10 Strategies from Lead-Off Hitters: Secrets to Increase Insurance Sales

insurance-salesIf you know baseball, then you know a winning strategy is scoring runs early in the game. Likewise, submitting business soon after joining Brokers Central is a winning strategy for new producers. And, getting a strong start early in the year is crucial for all brokers.

Rewarding producers is central to the Brokers Central philosophy. All our producers can maximize their earning power by achieving certain premium levels with our VIVA 2016 incentive. And, this year, we introduced a new “Lead Off Hitters” incentive for producers who are new to the Brokers Central team.

To help all of you achieve your insurance goals, we’ve included some timely reminders from lead-off hitters below. You are probably employing several of these strategies already. Adding any one of these 10 strategies to your sales process will lead to increased sales. Just imagine if you committed to two!

10 Strategies from Lead-Off Hitters

1. Achieve a goal: Achievers are goal setters, but not all goal setters are achievers. There are three differences between goal setters and goal achievers:

a. Make the goal personally important. A goal to earn a dollar figure is fine and so is a goal to develop a plan for financial security with 100 clients or a goal to write enough business to earn a VIVA 2016 all-expenses paid trip.

b. Write it down. Studies confirm that a written goal is more often an achieved goal. A new producer may write a specific goal to earn a $2,500 bonus by submitting 3 apps in 3 months.

c. Revisit it. Keep the written goal in sight as a visual reminder of your commitment to reach the next tier of production to increase your compensation level.

2. Allocate time to activities aligned with the goal: Time is the #1 asset of financial professionals. Plan to spend some of your most valuable asset on achieving the most important goals.

3. Expand areas of expertise: Arguably, expertise is an important asset for an advisor. Adding new knowledge of markets and products increases your value to the client. Inventory your skill set with the intent of adding a new line of business to your repertoire.

4. Identify an overlooked line of business: Expanding knowledge to a new product leads to an awareness of clients who may have unmet needs. Developing a familiarity with disability income insurance, for example will increase your awareness of clients in need of income protection leading to new opportunities.

5. Maximize client value: Speaking of opportunities, client relationships are the next most valuable asset of a financial services practice. Gartner estimates that 80 percent of sales will come from 20 percent of existing customers. Serving existing clients with a broader product portfolio increases your bottom line, increases your value to the client, and improves their financial security.

6. Expand your social media network: Brush up on how to use LinkedIn to attract new clients and to stay in touch with existing ones. Offer something of value like an article on personal finance or tips to finding a financial advisor. Be sure to connect with all your current clients. LinkedIn offers easy to learn ways to search for potential clients that have a connection with current clients. Check out the LinkedIn page for Kevin Nichols, author of The Indispensable LinkedIn Sales Guide for Financial Advisors.

7. Extend your circle of influence: Do you have a reciprocal arrangement with a CPA and estate-planning attorney? If not that’s a great place to start. If you do, extend your circle of influence to high-end realtors and bankers within your community. Making these professional relationships work for both parties takes an investment of time and interest. Sending a referral their way first will get their attention and emphasize the reciprocal nature of the arrangement. Distinguish yourself from other advisors by sharing your ideal client profile and providing examples of how you work with clients.

8. Tap into multi-generational clients: Adult children of older clients often seek financial advice for their parents and a referral from a parent goes a long way to establish trust. A client who recently became a grandparent for the first time probably has a son or daughter in need of advice about life insurance or disability income insurance. Clients in their mid-forties to mid-fifties probably have concerns about aging parents and providing for their care. A conversation about long-term care for their parents and themselves is a natural extension of developing a financial plan.

9. Brush up on different approaches to each generation: Serving clients of different generations obviously requires a sensitivity to the needs and concerns of different life stages. And it’s not just about what you talk with a younger or older generation, knowing how to communicate with the different generations is important. Invest some time to understand the preferences of Millennials and Baby Boomers. When talking with clients from a generation other than your own, you may want to recruit a trusted colleague closer to the client age.

10. Hold yourself accountable to your commitment: Regardless of the strategy you choose to achieve your goal, make the commitment to review your goal periodically, maybe at the beginning of each week or at the end of the month. The point is to candidly evaluate your commitment to taking the steps necessary to achieve the goal.

Call us at 845-495-5000 or go to BrokersCentral.com to learn more about the rewards and bonuses you can earn with Brokers Central. Our Certified Underwriting Checkpoint Program™ offers a higher level of field underwriting that reduces underwriting time, improves underwriting decisions, and increases placement rates. It’s one more way we demonstrate the Brokers Central advantage.

Paul is the Vice President of Sales at Brokers Central, with more than 20 years of financial services experience under his belt, most recently as a Regional Marketing Specialist for Prudential Insurance.View Paul’s bioContact Paul.