Why Selling Insurance Is a Colossal Waste of Time

Posted on February 20, 2017

Ryan Stewman



I already know what’s going to happen. There will be a shitload of people who saw the title of this article and jumped to conclusions. We’ve all seen it happen, every day. If you sell insurance, keep reading. What I’m about to teach you will save your career, increase your commissions and help you become more successful in your respective sales position. 
First, let’s get this out of the way. “There’s nothing wrong with being an insurance agent.” It’s a needed job. Everyone is your prospect and it pays well. It’s also a respectable job. When someone speaks negatively about salespeople, they rarely do so about insurance agents. I like insurance and personally, use it to create wealth for myself and my family. That’s not the point of this article, though.
Here’s the cold hard truth: no one wants insurance. What they want is what the insurance provides. Insurance is forced on the consumer and I’ve never heard a person say they would love to have more insurance. What they would love is for their car not to get in an accident, or their belongings not to get stolen.

They don’t want insurance. They want the result that having insurance provides. 

That being said, if you’re selling insurance by competing on rate, you are seriously wasting your time. Sell what they want. Give them what they need. They want security, peace of mind and legal protection in the event of an accident. Not insurance. Insurance is simply a means to an end. Treat it accordingly. 
You’re probably wondering, so how do you sell insurance without selling insurance? And today is your lucky day! I’m going to lace you up real tight on how to increase your production and your premiums.

Sound good? Great! Keep reading. 

There’s always an underlying issue that leads people to inquire about insurance. They may have had a rate increase recently and they are on a fixed income and need to find cheaper coverage so they don’t have to go without something else they like. They may be calling for extra coverage because their neighbor has a 16-year-old kid who’s driving and they think he’s going to hit the car they park on the street.
Before you can sell insurance, you need to find out what it is they want. Why would anyone reach out, apply and price insurance if there wasn’t something abnormal going on in their life? The only time I shop around for insurance is when I get a new home, a new car, or something like that. 
The way to find out what they want is by asking them questions interview-style. You can use this word track to start:
“I understand that insurance can be a very complicated and convoluted financial instrument. Please allow me to ask you some questions to find out what your needs are and the best program for your situation.”

Then start asking questions.

My favorite is: “What made you decide to start looking for new insurance?” Sounds simple because it is, and it’s also equally powerful. 
If you sell insurance, remember, no one wants what you sell. They want the benefits that what you sell gives them. The sooner you make this shift and sell accordingly, the sooner you’ll increase closing conversions and premium prices.

Sell what they want. Deliver what they need.

Next time you’re communicating with a prospect, try my simple word track and see what happens. You’ll be amazed at how effective things can be when you apply what you learn. If you’re looking for ways to generate more insurance leads, sign up and join us at www.breakfreeacademy.com/entourage and I’ll connect you with prospects and lead gen technology that will have you swimming in insurance prospects. 

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