As an insurance producer, how can I close more deals?

To write more business, insurance brokers need to turn everything about the traditional approach to selling new business on its head.

Most insurance brokers take the same approach to selling, which is why buyers believe “all brokers are the same.”  

If you want to close more deals, recognize that you must make it clear to the buyer that you compete in a different category. Here is how you can do this. 

Sell off-renewal 

Instead of showing up at renewal time and competing in a crowded field of brokers, start having sales conversations off-renewal. This will allow the buyer to focus on what makes you different.  

Reset their expectations 

Most brokers compete on a value proposition of handling the renewal and providing great service. Because of this standard approach, most buyers use it as their criteria for evaluating brokers. Consistently, it also leads to the common objection brokers hear from buyers: “We’re happy with our current broker.”

Give the buyer permission to expect more from a broker than quotes and service. Explain to them the ways you can deliver results. When presented with the potential impact they can, and should, receive from a broker, they might realize they will be better off with a change. 

Control the conversation 

Somebody will always be in control of the sales conversation. Unfortunately, most of the time, it is the buyer instead of the broker. To take control, establish a new goal that, if/when achieved, will result in you earning the business. The new goal should be based on the additional ways you can impact their business, like:

  • Compliance
  • Technology
  • Communication
  • Attraction and retention
  • Employee engagement 

Making the goal bigger than price alone and following a systematic sales process will allow you to gain/maintain control and lead the buyer to better buying decisions. 

Focus on the problem, not the product 

Buyers are not interested in learning about the product/solutions you have to offer. They are deeply motivated by addressing problems they have for which your productions and solutions may be the answer.  

Never lead with your product; lead them to your product.  

Putting this all together 

You will close more deals when: 

  1. You compete off-renewal, allowing the buyer to focus on how you can help them. 
  2. You help the buyer see they should have higher expectations of their broker/advisor.
  3. You control the conversation and lead the buyer down a path that ensures they make better buying decisions.
  4. You focus on the problems you help solve rather than the products you sell.