Selling insurance is challenging and rewarding at the same time. While many think of it as a side hustle, selling insurance requires full-time dedication and training. It will not just come to you one fine morning. You have to keep working towards it to be successful.
There are many misconceptions about selling insurance, and some of them are deeply ingrained in the way we think. Today we will talk about 5 such misconceptions and what people don’t tell you about selling insurance. Without further ado, let’s find out more.
Selling insurance requires technical competence
If you are new to selling insurance, you may realize how important the role of technology is in it. While insurance agents use a lot of tools, the most common of them is CRM software. CRM, or Customer Relationship Management tools, give any insurance agent an edge over those who do not use it.
So what does CRM software do? To put it in simple words, it leverages technology to make organization and management easier. When working with a lot of clients, management can make a huge difference, CRM tools make sure you have an edge here. Knowing about them is very important for anyone who wants to make a living by selling life insurance.
You are selling yourself, not just a product
The same person can buy the same insurance from one agent and not from another. That’s because insurance agents have to sell themselves before they can sell insurance. While it may sound like a soul-sucking task, it is indeed not so. By selling yourself, we mean the skill to persuade a customer that what you are doing is in their best interest. Once you have mastered the art of pitching and persuasion, selling insurance will become much easier.
Long-term success depends on your service, not necessarily on the products
There are many ways of looking at it, but selling insurance is not a one-time affair. You are not selling a shirt or a shoe that the customer will take home, use, and eventually throw away. Insurance is very important in the modern world from a financial perspective. Due to this, people buying it have a lot more questions and apprehensions. If your service is good beyond selling insurance, you will build credibility over the long run. Nothing ensures long-term success more than this.
Consistency brings luck in this profession
Selling insurance is also a number game. The more you sell, the more you earn. However, you must have heard of legends and stories of how someone made millions over a few lucky commissions. In reality, things like that hardly happen. Those who actually earn millions from selling insurance do so with years of perseverance and dedication. Selling insurance to make money does not come as an accident. Often small and consistent gains are a more sustainable and profitable approach. If you are heading into the profession with hopes of freak luck, you should brace yourself for the cold reality.
Selling every policy is different
Not only is every customer different, but so is every insurance policy. You cannot have the same blueprint for every sale. How you market a product to customers varies greatly on their social position, temperament, and preferences.
You must create a sales plan taking all these factors into consideration. Without doing that, you cannot have sustainable success in the profession. From the first meeting with the client to the closing of the deal, things work differently for different people.
As you can see, selling insurance is indeed quite different from what people make it to be.
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