LIFE INSURANCE SELLING TECHNIQUES

- GIRISH TIWASKAR

THE SALES MODEL

7. LEAD GENERATION

6. CLOSE THE SALE

4. FACT FINDING

NEEDS ANALYSIS

5. RECOMMENDING SOLUTION

3. APPROACH

-MAKE THE APPOINTMENT

-OPEN THE SALE

OBJECTION HANDLING

2. PROSPECTING

1.SUSPECTING

STEP 1-SUSPECTING

The process starts by creating a suspect list, such as the Market Identification Guide or the “Project 100”

The “Suspecting” step is the stage where you need to put down a list of names who could be “potential prospects” for you. Prospects, to whom, you can sell “Solutions” to.

STEP 2- PROSPECTING

Continual awareness of potential customers

Conscious, directed activity

Seeking

Observing

Identifying and

Qualifying prospects

Finding new people to talk to, and ensure they BUY!

Life-blood of insurance sales

PROCESS OF QUALIFYING PROSPECTS

B Business address A Age R Residential address M Marital status A Avocation or hobby I Income D Dependants

(Facts required for evaluating; creating the picture of the client)

• S Seen• A Afford• N Need• I Insurable

(Actual process of evaluating

the prospect)

PRE-REQUISITES OF PROSPECTING

Knowledge about the prospect’s BARMAID

&

QUALIFYING the prospect through SANI

In addition, it is even better if you know about the prospect’s:

S - Social Status

I - Interests, likes and dislikes

P - Personality, lifestyle & attitude.

PROSPECTING POINTERS

Focus on quality of the prospect Quality must be coupled with a good quantity Consistency i.e. maintain a steady flow of

prospects Begin NOW Make a prospecting plan

Obtain names Evaluate Qualify Proceed further

HINDRANCES TO PROSPECTING

Approach fear

Lack of knowledge / skill therefore lack of confidence

Need for approval

Fear of rejection

Faulty perception of reality

Inaccurate evaluation

STEP 3-APPROACH

Appointment Wish/greet the other person Prepare what you want to say Seek appointment by providing alternative timings

SALES TALK

Designed to: Quick brief about self and company Reason for visiting him Must give a positive impression Use “WE” rather than “I” Keep a friendly and relaxed atmosphere

When is it said

Why is it said

How is it said

What should be said

THE ART OF EFFECTIVE FACT FINDING

Attitude plays an important role..

Learn to connect emotionally Play the role of an ally in determining his needs Keep in mind that people buy to satisfy their

needs, not your needs Build trust and confidence Do not interrupt

QUESTIONS

Encourage the prospect to talk Keep the prospect interested ...but above all

Your Questions help uncover and develop the prospect’s needs

BENEFITS

How a product can be used

A cost advantage of a feature

Show how you can help the prospect

Show the value of your solution

How a feature meets a need

A benefit has to appeal to the needs of the prospect

FEATURES, ADVANTAGES & BENEFITS

Relation to success

Features describe some characteristic of a product or service

Low

A dvantages

describe how a product or feature can be used or can help the persuadee

M oderate

Benefits describe how a product feature or advantage meets an Explicit N eed expressed by the persuadee

V ery H igh

RELATIONSHIP TO SUCCESS

A How a product or feature can be used or can help the prospect

seller’s behaviour - only moderately related to persuasion success

B How a product, feature or advantage meets an Explicit Need expressed by the prospect

seller’s behaviour - very strongly related to persuasion success

SHIFT IN CONSCIOUSNESS..THE FIRST STEP!

You

ProductCompany

Concept of Life Insurance

HOW DO YOU SELL “THE CONCEPT OF LIFE INSURANCE” ?

THE 9 SALES CONCEPTS ARE...

1. Human Life Value – Dying Too Soon2. Children’s Education and Marriage3. Hedge against Liabilities – Covering your loans4. Happy family project5. Retirement Solutions – Living Too Long6. Wealth Creation7. Taxation – Saving through Insurance8. 4000% Returns9. Cost of Responsibility and Love Don’t all the above encompass an individual’s life in its entirety?

WHY LIFE INSURANCE?

Life insurance is the only instrument that takes care of all these 3 probabilities and 2 priorities.

Jeene ki azaadi

Living too long Dying too soon Living death

Child

ren’

s ed

ucat

ion

&

mar

riag

e

Wealth creation

DYING TOO SOON

Everyone KNOWS about it No one FEELS about it Today’s stressful and hectic life style enhances its uncertainty Only 3 out of 4 people reach the age of 60* Your family needs your income to maintain the same life-style Don’t you want them to be happy, not only as long as YOU live, but as long as

THEY live ?

• Only 3 out of 10 people enjoy retirement , the others have to suffer it .

• Don’t you want to be financially independent even after you stop working?

• Look at

decreasing rupee value and increasing cost of living

continuously falling interest rates

rising medical costs

• Don’t you need a continued income till the last day?

Living Too Long LIVING TOO LONG

• 6 out of 10 suffer from a life –threatening illness before they reach 60 * • Critical illness or disability can shatter your dreams for your loved–ones

• Not only you suffer, but you also have to watch your family suffer

• When the unfortunate event occurs, your income should not stop

Living Death CRITICAL ILLNESS AND DISABILITY

• Who knows better than you that education and marriage require a lot of money?•There are certain times in your life when you would want your love to be available to your child in the form of hard cash • This is one area where you just won’t like to compromise , isn’t it ?• You are the source of your children's happiness–protect it !

Your Children’s Bright Future BEING A GOOD PARENT

Don’t you want:A house of your own?A comfortable bank balance ?All of life’s comforts, be it a car or a vacation?

Assets and Wealth Creation WEALTH CREATION

CLIENT LIFE CYCLE

0

100000

200000

300000

400000

500000

600000

700000

20 30 40 50 60 70 80

Take home pay

Expenditure

SteadyPromotions

Promotion

Promotion

Promotion

Promotion

Semi-retired

RetiredMarriage

First child

Second child

Loosen the belt 1st childto work 2nd child

to work Home loan repaid

Medical costsSpouse dies

SURPLUS AVAILABLE FOR INVESTMENT

0

50000

100000

150000

200000

250000

300000

350000

20 30 40 50 60 70 80Life cover

Education

Retirement

NEEDS MET BY PRODUCTS

Wealth Maintenance

Wealth Release

WealthAccumulation

time

PURE RISK ENDOWMENT RETIREMENT ANNUITY

Protection

First child Promotion Semi-retired Retirement Death

THANK YOU………. - GIRISH TIWASKAR