09 Dec 5 Common Sales Objections & How Insurance Agents Can Respond
Prospecting is an essential part of an insurance agency’s success. Understanding how to successfully initiate consumer contact, nurture a relationship and hopefully, close a deal is critical to growing your agency’s business. Along the way, every insurance agent is going to encounter objections during their prospecting, ranging from general reluctance to engage, to more specific concerns like cost or overall familiarity with your agency. This is a normal part of doing business, but how your insurance agency handles objections can be the difference between success and failure. Not only should your team be prepared for objections, but training on objection handling should be a standard part of training for your team.
What Is Objection Handling?
Any time you respond to a client or prospect’s protest, you are engaging in objection handling. Objection handling is the process of addressing a prospective client or customer’s concerns and it is a key part of the sales process. Objection handling helps insurance agents break down barriers, while also building trust and rapport with their prospects. Mastering objection handling can offer agents opportunities to better engage their prospects and clients.
Handing The Most Common Insurance Objections
By having a standard, relaxed and practiced response to common objections, you can begin to build rapport with your prospects and may have a better chance of gaining their business. Remember, it takes many phone calls to close a sale, so don’t get discouraged. When you partner with ZipQuote, you’ll gain access to qualified leads that can help grow your business for years to come, especially if you work hard to nurture those relationships. The following objections are among the most common.
“I don’t know why you are calling me”
This is one of the most common objections, with potential customers getting defensive because they either don’t remember filling out a lead form or have changed their minds. For agents encountering this objection, it’s a good opportunity to confirm the information they shared (name, address, etc) and reassure them that you are just looking to have a quick conversion explaining how your agency can help them. “I don’t remember asking for information” and “sorry, I no longer want to talk to anyone” are similar objections and can be handled similarly. This is a good time to build rapport with potential customers.
“That sounds really expensive”
Many prospects will have cost concerns as you begin explaining policy options and plans. The good news is that, instead of an objection, this is actually an opportunity for agents to share deals, promotions and your agency’s value proposition. Be sure to ask prospects what they are currently paying and what their current plan offers and be ready to explain how your plan may be better suited for them, including benefits like bundling, corporate partnerships and bonuses for signing up or why your policies are superior.
“I’m too busy right now”
Even people who remember requesting information are potentially going to balk at talking to a stranger. They don’t know you or have a reason to trust you, so be calm and offer them an alternative time or an alternative method of communication. When is a good time to talk? If they can’t identify a specific time, ask if they’d prefer texting or email. Once you’ve established a better time and way to communicate, be sure to follow-up promptly and regularly. A prospect that is busy today could be a deal that closes in 6 weeks. Keep trying.
“I’m not familiar with your company”
A prospect is likely to be skeptical, particularly if they don’t recognize the name of your company. Without being able to recognize your brand, they could be quick to object. This is an opportunity for you to be authentic, briefly share your agency’s story and reassure them that you can potentially help them get a better rate or improved coverage. By asking them questions about their concerns you can understand prospects better, and address their worries. Be sure to include this information in your CRM so you can reassure them once again on future calls.
“Let me think about it”
Your prospect may genuinely want to think about your offer. This is great! Don’t miss the follow up. Ask for a time frame when you can reconnect and what materials they might like to receive via email or text to help them make their decision. Lastly, ask if they have any questions before getting off the phone that might help them make a decision. They may also want to talk to their spouse or another trusted source. Offer to answer any additional questions that may arise and reach out quickly with a text or email reminder, so they don’t “think” too long.
Looking To Connect With More High Intent Insurance Customers?
While handling sales objections is an important sales technique, sometimes a prospect is just not ready. Make sure you are consistently filling your pipeline with new leads. If you are looking to connect with more consumers who are actively searching for insurance, ZipQuote can help. When you partner with ZipQuote, you can expect the assistance of a knowledgeable team of professionals who want to see you succeed. Learn more about how ZipQuote can help you grow your business and register today!
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