Is Quantum Recognition in Your Carrier’s Future?

We all strive to be “easy to do business with” but some companies go above and beyond; they go that extra mile by offering superior workflow productivity and profitability for their agency partners. We profiled the finalists from this year’s Quantum Award submissions in previous issues of NetVU Now, so you’ve seen examples of some of these companies.

These national and regional companies demonstrated a commitment to NetVU users through the implementation of best of breed technology, ACORD Standards and real-time processing that have helped their agencies grow and profit beyond normal means.

Do any of the companies you work with demonstrate these qualities? If so, take a moment to nominate them for the Quantum Award today. Remember, you couldn’t be as successful as you are without them. Show them you recognize the effort and commitment they’ve shown to your success. Then be sure to join us in Anaheim, CA, April 26-28 for the 2012 NetVU Conference and congratulate all the winners personally.

Click here to submit a nomination for the Quantum Award — nominations must be received by November 30.

Why Honing Your Closing Skills Is Critical To Success

By: Tim Sawyer, President and Co-Founder, Astonish Results

How many times have you kicked yourself for blowing a major sales opportunity? Each time this occurs, it is more money out of your pocket.

As an agent, it is your job to be able to sell as many of your agency’s products to as many prospective clients as possible. If you cannot sell, then you cannot realistically expect to earn good, steady paychecks. Needless to say, the world of sales is an unforgiving industry. Thanks to a slumping economy, along with ruthless competition from other agencies, insurance products are even more difficult to sell today. Because compensation is fully dependent on X number of sales, an agent’s ability to close out a case is critical to their success.

Many agents have discovered that closing out a sale can be the most stressful part of every client appointment. The truth of the matter is that a great deal of agents fears the possibility of facing rejection. Can this be blamed on inadequate insurance sales training? After doing all this work, losing the sale can be very deflating. If you are having difficulty in this area, you have to ask yourself, “How much attention do I pay towards the needs of my clients?” There are ways to overcome these obstacles and boost your sales numbers. Here are a few tips you can employ into your sales strategy to help boost your closing sales ratio:

• As a sales professional, it is your job to understand the early stages of the sales cycle so that closing becomes a lot more natural. Let’s assume you have already prospected the client and you are now conducting the initial appointment. Before the sale, make sure you thoroughly understand your agency’s product line. Additionally, it is also important to show confidence in the products you are selling. If you don’t BELIEVE in what you sell, how can you sell it to someone else? Take it upon yourself to educate your clients about the products being offered to them. If you are discussing Universal Life Insurance, make sure your client fully comprehends all the features and benefits it contains, and why they should consider it.
• Do not be tempted to rush and close out a sale on the first appointment, because there is a fine line between being aggressive and pushy. More importantly, do not make an unsuitable product recommendation to a client in any circumstance. Always make the effort to build rapport and establish trust with all your clients. Taking the necessary time to sit down with your clients, and having them discuss their financial situation will place you in more of an advisory position instead of being just another “insurance salesman.”  This will help you gain an idea of where their needs lie and assist you in making a proper recommendation for your next meeting. After gathering enough data, you will be able to go back to your office and put together solid recommendations, which will help you facilitate the closing process with more poise. Additionally, this will help you build credibility with your client, and you can avoid being perceived as “too salesy.”
• Have you produced enough URGENCY to encourage the prospect to buy? Does the client understand the value of your products and services being offered? An effective sales presentation should produce a strong sense of urgency for your client to do business with you, making the close much more natural and not forced. If this is done, you can CONFIDENTLY move towards the close. By simply asking the client, “Would you like to get started?” or “Can we move forward with the paperwork?” are a few closing phrases that are being used today. 
• Slick one-liners and catchy phrases may help you produce a sale once in a while, but it is not a credible or dependable method of building your business. Closing a sale is actually the earliest stage in any business relationship. However, perfecting your closing skills will not happen overnight because it takes a great deal of time, effort, and trial and error. Once you can master these skills, you will boost your business dramatically.

As the leading provider of digital marketing and sales training for the independent insurance industry, Astonish Results is perfectly poised to help grow your business. With the creation and implementation of a blended online strategy, let us help you change your agency forever. Call us today at 1.888.899.1936 to speak with a dedicated Astonish Results representative who will schedule a tour of our digital insurance marketing system for you, or sign up online for a FREE virtual presentation today! 

Research Identifies Strategies for Growing Your Business Says Yates 

Summary of an article by Jeff Yates, executive director, Agent’s Council for Technology (ACT).  Read complete article.

comScore and J.D. Power & Associates research looked specifically at consumer trends in automobile and property insurance buying habits as they pertain to going direct to carriers or through an agent.  Yates identifies the top five reasons consumers are more likely to not use a local agent.

“Convenience” was a common theme among consumers preferring to use a website or 24 hour toll-free numbers offered by direct carriers, yet Yates states each point could be effectively addressed by independent agents that implement interactive websites and social networking tools.

On the other hand, “the top reason given by consumers who buy through an agent would be difficult for the direct carriers to match:

• I like having a real person who I can visit with or call—39%

Followed by:

• I have always used a local agent—31%
• The local agent quoted me the best price—28%
• I wanted a local agent from one company to help me with all my insurance needs—25%
• Recommended by a family/friend—23%.

Yates goes on to identify a number of other strategies agents should employ in order to respond to the research findings and more effectively compete with direct carriers. Among his recommendations, are: 

• Communicate pro-actively & regularly with clients.
• Sell convenience as part of your agency’s value proposition.
• Offer the communications options clients want.

“One of the major findings of the research is that clients are now in the driver’s seat and they increasingly expect their agent and carrier to be able to interact with them via the channels they use in everyday life. We have seen that this means direct carriers offer some option for consumers to deal with a ‘real person.’ For agencies, it means supplementing their personal client interactions via phone and in person with increasingly robust online options including email, website portals, and social media.”

While consumer research shows that independent agencies have a great opportunity to reshape and refocus their personal lines operations to respond to changing customer expectations and preferences, the continuing challenge is bringing that message to where the consumers are — online. In order for agents to convey their value proposition they must be there.

“I believe independent agents finally have the technology tools available to them to create that strong online presence, particularly in their local communities, along with the needed tools to process personal lines business very efficiently,” Yates said.

Whether it’s social media, robust websites, leveraging all aspects of their agency management systems or implementing Real Time and ACORD Standards, independent agents have the sales and servicing strategies to grow their agency’s personal lines business today.

Read complete article.