SELLING PROCESS OF THE INSURANCE PRODUCTS PRESENTED BY- ARPIT PANDEY AMAN TIWARI ASHISH AGARWAL RAJDEEP SARKAR DEEPAK KUMAR AJIT KUMAR DAS
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Transcript
SELLING PROCESS OF THE INSURANCE PRODUCTS
PRESENTED BY- ARPIT PANDEY AMAN TIWARI ASHISH AGARWAL RAJDEEP SARKAR DEEPAK KUMAR AJIT KUMAR DAS
INTRODUCTION
Life insurance is an intangible product with an inherent level of difficulty hence effective selling skills are needed to be successful The goal of a producer is to build a practice by growing the client base Relationships and emotions are the keys to success in selling People buy from salespeople they like and trust This fact makes price and the company brand insignificant when clients make a buying decision hence increasing the importance of a producer ldquoThe insurance company can distribute its products only if consumers buy them and consumers can be expected to buy life insurance only if agents sell it to them
TYPES OF INSURANCE POLICIES(PRODUCTS)
The list below gives you a clear picture of the few of the different kinds of policies of both life amp general insuranceTake a look
LIFE INSURANCE GENERAL INSURANCE
WHOLE LIFE ASSURANCE FIRE ASSURANCE
ENDOWMENT ASSURANCE MOTOR ASSURANCE
ASSURANCE FOR CHILDREN HEALTH ASSURANCE
TERM ASSURANCE LIBILITY ASSURANCE
ANNUITIES TRAVEL ASSURANCE
MONEY BACK MARINE ASSURANCE ETC
IRDA NORMS REGARDING SELLING OF INSURANCE
The regulator proposes to incorporate a provision in IRDARegulations that would require insurance companies to issue key feature documents for various insurance products to policyholders Itfurther said that the document should be available in local languages depending on the region where the policy holder resides
To facilitate creation of a central database of complaints IRDA said it has shortlisted IT firms TCS CMC Wipro NSE IT and Deloitte for integrated grievance management system (IGMS)While soliciting the clients the telesales will not cause any ldquoinconvenience nuisance or harm to the clients and shall comply with all requirements of confidentiality privacy and non-disclosurerdquo aid the guidelines on which the IRDA has invited comments from stakeholders till June 20 said
SKILLS REQUIRED FOR SELLINGbullSelling skill is the ability the agent employs to consummate a sale successfully
bullThis skill can be developed through essentially two broad means formal traininghellipand sales experience gained through exercising the selling job over time
bull These skills are product or service knowledge communication organization and interpersonal skill Other traits and character- istics are trustworthinessselfconfidenceenthusiasm empathypersistencedesire to grow and improve self patience and motivation
PRODUCT AND SERVICE KNOWLEDGE SKILLS
Product knowledge forms the selling foundation so agents should have in-depth facts about the products and services they sell Clients buy to satisfy their needs These needs are satisfied by the benefits of the product or service The client is expected to decline the offer if the benefit of the product fails to meet the expectation of the clientThe dilemma is when a sale is lost solely because the agent fails to show the benefit of the product to enable the client to make a buying decision
INTERPERSONAL SKILLS
An agent must be amiable and affable since this job requires interaction with people The producer must love to work with people and be comfortable talking in public Strong interpersonal skills lead to better client relationships and help increase client base through referrals
COMMUNICATION SKILLS
Communication is a key factor in the success of a producer it is among others the ability to listen to clientsrsquo needs and present the solution clearlyRather than give the client a personal opinion salespeople should get the prospect to talk Listen Then point out how your product will enable your prospect to attain existing wants and needs Through active listening and encouraging clients to talk a producer can meet clientsrsquo expectation
ORGANIZATIONAL SKILLSOrganizational skills enable the agent to perform various activities in the selling processThese include profiling prospecting and soliciting prospective clients and planning and presenting life insurance sales Profiling allows agents to choose the types of clients they want to sell to and prospect this group by soliciting their business The criteria include income age professionalism or marital status This skill enables producers to design effective ways to market their services and provide quality service to keep the current clients
Characteristics and Traits
Trustworthinessmdash
The fiduciary responsibility of the industry makes it important for producers to have this quality It helps build relationships between the producer and client
Enthusiasmmdash
Critical to the success of a sales professional enthusiasm is a trait embedded in the satisfaction of being an agent and the desire to help people
EmpathymdashEmpathy enables the producer to react to the experiences and emotions of clients without an actual commitment It shows that the producer cares about the client which solidifies the agent-client relationship
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
INTRODUCTION
Life insurance is an intangible product with an inherent level of difficulty hence effective selling skills are needed to be successful The goal of a producer is to build a practice by growing the client base Relationships and emotions are the keys to success in selling People buy from salespeople they like and trust This fact makes price and the company brand insignificant when clients make a buying decision hence increasing the importance of a producer ldquoThe insurance company can distribute its products only if consumers buy them and consumers can be expected to buy life insurance only if agents sell it to them
TYPES OF INSURANCE POLICIES(PRODUCTS)
The list below gives you a clear picture of the few of the different kinds of policies of both life amp general insuranceTake a look
LIFE INSURANCE GENERAL INSURANCE
WHOLE LIFE ASSURANCE FIRE ASSURANCE
ENDOWMENT ASSURANCE MOTOR ASSURANCE
ASSURANCE FOR CHILDREN HEALTH ASSURANCE
TERM ASSURANCE LIBILITY ASSURANCE
ANNUITIES TRAVEL ASSURANCE
MONEY BACK MARINE ASSURANCE ETC
IRDA NORMS REGARDING SELLING OF INSURANCE
The regulator proposes to incorporate a provision in IRDARegulations that would require insurance companies to issue key feature documents for various insurance products to policyholders Itfurther said that the document should be available in local languages depending on the region where the policy holder resides
To facilitate creation of a central database of complaints IRDA said it has shortlisted IT firms TCS CMC Wipro NSE IT and Deloitte for integrated grievance management system (IGMS)While soliciting the clients the telesales will not cause any ldquoinconvenience nuisance or harm to the clients and shall comply with all requirements of confidentiality privacy and non-disclosurerdquo aid the guidelines on which the IRDA has invited comments from stakeholders till June 20 said
SKILLS REQUIRED FOR SELLINGbullSelling skill is the ability the agent employs to consummate a sale successfully
bullThis skill can be developed through essentially two broad means formal traininghellipand sales experience gained through exercising the selling job over time
bull These skills are product or service knowledge communication organization and interpersonal skill Other traits and character- istics are trustworthinessselfconfidenceenthusiasm empathypersistencedesire to grow and improve self patience and motivation
PRODUCT AND SERVICE KNOWLEDGE SKILLS
Product knowledge forms the selling foundation so agents should have in-depth facts about the products and services they sell Clients buy to satisfy their needs These needs are satisfied by the benefits of the product or service The client is expected to decline the offer if the benefit of the product fails to meet the expectation of the clientThe dilemma is when a sale is lost solely because the agent fails to show the benefit of the product to enable the client to make a buying decision
INTERPERSONAL SKILLS
An agent must be amiable and affable since this job requires interaction with people The producer must love to work with people and be comfortable talking in public Strong interpersonal skills lead to better client relationships and help increase client base through referrals
COMMUNICATION SKILLS
Communication is a key factor in the success of a producer it is among others the ability to listen to clientsrsquo needs and present the solution clearlyRather than give the client a personal opinion salespeople should get the prospect to talk Listen Then point out how your product will enable your prospect to attain existing wants and needs Through active listening and encouraging clients to talk a producer can meet clientsrsquo expectation
ORGANIZATIONAL SKILLSOrganizational skills enable the agent to perform various activities in the selling processThese include profiling prospecting and soliciting prospective clients and planning and presenting life insurance sales Profiling allows agents to choose the types of clients they want to sell to and prospect this group by soliciting their business The criteria include income age professionalism or marital status This skill enables producers to design effective ways to market their services and provide quality service to keep the current clients
Characteristics and Traits
Trustworthinessmdash
The fiduciary responsibility of the industry makes it important for producers to have this quality It helps build relationships between the producer and client
Enthusiasmmdash
Critical to the success of a sales professional enthusiasm is a trait embedded in the satisfaction of being an agent and the desire to help people
EmpathymdashEmpathy enables the producer to react to the experiences and emotions of clients without an actual commitment It shows that the producer cares about the client which solidifies the agent-client relationship
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
TYPES OF INSURANCE POLICIES(PRODUCTS)
The list below gives you a clear picture of the few of the different kinds of policies of both life amp general insuranceTake a look
LIFE INSURANCE GENERAL INSURANCE
WHOLE LIFE ASSURANCE FIRE ASSURANCE
ENDOWMENT ASSURANCE MOTOR ASSURANCE
ASSURANCE FOR CHILDREN HEALTH ASSURANCE
TERM ASSURANCE LIBILITY ASSURANCE
ANNUITIES TRAVEL ASSURANCE
MONEY BACK MARINE ASSURANCE ETC
IRDA NORMS REGARDING SELLING OF INSURANCE
The regulator proposes to incorporate a provision in IRDARegulations that would require insurance companies to issue key feature documents for various insurance products to policyholders Itfurther said that the document should be available in local languages depending on the region where the policy holder resides
To facilitate creation of a central database of complaints IRDA said it has shortlisted IT firms TCS CMC Wipro NSE IT and Deloitte for integrated grievance management system (IGMS)While soliciting the clients the telesales will not cause any ldquoinconvenience nuisance or harm to the clients and shall comply with all requirements of confidentiality privacy and non-disclosurerdquo aid the guidelines on which the IRDA has invited comments from stakeholders till June 20 said
SKILLS REQUIRED FOR SELLINGbullSelling skill is the ability the agent employs to consummate a sale successfully
bullThis skill can be developed through essentially two broad means formal traininghellipand sales experience gained through exercising the selling job over time
bull These skills are product or service knowledge communication organization and interpersonal skill Other traits and character- istics are trustworthinessselfconfidenceenthusiasm empathypersistencedesire to grow and improve self patience and motivation
PRODUCT AND SERVICE KNOWLEDGE SKILLS
Product knowledge forms the selling foundation so agents should have in-depth facts about the products and services they sell Clients buy to satisfy their needs These needs are satisfied by the benefits of the product or service The client is expected to decline the offer if the benefit of the product fails to meet the expectation of the clientThe dilemma is when a sale is lost solely because the agent fails to show the benefit of the product to enable the client to make a buying decision
INTERPERSONAL SKILLS
An agent must be amiable and affable since this job requires interaction with people The producer must love to work with people and be comfortable talking in public Strong interpersonal skills lead to better client relationships and help increase client base through referrals
COMMUNICATION SKILLS
Communication is a key factor in the success of a producer it is among others the ability to listen to clientsrsquo needs and present the solution clearlyRather than give the client a personal opinion salespeople should get the prospect to talk Listen Then point out how your product will enable your prospect to attain existing wants and needs Through active listening and encouraging clients to talk a producer can meet clientsrsquo expectation
ORGANIZATIONAL SKILLSOrganizational skills enable the agent to perform various activities in the selling processThese include profiling prospecting and soliciting prospective clients and planning and presenting life insurance sales Profiling allows agents to choose the types of clients they want to sell to and prospect this group by soliciting their business The criteria include income age professionalism or marital status This skill enables producers to design effective ways to market their services and provide quality service to keep the current clients
Characteristics and Traits
Trustworthinessmdash
The fiduciary responsibility of the industry makes it important for producers to have this quality It helps build relationships between the producer and client
Enthusiasmmdash
Critical to the success of a sales professional enthusiasm is a trait embedded in the satisfaction of being an agent and the desire to help people
EmpathymdashEmpathy enables the producer to react to the experiences and emotions of clients without an actual commitment It shows that the producer cares about the client which solidifies the agent-client relationship
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
IRDA NORMS REGARDING SELLING OF INSURANCE
The regulator proposes to incorporate a provision in IRDARegulations that would require insurance companies to issue key feature documents for various insurance products to policyholders Itfurther said that the document should be available in local languages depending on the region where the policy holder resides
To facilitate creation of a central database of complaints IRDA said it has shortlisted IT firms TCS CMC Wipro NSE IT and Deloitte for integrated grievance management system (IGMS)While soliciting the clients the telesales will not cause any ldquoinconvenience nuisance or harm to the clients and shall comply with all requirements of confidentiality privacy and non-disclosurerdquo aid the guidelines on which the IRDA has invited comments from stakeholders till June 20 said
SKILLS REQUIRED FOR SELLINGbullSelling skill is the ability the agent employs to consummate a sale successfully
bullThis skill can be developed through essentially two broad means formal traininghellipand sales experience gained through exercising the selling job over time
bull These skills are product or service knowledge communication organization and interpersonal skill Other traits and character- istics are trustworthinessselfconfidenceenthusiasm empathypersistencedesire to grow and improve self patience and motivation
PRODUCT AND SERVICE KNOWLEDGE SKILLS
Product knowledge forms the selling foundation so agents should have in-depth facts about the products and services they sell Clients buy to satisfy their needs These needs are satisfied by the benefits of the product or service The client is expected to decline the offer if the benefit of the product fails to meet the expectation of the clientThe dilemma is when a sale is lost solely because the agent fails to show the benefit of the product to enable the client to make a buying decision
INTERPERSONAL SKILLS
An agent must be amiable and affable since this job requires interaction with people The producer must love to work with people and be comfortable talking in public Strong interpersonal skills lead to better client relationships and help increase client base through referrals
COMMUNICATION SKILLS
Communication is a key factor in the success of a producer it is among others the ability to listen to clientsrsquo needs and present the solution clearlyRather than give the client a personal opinion salespeople should get the prospect to talk Listen Then point out how your product will enable your prospect to attain existing wants and needs Through active listening and encouraging clients to talk a producer can meet clientsrsquo expectation
ORGANIZATIONAL SKILLSOrganizational skills enable the agent to perform various activities in the selling processThese include profiling prospecting and soliciting prospective clients and planning and presenting life insurance sales Profiling allows agents to choose the types of clients they want to sell to and prospect this group by soliciting their business The criteria include income age professionalism or marital status This skill enables producers to design effective ways to market their services and provide quality service to keep the current clients
Characteristics and Traits
Trustworthinessmdash
The fiduciary responsibility of the industry makes it important for producers to have this quality It helps build relationships between the producer and client
Enthusiasmmdash
Critical to the success of a sales professional enthusiasm is a trait embedded in the satisfaction of being an agent and the desire to help people
EmpathymdashEmpathy enables the producer to react to the experiences and emotions of clients without an actual commitment It shows that the producer cares about the client which solidifies the agent-client relationship
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
SKILLS REQUIRED FOR SELLINGbullSelling skill is the ability the agent employs to consummate a sale successfully
bullThis skill can be developed through essentially two broad means formal traininghellipand sales experience gained through exercising the selling job over time
bull These skills are product or service knowledge communication organization and interpersonal skill Other traits and character- istics are trustworthinessselfconfidenceenthusiasm empathypersistencedesire to grow and improve self patience and motivation
PRODUCT AND SERVICE KNOWLEDGE SKILLS
Product knowledge forms the selling foundation so agents should have in-depth facts about the products and services they sell Clients buy to satisfy their needs These needs are satisfied by the benefits of the product or service The client is expected to decline the offer if the benefit of the product fails to meet the expectation of the clientThe dilemma is when a sale is lost solely because the agent fails to show the benefit of the product to enable the client to make a buying decision
INTERPERSONAL SKILLS
An agent must be amiable and affable since this job requires interaction with people The producer must love to work with people and be comfortable talking in public Strong interpersonal skills lead to better client relationships and help increase client base through referrals
COMMUNICATION SKILLS
Communication is a key factor in the success of a producer it is among others the ability to listen to clientsrsquo needs and present the solution clearlyRather than give the client a personal opinion salespeople should get the prospect to talk Listen Then point out how your product will enable your prospect to attain existing wants and needs Through active listening and encouraging clients to talk a producer can meet clientsrsquo expectation
ORGANIZATIONAL SKILLSOrganizational skills enable the agent to perform various activities in the selling processThese include profiling prospecting and soliciting prospective clients and planning and presenting life insurance sales Profiling allows agents to choose the types of clients they want to sell to and prospect this group by soliciting their business The criteria include income age professionalism or marital status This skill enables producers to design effective ways to market their services and provide quality service to keep the current clients
Characteristics and Traits
Trustworthinessmdash
The fiduciary responsibility of the industry makes it important for producers to have this quality It helps build relationships between the producer and client
Enthusiasmmdash
Critical to the success of a sales professional enthusiasm is a trait embedded in the satisfaction of being an agent and the desire to help people
EmpathymdashEmpathy enables the producer to react to the experiences and emotions of clients without an actual commitment It shows that the producer cares about the client which solidifies the agent-client relationship
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
PRODUCT AND SERVICE KNOWLEDGE SKILLS
Product knowledge forms the selling foundation so agents should have in-depth facts about the products and services they sell Clients buy to satisfy their needs These needs are satisfied by the benefits of the product or service The client is expected to decline the offer if the benefit of the product fails to meet the expectation of the clientThe dilemma is when a sale is lost solely because the agent fails to show the benefit of the product to enable the client to make a buying decision
INTERPERSONAL SKILLS
An agent must be amiable and affable since this job requires interaction with people The producer must love to work with people and be comfortable talking in public Strong interpersonal skills lead to better client relationships and help increase client base through referrals
COMMUNICATION SKILLS
Communication is a key factor in the success of a producer it is among others the ability to listen to clientsrsquo needs and present the solution clearlyRather than give the client a personal opinion salespeople should get the prospect to talk Listen Then point out how your product will enable your prospect to attain existing wants and needs Through active listening and encouraging clients to talk a producer can meet clientsrsquo expectation
ORGANIZATIONAL SKILLSOrganizational skills enable the agent to perform various activities in the selling processThese include profiling prospecting and soliciting prospective clients and planning and presenting life insurance sales Profiling allows agents to choose the types of clients they want to sell to and prospect this group by soliciting their business The criteria include income age professionalism or marital status This skill enables producers to design effective ways to market their services and provide quality service to keep the current clients
Characteristics and Traits
Trustworthinessmdash
The fiduciary responsibility of the industry makes it important for producers to have this quality It helps build relationships between the producer and client
Enthusiasmmdash
Critical to the success of a sales professional enthusiasm is a trait embedded in the satisfaction of being an agent and the desire to help people
EmpathymdashEmpathy enables the producer to react to the experiences and emotions of clients without an actual commitment It shows that the producer cares about the client which solidifies the agent-client relationship
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
INTERPERSONAL SKILLS
An agent must be amiable and affable since this job requires interaction with people The producer must love to work with people and be comfortable talking in public Strong interpersonal skills lead to better client relationships and help increase client base through referrals
COMMUNICATION SKILLS
Communication is a key factor in the success of a producer it is among others the ability to listen to clientsrsquo needs and present the solution clearlyRather than give the client a personal opinion salespeople should get the prospect to talk Listen Then point out how your product will enable your prospect to attain existing wants and needs Through active listening and encouraging clients to talk a producer can meet clientsrsquo expectation
ORGANIZATIONAL SKILLSOrganizational skills enable the agent to perform various activities in the selling processThese include profiling prospecting and soliciting prospective clients and planning and presenting life insurance sales Profiling allows agents to choose the types of clients they want to sell to and prospect this group by soliciting their business The criteria include income age professionalism or marital status This skill enables producers to design effective ways to market their services and provide quality service to keep the current clients
Characteristics and Traits
Trustworthinessmdash
The fiduciary responsibility of the industry makes it important for producers to have this quality It helps build relationships between the producer and client
Enthusiasmmdash
Critical to the success of a sales professional enthusiasm is a trait embedded in the satisfaction of being an agent and the desire to help people
EmpathymdashEmpathy enables the producer to react to the experiences and emotions of clients without an actual commitment It shows that the producer cares about the client which solidifies the agent-client relationship
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
COMMUNICATION SKILLS
Communication is a key factor in the success of a producer it is among others the ability to listen to clientsrsquo needs and present the solution clearlyRather than give the client a personal opinion salespeople should get the prospect to talk Listen Then point out how your product will enable your prospect to attain existing wants and needs Through active listening and encouraging clients to talk a producer can meet clientsrsquo expectation
ORGANIZATIONAL SKILLSOrganizational skills enable the agent to perform various activities in the selling processThese include profiling prospecting and soliciting prospective clients and planning and presenting life insurance sales Profiling allows agents to choose the types of clients they want to sell to and prospect this group by soliciting their business The criteria include income age professionalism or marital status This skill enables producers to design effective ways to market their services and provide quality service to keep the current clients
Characteristics and Traits
Trustworthinessmdash
The fiduciary responsibility of the industry makes it important for producers to have this quality It helps build relationships between the producer and client
Enthusiasmmdash
Critical to the success of a sales professional enthusiasm is a trait embedded in the satisfaction of being an agent and the desire to help people
EmpathymdashEmpathy enables the producer to react to the experiences and emotions of clients without an actual commitment It shows that the producer cares about the client which solidifies the agent-client relationship
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
ORGANIZATIONAL SKILLSOrganizational skills enable the agent to perform various activities in the selling processThese include profiling prospecting and soliciting prospective clients and planning and presenting life insurance sales Profiling allows agents to choose the types of clients they want to sell to and prospect this group by soliciting their business The criteria include income age professionalism or marital status This skill enables producers to design effective ways to market their services and provide quality service to keep the current clients
Characteristics and Traits
Trustworthinessmdash
The fiduciary responsibility of the industry makes it important for producers to have this quality It helps build relationships between the producer and client
Enthusiasmmdash
Critical to the success of a sales professional enthusiasm is a trait embedded in the satisfaction of being an agent and the desire to help people
EmpathymdashEmpathy enables the producer to react to the experiences and emotions of clients without an actual commitment It shows that the producer cares about the client which solidifies the agent-client relationship
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Characteristics and Traits
Trustworthinessmdash
The fiduciary responsibility of the industry makes it important for producers to have this quality It helps build relationships between the producer and client
Enthusiasmmdash
Critical to the success of a sales professional enthusiasm is a trait embedded in the satisfaction of being an agent and the desire to help people
EmpathymdashEmpathy enables the producer to react to the experiences and emotions of clients without an actual commitment It shows that the producer cares about the client which solidifies the agent-client relationship
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
CONThellip
Persistencemdash
As a result of the inherent difficulty in selling producers must learn to deal with rejections and persevere to be successful
Patiencemdash
Producers are expected to be patient to sell the delayed benefit inLife insurance products make clients take longer to make a buyingdecision
Desire to improve selfmdash
The expectation of clients and the competitive industrial environmentmake it imperative for producers to continue to learn to sustain a competitive advantage
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
STEPS TO SELLING A INSURANCE PRODUCT
Prospecting
Prospecting involves discovering and working with leads on companies and people who may have a need for your companyrsquos product Typically an agent identifies an appropriate market generates names in the appropriate market and asks clients toidentify qualifying suspects In professional selling a lead is anything that points to a potential buyer The most basic lead usually consists of a name phone number an address and information that determines the likelihood of the lead being a good candidate for making a purchase
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Pre-Approach and Approach
In the pre-approach the agent may have to use persistence and creativity to get an appointment In approaching the prospect the agents may use several methods to break the ice establish rapport present credentials establish trust describe the insurance salesand underwriting process get commitment about actions and obligate the prospect to provide referrals if he or she is satisfied with the solutions
Gathering Information
The agent may preview the fact-finding session to prepare the prospect for what information is needed and why it is important The agent can use open-ended questions to learn attitudes of the prospect A risk analysis questionnaire or other useful tools may be used to gather the information necessary to determine appropriate needs of the prospect The agent can also move from more general questions to specific topics to channel information The agent should explain the underwriting process and set a realistic timetable to meet and discuss the analysis and presentation
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Analysis and Case Preparation
The agent will analyze the information gathered and determine the appropriate solutions for the prospect The solutions will be prepared and a presentation organized for the prospect
Presentation
During the formal presentation the representative reviews discovery agreements and presents recommendations based on the prospectrsquos needs and goals using visuals to help display information stating specific benefits to correspond to each recommendation and discussing the features and benefits of all recommended products and services The agent should ask specific closing questions and manage the silence effectively
Gaining AgreementThe agent asks specific questions to gain commitment or agreement The questions can consist of agreeing on need and remedy The agent must isolate and handle the four areas of objection no need no hurry no help and no trust
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Delivering the Contract
The representative delivers the contract explains features and benefits plans periodic reviews and recognizes possible future needs of the client This step is important to convey to the client the ongoing support that will be provided
Building a Clientele
Building a clientele can be accomplished by maintaining client contact asking for and obtaining qualified leads from current satisfied clients and identifying ways to uncover additional needs for existing clients This step helps in the continued growth and development of the agent and agency
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
The Sales Process Applied to Claims
Prospecting by Claims Representatives
Claims representatives can help with prospecting for their company or an independent agency that represents their company A claims representative may see a third-party claimant (not presently insured by his or her company) as a potential insured While the claims representative has an ethical obligation to render an equitable claim he or she could submit the name of the third-party claimant to hisor her company agent or the agency as a prospect Some organizations are already incorporating the role of prospecting into the claims representative position For example a recent job description for a property claims representative stated that the claims representative is responsible for promoting retention and the purchase of insurance from the company
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Pre-Approach and Approach by Claims Representatives
When a claims representative is notified of a claim he or she should gather enough initial information to determine how to approach the first-party andor third-party claimant The representative may use initial information gathered from a variety of sources (eg insured third-party claimant and agency) to determine urgency prioritizeresolution activities and ascertain the best way to approach the claimant This includes the best method (eg e-mail phone number(s) and personal visits) for contacting the claimant and the appropriate emotional posture
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Gather Information by Claims Representatives
The next step is gathering information related to the claim associated insured and third-party claimants This information which is necessary to settle the claim may be collected through interviews with insuredrsquos third-party claimants witnesses passengers in the insuredrsquos car andor experts offering investigation assistance photographs and video recording reports and so forth In addition to settling claims the claims representative may share this and related information with underwriting and sales agents If they believe that the risk is too highor if the exposure has changed since it was last underwritten this information must be shared with underwriting The underwriter can use this information to determine if the premium should change and if the insured should be non-renewed If a third-party claimant is a possible prospect for the company sharing this information with the sales agent may lead to the third-party claimant becoming a customer
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Analysis and Case Preparation by Claims Representatives
Claims representatives must take the information gathered analyze the information and determine fault and appropriate coverage within the contract They must then prepare a report and determine the appropriate amount that should be paid in accordance with the contract
Presentation by Claims Representatives
The claims representative presents the settlement to the insured andor the third- party claimant The presentation consists of explaining the claim to each party involved If the parties involved do not understand how the case is settled then they will depart from the settlement without totally understanding the insurance contractcoverage exclusions andor limits This is a critical step in the sales process for claims settlement If the presentation is not communicated effectively then how will the claims representative be able to proceed to the next step gaining agreement
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Gaining Agreement and Settling Claims by Claims Representatives
The claims representative must gain agreement to settle the claim and close the claim file Negotiation and closing skills are critical to the successful completion of this step While negotiating and closing the claims representative must be able to handle objections to the settlement raised by parties to the claim Those objections includewhy the claim was denied why the payment was too low why or what exclusions apply what limits apply and how the value of the property was determined Successful resolution of objections and agreeable claim outcomes are key to customer satisfaction and building strong long-term relationships
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Building a Clientele by Claims Representatives
The claims representative is vital to helping agents or agencies maintain and build their clientele If the claims representative does not perform well while representing its company the insured may look elsewhere for better service In addition to claims representatives selling their decisions regarding settlements they are also selling andpromoting their company They can also help agents build and maintain their clienteles by promoting retention through excellent service and by identifying third-party claimants as prospects
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Endowment Selling Process
Most endowment life insurance policies were originally taken out for 25 years but the majority of policy holders never wait until maturity forcashing in endowment and surrender them In many cases theendowment policy surrender values offered by insurance companiesare less than the market value In addition investors are keen to buytraded endowment policies as part of their investment portfoliosThe market exists because there are people willing to endowmentcash in and people wanting to buy them for investment purposes
The endowment policy selling process starts when the owner contacts with the TEP brokers The details are forwarded to the trader who will endeavor to beat the current endowment surrender value This service is completely free of charge
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
CROSS-SELLINGCross-selling is defined as the action or practice of selling among or between established clients markets traders etc or that of selling an additional product or service to an existing customer This article deals exclusively with the latter meaning In practice businesses define cross-selling in many different ways
The objectives of cross-selling can be either to increase the income derived from the client or clients or to protect the relationship with the client or clients The approach to the process of cross-selling can be varied
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Core Organizational Challenges
Cross-selling is a complex process While this fact is well understood by institutions that engage in it the depth of complexity is often not realized until a cross-selling strategy is developed Such challenges include the complexity of distribution channels the complexity of product attributes the disaggregation of policyholder data and the complexity of fulfillment processes
Complexity of distribution channels
The products of most life and PampC insurance providers are typically sold through a complex mix of channels Institutions sell directly via the Internet and call centers to individuals and small businesses while also leveraging the field locations of captive and independent agents for larger or more complex sales Further the mix of each channel varies widely among insurers reducing the potential for a proven approach to cross-selling
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Complexity of product attributes
Insurance products are among the most complex in the financial services industry The differences between property and casualty products and life annuity andor health coverages are substantial The same can be said for insurers offering commercial lines versus those offering personal lines For insurers involved in multiple lines (eg commercial and personal property and casualty) the complexities are difficult to quantify This wide variety of products and services combined with the necessity for policyholder-specific attribute points creates an unlimited range of diversity from one product to another
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Complexity of fulfillment processes
To add to this complexity insurers are tasked with delivering these products across a myriad of sales channels Additionally they are required to service policies typically through one central point of contact Complexity and data segregation offer great opportunity to an organization However seizing such opportunity requires transformational changes in both corporate processes and systems The next section of this white paper addresses the requisite changes in process necessary to achieve a dynamic cross-sell environment
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
OVERCOMING CROSS-SELL OBSTACLES A SEVEN-STEP PROCESS TRANSFORMATION
As mentioned earlier most insurance providers are structured in a manner fundamentally at odds with cross-selling However steps can be made to create an environment more conducive to easing complexity and sharing data without compromising the organizationrsquos framework To begin a seven-step process transformation must take place
1 Define cross-selling objectives Executing this first step will depend heavily on the nature of each providerrsquos product offering and policyholder base Most insurance companies have an ldquoideardquo of what product mix is appropriate for their policyholders The key is developing the deployment strategy Traditionally however attempting to adopt a CRM solution and deploy a process requiring such collaboration resulted in a series of undesirable tasks and issues including
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Today the advent of the Internet has led to proliferation of the Software as a Service (SaaS) model of technology delivery Compared to core transformation SaaS offers a much more desirable approach towards adopting new processes including
1048707 Streamlined and efficient deployment 1048707 Quick implementation with limited disruption 1048707 Little to no customization required 1048707 Ability to coordinate multiple communication channels 1048707 Immediate and measurable return on investment (ROI)
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
2 Enable multiple policyholder interaction touch points
Once an organization has employed a more technology-driven process the next step is to ensure that all appropriate policyholder interaction touch points are utilized to their fullest extent The most valuable touch points include
1048707 Call center service representatives 1048707 Interactive Voice Response (IVR) 1048707 Web 1048707 Field sales and service centers 1048707 Agent locations
Indeed any time a policyholder interacts with the insurer an opportunity to sell additional products (as well as strengthen the customer relationship) exists Savvy marketers understand the value of delivering consistent messages through multiple media However corporate policies and politics often create an impasse in leveraging customer service touch points for the purposes of generating additional sales
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
3 Prioritize the right product for each and every policyholder
ldquoRelevantrdquo product offers are those offers that are appropriate to the customerrsquos need and financial snapshot Policyholders do not wish to receive offers they are neither eligible for nor qualified to act upon Receiving such an offer only to later find out he or she is not qualified is an extremely embarrassing predicament for both parties As a result loyalty is tarnished and the customer is less likely to request further products from an institution that doesnrsquot appear to really know them
Once eligibility has been determined products can then be ranked in order of those which the policyholder is MOST likely to need This top priority product can then be delivered to the customer across all appropriate channels until an expression of interest or non-interest is made Further a frequency and sequence of offers can be created in case after multiple contacts the policyholder expresses no interest at all
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
4 Synchronize product and service offers across multiple channels
Once the appropriate systems are in place and the appropriate channels are utilized the most important step in an organizationrsquos transformation can begin synchronizing offers across all channels If accomplished organizations will see three key results
1048707 For policyholders a consistent experience across all channels 1048707 For the institution a consistent message across all channels 1048707 Better leveraging of traditional marketing (eg direct mail)
5 React quickly to changing market dynamics and conditions
Upon understanding how to effectively prioritize product offers an organization can also learn how to quickly modify add or replace offers dictated by current market conditions capacity demands competitive influences and regulatory changes Further enterprise coordination enables such changes to be reflected in real time across all channels
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
6 Report and model continuously
Tracking and reporting on each and every sales (or missed sales) opportunity is an essential component of an effective cross-sell campaign However this is far more complicated in practice than in theory However reporting is the only way to effectively determine the success of offer programs as well as the overall success of determining product eligibility and appropriateness
7 Utilize the institutionrsquos greatest asset
Interaction with policyholders is an insurance providerrsquos greatest asset This is especially true when the customer initiates the interaction as an organization will have no better opportunity to present a targeted sales offer However this must give way to a few realities
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
INSURANCE SELLING MYTH
Sales is a numbers gameldquo
But sales is only a numbers game when all you know is traditional insurance selling Yes you can call people over and over chase them until they listen to you so that you just go away However there is a better - easier method of building trust and getting your product or service message across - all on one call Simply by changing your insurance selling approach youll make FEWER CALLS and MORE SALES
Use a sales scriptldquo
People can tell when youre reading from a script even if you think youre pretty good at it and getting away with it Theres nothing personal about it and people can pick that up Being artificial just puts you into the typical Salesperson category If you can learn to get your message across in a different way youll eliminate the negative triggers that can lose your sale within seconds
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
Focus on closing the saleldquo
Are you going in for the kill with your insurance selling techniques If you are you could end up killing your deal instead Old insuranceselling techniques do nothing more than pressure the client orprospect and as a result they naturally want to retreat away fromthat pressure - and that pressure is YOU By learning to avoid thepush and pull dynamic between you and your prospect youllbe able to move the insurance sales process forward to get the result you want
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
- SELLING PROCESS OF THE INSURANCE PRODUCTS
- INTRODUCTION
- TYPES OF INSURANCE POLICIES(PRODUCTS)
- IRDA norms regarding selling of insurance
- SKILLS REQUIRED FOR SELLING
- Product and Service Knowledge Skills
- Interpersonal Skills
- Communication Skills
- Organizational Skills
- Slide 10
- Conthellip
- Steps to Selling a insurance product
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- Slide 17
- Slide 18
- Slide 19
- Slide 20
- Slide 21
- Slide 22
- Cross-selling
- Slide 24
- Slide 25
- Slide 26
- Overcoming Cross-Sell Obstacles A Seven-Step Process Transform
- Slide 28
- Slide 29
- Slide 30
- Slide 31
- Slide 32
- Slide 33
- Slide 34
- Slide 35
-
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