Insurance Training Techniques – Sales Products Knowledge = Insurance Sales Effectiveness

Sales products knowledge is the foundation of all insurance training techniques. The foundation of insurance sales success is product knowledge. This knowledge must be combined with leads and personal skills. Learn why the majority of insurance training methods for agents fail.

Agent trainees who are licensed to start their careers have a meeting with their insurance manager. They discuss how to set up their briefcase-sized with sales products. Their “training manager” takes them to the supply area and gives them a brochure about every product that the company offers. There are many options and this can easily reach 50 plans. These could include simple products like accidental death while traveling, or more complex options such as key man insurance. The trainer just tells the agent to get familiar with them all. This is one of most dangerous ways to train for insurance.

To be a successful insurance sales person, you need only to have a basic understanding of the plans that you plan on selling. Agents who spend too much time trying to grasp the insurance concepts of plans they will never sell are misguided. They keep at least one policy brochure in their briefcase as a backup plan. A good training method helps agents understand what they are selling. They are not taught the right insurance product knowledge in this quick 30 minute meeting.

Training must be given by management on which sales products will actually be sold to agents. Managers prefer the policies that have the highest premiums or are most familiar with. It is rare for insurance managers to adapt their insurance training to the needs of each agent. They don’t like to be standardized. They like to use a cookie cutter approach. Agents should not be forced to work in uncomfortable areas of insurance. This will hinder their ability to sell insurance effectively. This is what very few insurance managers do.

If the tips and qualities listed below are not followed, the trainee agent quickly becomes an insurance expert. And failure can happen very quickly. This is something you can’t take to the bank.

For insurance to last, you must have sales leads, confidence, leadership, and the ability become an insurance niche specialist. All of these factors are interrelated. Do not ignore your insurance manager when you are training your salespeople on cold calling. Random cold calling prospecting is not possible because you don’t know your prospect’s emotional needs. Selling effectiveness depends on uncovering the emotional needs of your prospect. Your prospect is just a suspect. Insurance managers will give you old policyholder leads. They offer a wide range of life insurance plans. This is a sure way to fail and will prevent you from creating product specialties.

You will need to quickly obtain a prospect listing from a broker who has clients that you feel comfortable selling to and are close to your income level. Example: A self-employed contractor who owns a home and has children living in the same neighborhood. Now, you will create a product niche. This is when you choose up to three products that will be your specialty. It could be major medical insurance, mortgage life insurance, or accident disability insurance. Being an expert in this field can lead to a rewarding career. You will experience a surge in confidence and product knowledge, and your closing ratio will increase from 40% to 80 percent. Prospect clients prefer to get insurance from someone who is a specialist in their field.

A niche in insurance that focuses on senior citizens could also be a specialty is working with them. These products include long-term insurance, Medicare supplement, and final expense burial life. Insurance specialists must be able to sell insurance products, but only the plans that meet your clients’ requirements.

You should not take too much insurance training. However, the techniques will vary depending on which company you work for. Realizing that you are the only person in your business is the best knowledge. So make sure to invest in your career and time wisely.

We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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