8 Ways to Improve Your Sales Timing and Your Income

Timing is everything in life and in insurance sales. Talk to a new prospect or an existing insured on the right day when both of you are in the right mood and the odds are good that you will walk away with a check. The opposite is equally true. So is timing a matter of luck or skill? The answer is a little of both. Here are eight random examples of how to use the calendar and the clock to your advantage.

Ask insureds to commit to renew with you when your relationship is at its best, which is usually well before the customary renewal time. This window of satisfaction seldom takes place 60 to 90 days ahead of policy expiration. Why? Because your top competitors will be hard at work trying to plant seeds of dissatisfaction [see below].

Search for a window of dissatisfaction when you are scouting for new business. Routinely probe for non-price red flags at renewal time in addition to the usual pricing vulnerabilities. Examples include a prospect’s unhappiness with the amount of a recent claim settlement, an unexpected additional premium audit, excessive loss control engineering, missing coverages, costly payment plan, etc. Fan the dissatisfactions that you uncover into flames of discontent to weaken the prospect’s confidence in their current insurance program.

Avoid the renewal-time rush by contacting a new commercial lines prospect six months before his policies expire. This way, you can sidestep the 60 to 90 day horde that sells mainly on price. Call and ask for a 15-minute meeting. Then limit yourself to exactly that amount of time, using it to pre-qualify the lead for future contact. Old school sales trick: Put a cooking timer on your prospect’s desk at the start of the meeting. Set it for 15 minutes. Then when it goes off, thank your prospect and prepare to go. If the individual wants to talk more, pleasantly let him know when you finally leave, that he’s the one who extended the appointment, not you.

When you visit an insured at renewal time, always bring at least one new protection, premium-saving, or payment plan idea. Never go empty-handed, since this is crunch-time for you both. Almost any fresh concept presented now helps to reassure the client that you’re not taking his account for granted.

Ask for an early renewal commitment if your main insurance contact person is about to leave a business you insure. Ask him or her to sign on for another year, before departing, when practical. Note that it will assure that your combined risk management labors won’t be instantly undone.

Be the first in the door whenever you are faced with a new insurance contact person on an existing account or a long developed prospect. If you are late, you may find yourself put on the defensive by the tag-team of a new buyer and an aggressive agent.

Ask for an off-hours appointment. If an insured or prospect is unable to meet with you during normal business hours, invite him in for an appointment at your office over the weekend or late in the evening. This odd meeting time may be just the ticket to get them on your turf. You’ll have time to talk, and he can leisurely see how and where you operate.

After you miss out on a new business sale, hand write a thoughtful thank you note to show your appreciation for the prospect’s time and courtesy. You’ll stand out from the e-mail only crowd and from agents who call the person to soundly complain that they weren’t fairly treated. If your note lands within a day or so of losing the sale, you’ll be in a stronger position for another shot next time around — or sooner if the person is suffering from buyer’s regret.

Topics Profit Loss