Life insurance is such a necessity that you make think it can sell itself, but as you start out in the industry, you may, slowly or suddenly, begin to realise the reality. In fact, selling life insurance is quite a tough way to make a living and an even more difficult thing to turn into a long lasting, successful career. Many agents reportedly burn out within a year as wages are primarily commission based, and finding life insurance leads that have not already been repeatedly contacted is no easy feat. With such challenges, it takes a person with a great deal of persistence and strength to stick at it.
As in most occupations, there are pros and cons to consider. Life insurance jobs are easy to find as vacancies are always available. Other insurance sales have reasonably low commission percentages, whereas life insurance salespeople get a much high percentage of commission. Furthermore, this commission doesn’t end at the first sale, but you can continue to earn a passive income as renewals also bring in money for the life insurance agent.
On the other hand, even if you find a good potential client, life insurance is not an easy product to sell. People are reluctant to talk about their own mortality or to face the fact life insurance may well be needed. Other forms of insurance bring instant benefits, protecting the things that people need and use every day. Life insurance offers none of these gratifications so people are not likely to buy it on an impulse.
However, there are certain factors influencing more people to look into life insurance. The COVID-19 pandemic, the war in Europe, and the instability caused by the environmental crisis are just a few of the global concerns that are making people rethink what is important. They want to plan for all the safety nets they can in order to protect their loved ones. Life is fragile, and the reminders that people see of that fact may move them to consider the value of life insurance. With this being the case, there is growth in the life insurance market. It is expected that the market will just keep growing in the future too, so it’s a good time to get in on the scene to benefit from the increase.
Tips For Life Insurance Success
As with all businesses, advertising is essential to the success of a life insurance provider. The digital age of marketing is transforming the advertising scene, opening up opportunities for finding new customers and prospects. With more information, you can make good decisions as to which tactics to focus on so that you can change the way you find leads and prospects and find more success in your sales.
1. Collect all the data you can.
Invest in a database system to collect the data and information you need to make insightful decisions to help you succeed. Collect all of the valid and relevant contact information in one easy-to-use location. Create contacts with information about their communication details, business data, and subscription information. Then add data that turn these contacts into humans, things like their birthdays or business anniversaries. The more information you have, the more unique your advertising campaigns can be and, therefore, the more successful your sales will be. You can create adverts that are personalised and engaging and more likely to support your progress. With the right database behind you, you will be able to have the knowledge you need to make powerful, forward-moving decisions.
2. Use analytics tools to use the data you collect.
Now you have all of this data at your fingertips, you need a powerful tool to analyse this information. This data can then be easily understood and actioned, making it even more valuable. You can track the figures of people visiting your website, analyse what they are engaging with, and thereby focus your funds into the techniques that are working.
3. Make a user-friendly website.
Everything these days is online, so create a website that creates an enjoyable experience for your customer. Information should be easy to find, products should be easy to browse through, and contact details should be easy to locate. Add a search feature so that they can quickly locate the information that they want.
Be transparent about your business and make it obvious what you are about and what you sell. Keep the aesthetic clean and crisp, easy to understand, and simple to navigate. Don’t weigh down the important details with overly dramatic features and capabilities.
4. Send emails automatedly.
Emails connect your data to your advertisements, and automating them means the technology can do all the work for you. These tools can make them unique and personalised so they go beyond a blanket email and get a reaction from the recipient that will encourage them to take action.
5. Use social media.
Life insurance is for younger people too. In fact, they can save money by taking out a policy when they’re younger, so social media is a great way to reach this audience. Social media is free and relatively simple to use, connecting you to a whole new audience. Create visually appealing and informative adverts to use on social media and find a whole new kind of prospect to get in touch with.
A Booming Business with Transformative Tech
While it is a challenging industry, selling life insurance is being made easier by the modern conveniences of technology. It can certainly become a profitable business, and from a qualification and experience point of view, it’s one of the easier financial industries to get into.
There is great potential for a high salary and well-paying job when you put the work into it, using the tools available to grow, progress, and improve. In this digital age, it makes sense to use all the tools you can to make the sales you need to help improve other people’s lives while also supporting your own.
