Closing Insurance Sales – Not Why but Why Now? Article 7 in Randy’s How to sell Insurance series.
Hi Everybody
For those of you I have not met,
My name is Randy Mc Arthur.
While there are many relevant questions in life, there is but one that is relevant to the closing of a deal. That question is “Why NOW?” Lets take a minute and point out the difference between “Why?” and “Why NOW?”. The question “Why?” has no time frame. So, when you satisfy the prospect’s need to know why he should have health insurance in place or with those people who are underinsured, better health in place, You have not closed the deal.
You have persuaded the prospect to embrace the merits of health insurance as a whole. They’ll probably get some health insurance down the road, when they can afford it, from somebody else or not at all. Time kills deals.
On the other hand, when you satisfy the prospect’s need to know why he should have the best health insurance he can afford in place NOW, you have established an immediate need for your product and set a plan of action. You have demonstrated the urgent need for health insurance.
I prefer to establish urgency by asking thought provoking questions such as:
“May I borrow your crystal ball?”
“So, when do you plan to have that automobile accident?”
“I have here (from my questionnaire) that 3 of your maternal uncles and 2 of your first cousins died from heart attacks – is that correct?”
“Oh thats a picture of your three boys in their football uniforms and so, you and your wife both enjoy mountain biking?”
Wow, see how easy it is to create urgency by asking the right questions and presenting the right points? The personalized points are called “Tie-Downs” and are an integral part of every sales presentation. Tie-Downs are used to enable a prospect to see himself in different scenarios in which he would benefit from the specific features of a product.
I have a wealth of sales knowledge to share with you later on but for now, I want to take a closer look at motivation. It takes a motivating event or triggering mechanism to make a prospect write a check for health insurance. There has to be a reason to do it right now. The reason could be anything from loss of a job to loss of a friend or it could be something as simple as the prospect just received a 30% increase on his existing health insurance.
While you must find out for yourself what the specific event is, I can tell you with absolute certainty that the event appealed either to his fear (lost coverage, had uninsured friend receive 6 figure hospital bill, etc.) or greed (received a large increase in premium, had a bad physical, etc.) You see, all health sales are based on fear or greed.
Health insurance is not like a trophy. You don’t set it on a mantle and brag about how it shines. You pay for it in order to protect your assets and hope to heck you never use it. There is no aesthetic value to a health plan. It is 100% utilitarian in nature. It is only as good as what it will do.
As a health agent, to be successful, you must demonstrate that your plan gives the prospect a little more for his money (greed) and protects all that he has worked for (fear).
I have developed a vocabulary of emotive language to use in a health insurance presentation that focuses on fear and greed. By using this vocabulary in my structured sales process you will increase your first day closing percentage, Just like always, I’m only here to help and will send you my system FREE of Charge. All you have to do is ask.
My mission is to; first, only and always, do the right thing to help people insure that, through their own choices, they are making the best decisions they can make to guarantee their success in everything they do.
Good luck in all your endeavors and god bless you. I can’t help you if you don’t contact me. Just give me a call at (919) 781-2018 or email me at randymcarthur@ymail.com . Hope to hear from you soon.
Thanks
Randy Mc Arthur
Thanks for visiting my insurance leads blog.
Cheers,
Mac
