If you are in the insurance industry, you can attest that nothing feels worse than dealing with sales objections. Objections are an inevitable part of insurance sales due to the heightened competition in the industry and the use of the same sales methods. Once a prospective lead is generated, an agent will follow it up, looking to write a new policy. However, many will face oppositions at first. How you handle the objection determines whether you will make a sale or not.
Art of Handling Objections
Experienced and seasoned insurance agents have probably mastered the art of handling oppositions. The best way to handle oppositions in selling insurance policies is to alleviate the prospect’s concerns. Do not argue with the prospect or pressure them to back down, or you will lose the trust and rapport you have already established. Do not actively tell your prospects they are wrong. Instead, help them to arrive at a different conclusion.
You can only master the art of handling oppositions if you know the behavior of your prospects. Regardless of your industry, customers are the most crucial element of your business. As a sales representative, take time to learn and understand the customer’s behavior, and you will get more revenue and increase sales.
A 4-Step Approach to Overcoming Insurance Sales Objections
Do not get discouraged when prospects say they are unwilling to buy your policy. Follow this four-step process to overcome their oppositions and move closer to making a sale.
Step 1: Listen to the Full Objection
The typical reaction when you hear an objection is to jump in and defend your position. Resist the temptation and give yourself time to think about the next step. As a sales representative, you should train yourself to ignore negative emotions. Stay focused on the message the prospect sends. Listen, understand the buyer’s concerns, and let your body language and verbal confirmation show that you are attentive.
Step 2: Understand the Objection
Protests hide underlying problems the prospect is unwilling to disclose or articulate. It is your primary job to understand the objection and its source. Do this by asking for more information from the prospect. Ask ‘What else?’ and ‘Why’ questions to seek more clarity.
Step 3: Respond Properly
Once you uncover the objections, you should do your best to resolve the issues right away. Some of the issues with insurance sales are that the prospect already has a broker or may have challenges with the current provider.
Step 4: Confirm You Have Satisfied the Objection
Satisfying an objection leaves the prospect happy and engaged. But, if the prospect is not ready to commit, you should accept the answer and move on to the next. Also, note that some prospects will accept a solution, and once you are out of sight, their objection will stand.
The Common Objections and How to Handle Them
Once you get into insurance sales, overcoming oppositions should be as natural as breathing. Here are the common objections and tips and tricks on how to overcome them.
Kindly Send More Information
When selling insurance, you will encounter this objection, which doesn’t look like an objection at first. A corporate can use this to politely brush off a sales agent and prevent them from appearing rude or uninterested. Your primary goal at this point is not to sell insurance but to make it to the next step. Make them understand the value of the insurance you sell, and keep them talking. For instance;
“I understand your time is valuable. Can we take at least 30 seconds to explain the process of acquiring the best home and auto insurance for you and your family? I do not wish to send incorrect information.”
I’m not interested
This is a knee-jerk objection that takes place early in the sales process. As a sales representative, you should not take it seriously. The prospect cannot know they are not interested even before you explain how the product works.
“That is okay. However, our products are completely different from what you have seen on the market. Give me at least five minutes, and I will show you how our products will benefit you and your family. From there, you can make your decision without any coercion. Can we meet tomorrow at 10:00 or 2:00 if that works better for you?”
In this script, you acknowledge the prospect’s position and show that your meeting will be low-stress. You have closed with a yes-yes question by asking them the best time they think is best. Always avoid a yes-no question like, “Can we meet tomorrow?”
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