Driving Sales for Life Insurance Companies

Naturally, human beings are reluctant to think about their own death, and this is essentially what makes life insurance policies a hard sell. To drive sales, insurance agents should deviate from talking more about their policies and concentrate on what the prospects value most.

A smart way to sell life insurance is to talk about things such as taking care of loved ones left behind or enhancing capacity to pay off a family mortgage in order to decrease the cost of living. This article details smart ways life insurance companies can drive more sales with the least hassle.

Creating more meaningful engagements

Insurance agent

A lack of meaningful engagements with their customers is the reason why most life insurance companies struggle to drive sales. To connect deeply with consumers, life insurers must develop deep customer insights. The proliferation of many new sources of customer data coupled up with advanced analytical capabilities means that life insurers can enrich their existing customer and prospects databases. They can use this information to fashion their marketing messages to suit individual needs.

Using data sources

For instance, data sources can provide an insight into the consumers’ marital status, occupations, lifestyles, estimated income, and number of children. Using this information to personalize messages can increase the chances of positive responses from consumers. A McKinsey’s research found that in addition to demographics, segmenting based on behavioral and attitudinal dimensions increases sales and marketing effectiveness.

Maintaining face-to-face interactions

We live in a digital age where every business needs to leverage on social media. While social media will help you build trust, boost engagements, and increase referrals, trying to sell on social media is the closest thing to being a fly on your prospects wall and competitors world. As a life insurance company, you should use social media to build strong relationships with your customers and prospects rather than directly sell. In general, life insurers and insurance companies need field marketing organization insurance to drive sales. Effective field marketing for life insurance may include retail support, leafleting, special events, road shows, and lead generation.

Generally, people often respond more strongly to personal interactions than generic messages via the Internet, TV or radio. Those physical interactions between the field markets and prospects can raise your brand profile and increase awareness of your company while allowing consumers to ask questions and get immediate answers. Overall, this will drive more life insurance sales.

Educating your prospects

The two top reasons consumers cite for failure to buy life insurance is that it is complex and expensive. Regarding cost, an insurance Barometer study revealed that Gen Xers underestimate the cost by 119%, while millennials overestimate by 213%. As a result, 54% of Americans said that it is unlikely they would purchase life insurance. As a life insurer, you can now see why you need to educate your prospects.

Busting myths and misconceptions

Away from the costs, the insurance industry suffers many myths and misconceptions with many people misinterpreting terms. To drive sales, you must diligently educate consumers through content marketing. Field marketing allows you to demystify terms. However, for consumers at home browsing through your website, you need to cater for them through informative content. Some ways you can implement to educate consumers include installing online calculators on your website, creating informative blog posts, sharing explanatory videos on social media, and online and offline workshops or seminars.

Few industries match the opportunity for high returns and life insurance. Although life is not necessarily rosy for life insurance providers, breaking through adversity makes this particular business lucrative.

About the Author

Scroll to Top