Successful life insurance sales agents have an effective business plan and toolkit in place. Being properly skilled and prepared are two important ingredients required to succeed in what can be a lucrative insurance career. Ten steps to succeed are suggested here.
- Selection – Decide on which niche area you are comfortable with. Measure this comfort against your current knowledge of life insurance products and minimum budget expectations. Also, prepare to Select at least one more area of specialization.
- Amount of work – Quantify how much work you can reasonably handle over a two to three month period. Break this down into week schedules that include administrative procedures followed by life insurance companies and sales houses in the collation of new business and processing of payments.
- Lead company selection – Conduct own research and perform methodological and proactive enquiries with insurance agencies and/or broking houses to target one company that will potentially generate the best service responses and reliable and regular income streams.
- Proactive twenty-four-hour work cycle – You need to prepare a daily diary of business which must include following up of new business leads and responding to client queries within one business day. You also need to factor in follow-ups with the life insurance companies that are underwriting your business leads.
- Sales and customer service technique – Ensure that your technique in dealing with clients and insurance associates is professional and considerate. Work on your own people management skills to ensure that you are an effective listener and able to crisis manage when this becomes necessary.
- Closing – Make sure that together with your product knowledge of insurance policies you give your clients enough scope to make a selection that they will be comfortable to invest in. Also explain all administrative procedures (including claims processing) as extensively and accurately as possible.
- Functional follow-ups – To ensure that you are able to meet your final expense leads consistently over three month billing cycles always make sure that your own administration plan is dominated by regular follow-ups on all aspects of the business; from first client contact to underwriting checklists.
- Effective liaison – Apart from securing your first sales, the relationships you foster with company underwriters and their teams is important. Good relations with life insurance clerks will ensure that they co-operate with you and assist in meeting your own processing deadlines.
- Proper bookkeeping – Particularly if you are new to the business, make sure that you are well-equipped to deal with all financial aspects of your small business, including your own financial obligations. Time-tracking is essential to ensure that your (commission) income streams remain consistent and reliable.
- Extensive income targeting – Always revise three-monthly income targets. When minimum targets are met, re-generate the process by seeking out new business opportunities and where targets are exceeded; invest these in accounts which guarantee reasonable returns on your investments.
Make sure that your business plan is realistic but proactive in order for you to succeed in achieving those exclusive final expense leads which will help determine your long-term profitability.
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