by taking time to ask broader questions to understand their goals, improve the experience, and uncover additional needs. Build trust by integrating client ideas and needs into a meaningful and » Continue Reading.