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Get Past the Premium: How to Sell Value Over Price in Insurance Sales Enablement
Nov 2, 2021
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7
minute read
Even with repeat customers, an auto insurance agent needs to remember this salient fact: You never stop selling. The most successful agents find ways of organically selling to their customers on an ongoing basis. Although this doesn’t always result in a sale every time, it often seeds the soil for reaping revenue later on.
Check out these auto insurance sales tips to ensure you’re using the right techniques and tools to maximize your revenue.
A holistic insurance-buying experience involves far more than just presenting options and their prices. It also requires more conversation and interaction than merely discussing why different options can benefit your customer. Your goal should be to give them an immersive, informative, and complete experience that leaves them feeling like they not only got great coverage but they fully understand the ins and outs of their auto insurance.
For example, you can teach them about:
By letting customers get to know the other folks who may be helping them out or working alongside you, you foster a sense of family. You also help them envision how their service is provided, making it feel more tangible and real, something they can touch and feel.
For instance, you can let them meet someone who helps process claims. Even though there's a chance they may never need their services, knowing who they are, seeing their smile — over Zoom or in-person — can help the customer understand they’re being served by a team, not just an individual.
You can also let them meet the person you report to, as well as other team members, so they get a sense of who you rub shoulders with every day. This can include other agents, the owner, receptionist, interns, and others. This way, they see a sea of friendly faces, and each one subtly supports your brand as a trustworthy service provider.
Even though you may not need a long list of gadgets as an insurance agent, if you focus on the digital tools that save you the most time and effort, you can free up more time to spend with clients. Some tools, such as a customer relationship management (CRM) system, not only save time but help you connect with your client base.
Another sales-generating tech trick is to invest in a text messaging system. Whether you get another business line and use it to text or use a computer-based app that enables you to text through an online portal, sending texts positions you to use the communication format customers use the most.
You can also start small and then scale up when it comes to using tech, particularly if you’re not 100% comfortable incorporating tech into your workflow. For example, for texting, you don’t have to go straight into a text-enabled CRM with automated text scheduling. Rather, you can set up a business WhatsApp account and test it out to see how you like it.
Regardless of the tech you use, remember it’s best to stick it out even when you hit a few bumps, especially because it makes it easier to scale your business down the road.
When it comes to auto insurance, it’s best to give customers only what they need. Remember, they can hop online and grab a cheaper quote from someone else in a few minutes. So you want to be the agent that gives them exactly what they need, a straightforward price, and nothing else.
You may also want to spend an extra minute or so making sure they understand that what you’re selling them is exactly what they need, and while they could get more, it may not be necessary. This way, they walk away from the conversation understanding they got a great deal.
Does this mean you can never upgrade your policyholders’ coverage? Not at all. The key is to let their life events do the “upgrading” for you. This could include getting a new vehicle, having a baby, or adding a few aesthetic or performance upgrades that may require more coverage. By giving them exactly what they need instead of upselling on the initial sale, you earn their trust for when it’s time to adjust their policy.
Yes, calling works. But there are several more options. If you pigeonhole yourself as a call-only agent, you’re missing out on some communication techniques that are more convenient for you and easier for your customers.
For example, once you're comfortable with a CRM, you can use it to automatically send text messages and emails to customers. Instead of painstakingly typing and tapping each message out manually, you can send bulk communications and set up the best time to send them out.
Also, if your company has a website, you can add an online chat feature to it — if it doesn’t have one already. In many cases, this is as simple as asking your developer to insert a chat widget, which is a pre-existing app that enables chatting that you can seamlessly weave into your site. You then can have access to customers who would rather talk this way, as well as those who just happen to be on the site and need a question answered. At the end of the day, the more communication options you have, the broader your potential customer base.
Figure out when most auto insurance companies close their doors and stop answering phones, and invest some time filling this crucial customer contact vacuum. Insurance agents who only take calls and reply to messages between nine and five are taking a risky gamble. They’re assuming their customers are willing to set aside time during their busy day to reach out about insurance.
On the other hand, if you’re available when your target market isn’t busy at work or picking kids up from school, you increase the chances of engaging them in meaningful interactions that can boost your sales numbers.
To prevent working “after hours” from turning into working “overtime,” you can start your day a little later every now and then — or even make a 10:30 to 6:30 or 11:00 to 7:00 your routine.
In some ways, the auto insurance sales process is the opposite of that of the automobile sales process, especially when it comes to the format of the conversation. An auto salesperson often needs to talk a lot to ensure the customer knows all the features they’re getting with the car. A successful auto insurance agent does the opposite: They listen. The result is a full picture of the customer’s needs, as well as elements of their personal experience that may impact the coverage they’ll favor.
Some people are so used to being sold to, they may clam up. This is where questions come in. You can prepare some quick queries, such as:
For instance, if they reveal frustration about how their last claims process went, you can thank them for sharing their experience, and then respectfully explain how your company’s process addresses their pain points. If the previous claim was through your company, you can apologize and outline how things can be done better next time. Each answer to these and other questions is like a conversational alley-oop, a prompt you can catch, slam home, and score a sale.
Call scripts are an excellent tool, but they don’t always give you the freedom to empathize with your customer. Instead of relying on a script, you can ad-lib using the answers to questions like:
Remember that if you’re on the phone, texting, emailing, or chatting with someone, they’re there for a reason: They either want insurance or information about it. By responding empathetically, you show you respect their position and are willing to adapt to their circumstances.
This article reflects the features of Nectar as of the date of publication. Features are subject to change at any time. This article is meant for informational purposes only, it is not a guarantee that using Nectar will help you achieve specific business or financial results and is not intended to serve as the sole recommendation for any business financial decisions.