How to Increase Your Insurance Sales-Part I

Increasing Sales In Tough Economic Times

I am an Insurance Instructor and my background primarily falls in claims. I have worked o nthe ageny side, Cusotmer Service and Underwriting. In my time as an Instructor, I have presented continuing education to local agencies. Of course, I am invited in to teach s othe agents can receive thier Continueing Education Credits. On a Saturday,I am about as popular as getting Swine Flu while on Vacation. I am taking away a precious Saturday and they are also expecting boring classroom hours. I typically teach bout coverage and try to tailor the class in a way that the agent can understand the importance of selling the correct coverage. But sometimes i have to modify my presentation for those tough audiences.

One agent glared at me and stated,

"I hate Continuiing Education. Unless you can tell me how to increase my sales, I am not listening to a word you say."

He was only saying what all agents are feeling during these tough Economic Times. Money is short and insurance is an area that people will let go because food and shelter are more inmportant. Thus, the consumer's tough Economic Times equals tough Economic times for agents.

So I accepted the challange and this is how the class went:

  1. Understand the products that you are selling thoroughly so that you can professionally answer all questions accurately.
  2. Inspect the property you are about to insure. Some Insurers have stopped requsting and paying for pictures of the insurable location. Some agents have interpreted this as, "I do not have to spend gas money, film/memory card money and computer time to give the compnay pictures. First and foremost, check your state law as to what is required when insuring a property in your state. Some states require that you visually inspect the property prior to insuring. I have seen State Departments of Insurance issue fines to agenecy that have imporperly rated insuraed location because the agent did not visually inspect to note the difference between brick and brick veneer.
  3. Take this time to show off your expertise.If you can get a look at the property you may have a chance to upsale. For instance: A typical homeowners policy carries Coverage for the Other Structure in the amount of 20% of the Hoime Value. So, a typical home at $200,000 would afford $40,000 Other Structure Coverage. If you get a chance to inspect the porpoerty, you might find that your insured has a large seperate 3 car garage, an open carport to cover his boat and ATV, a large tool shedthat houses all of his lawn equiptment and a free standing fencesurrounding his property. In the event of a Catstophic loss such as Tornado, Hurricane or Fire and all Other Strucures are lost, the financial loss to your insured might be in excess of a $100,000 and your insured is out $60,000 due to not being propertly insured. Simply by inspecting the property, you can assess the proper amount of coverage needed. You may also be able assess special circumstanses as to jewelry, antiques, furniture, book collections, guns, artwork, a home business, etc. All of which require an endorsement to the policy for an additional permium.
  4. Always remember people do not know what they do not know. You must ask the right question in the proper format to solicit the needed information. A typical insured does not know, nor understand the limitations of a property insurance policy.

limit for theft of jewelry

limit for firearms

limit for artwork

limit for furs

limit/ exclusion for a home business

contents are covered for covered perils only

This concludes Part I ,simply due to read time. I will complete a Part II in short order. I hope that you return for the rest of my Continuing Education/Sales Class. This will include how all of the extra work you put forth can be a win/win situation. One by making the sale or two, by protecting yourself against Errors and Omissions.


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