Get Licensed To Sell Life Insurance Over The Phone

Telesales is a highly competitive field that requires a strong understanding of the product being sold and an ability to communicate its benefits effectively to potential customers. For those interested in selling life insurance over the phone, there are a number of steps to take before entering the job market. Firstly, it is important to obtain a license to sell life insurance, which often involves completing pre-licensing courses and passing relevant exams. Some companies offer support and guidance to new hires who are in the process of obtaining their license. Once licensed, individuals can apply for telesales roles at insurance companies, where they will be expected to meet sales targets and provide excellent customer service.

Proven experience in life insurance sales

To become licensed to perform telesales in life insurance, you will need to obtain a license. This can be done by taking a licensing course and passing an exam. Some companies will help you with this process, and some will even sponsor your pre-licensing classes.

Once you have your license, you can start applying for telesales roles in life insurance. Many companies will ask for proven experience in life insurance sales. This could include:

• A strong understanding of life insurance plans
• Experience in selling insurance policies to potential clients
• Assessing clients' needs and customising insurance programs to suit individuals
• Developing leads, scheduling appointments, and identifying customer needs
• Providing excellent customer service
• Following up via phone calls, emails, and online meetings
• Marketing and negotiating effectively
• Strong sales administration skills
• Knowledge of life insurance sales and benefits administration
• Familiarity with CRM software and other telesales tools
• Proven experience in telesales, preferably in the insurance industry
• Ability to meet sales targets

Telesales tools and software

• FiveCRM: This is an industry-leading call centre solution for telesales, outbound calling, lead generation, telemarketing, and data compliance. It is designed for call centres with 5-200+ seats and can double your call volume compared to traditional CRM systems. It includes features like agent management, call scripts, call guides, appointment setting, and built-in email marketing.
• VanillaSoft: This software helps businesses manage sales enablement processes and omnichannel sales campaigns. It includes features such as VoIP, lead routing, auto-dialling, call recording, and appointment setting. However, it is not designed exclusively for telemarketing.
• Convoso: This is a predictive dialler for call centres that helps sales teams improve poor contact rates. It can also help with GDPR and other data governance compliance. However, it doesn't have the scope of a telemarketing CRM and is only suitable for call centres with 20+ seats.
• Capsule: This is a CRM for managing phone numbers, creating email campaigns, and moving leads through sales and marketing pipelines. It integrates with various third-party services like Gmail. However, it is not exclusive to telemarketers and may include features that are not suitable for your business.
• CallShaper: This is an automated calling system that combines predictive dialling, call tracking, and blended dialling. It is designed for outbound call centres and includes reports and compliance with TCPA wireless dialling restrictions. However, it is unclear if it is GDPR-compliant.
• CallPro CRM: This is a web-based telemarketing tool with high flexibility for outbound calling, such as telemarketing, telesales, and lead generation. It provides a complete account view for better conversations and tracking of interactions. It includes progressive dialling, social media tools, marketing tools, and calling functionality.
• CallTools: This is a cloud-based platform that integrates with external tools like Zoho, HubSpot, Salesforce, and InfusionSoft. It includes a predictive dialler, power dialler, preview dialler, interactive voice response (IVR), email templates, and inbound capability.
• PhoneBurner: This is a powerful outbound telemarketing software that helps agents connect with more people. It includes a power dialler, built-in CRM, and the ability to leave pre-recorded voicemails and send personalised emails in a single click.
• Vonage: This is a feature-rich unified business communication solution that helps cater to incoming sales calls. It includes a custom phone menu equipped with an intuitive IVR system, which routes callers to the right department and individual.
• Bitrix24: This is telemarketing, communication, and collaboration software launched in 2012. It provides a suite of social collaboration, communication, and management tools for different types of teams. It offers cloud-based and on-premise services.
• EVS7: This is an innovative and easy-to-use phone dialler software that can increase calls by 300% and boost productivity. It includes a power dialler, lightweight built-in CRM, and pre-recorded voicemail drops.
• Vocalcom: This is an AI-powered call centre that provides personality-based routing and manages multichannel customer interactions. It provides a native dashboard to Salesforce and features like multi-line dialling, one-touch SMS, and list prioritisation.
• NoCRM.io: This is a lead management software that is quick to set up and easy to onboard. It includes custom sales scripts, a visual and personalised sales pipeline, email integration, and a sales script generator.

These tools can help you streamline your telesales process, increase your sales team's productivity, and improve overall sales performance.

Training and support

• Licensing Assistance: Some companies offer guidance and support to obtain the necessary life insurance license. They may provide resources, training, and even cover the costs associated with obtaining your license. This assistance ensures that you meet the legal requirements to sell life insurance products.
• Product Training: Gaining a strong understanding of life insurance products is essential. Companies often provide training sessions to familiarise agents with the insurance plans they offer. This training covers the features, benefits, and suitability of different plans, enabling agents to make informed recommendations to clients.
• Sales Training: Effective selling techniques are crucial for success in telesales. Training programs often include instruction on sales strategies, communication skills, and negotiating tactics. Role-playing and mentorship opportunities may also be provided to refine your sales abilities.
• Technology Training: With the increasing use of technology in telesales, companies may offer training on sales software, customer relationship management (CRM) tools, and digital communication platforms. This ensures that agents can effectively utilise these technologies to enhance their sales performance.
• Compliance Training: Compliance with legal and ethical standards, such as TCPA and HIPAA, is critical in the insurance industry. Training programs educate agents on these standards, helping them avoid legal pitfalls and protect customer information.
• Ongoing Support: Training doesn't stop after the initial onboarding. Many companies provide ongoing support to their agents, including regular feedback, mentorship, and access to a community of experienced agents. This support helps agents refine their skills, adapt to industry changes, and continuously improve their performance.
• Lead Generation: Several companies offer exclusive lead programs to provide agents with potential client contacts. These leads can include TV call-ins, web leads, or pre-qualified inbound transfers, making it easier for agents to connect with prospective customers.
• Performance Incentives: To motivate agents, companies may offer bonus opportunities, monthly incentives, and competitive commission structures. These performance incentives encourage agents to strive for excellence and provide additional financial rewards for their achievements.
• Hybrid Sales Platforms: Some companies offer flexibility by providing both telesales and face-to-face sales opportunities. This allows agents to connect with clients through remote channels or in-person meetings, adapting to their preferences and needs.

The training and support offered in life insurance telesales aim to equip agents with the knowledge, skills, and resources necessary for success in the industry. It empowers them to confidently sell insurance products, build client relationships, and achieve their sales goals while adhering to legal and ethical standards.

Compliance and liability

Regulatory Landscape:

• The Telephone Consumer Protection Act (TCPA): Introduced by the Federal Communications Commission (FCC) in 1991 to address consumer privacy and regulate telemarketing practices. It established the National Do-Not-Call Registry, restricting telemarketers from contacting registered numbers. It also sets specific calling hours (8 am to 9 pm) and mandates written consent for receiving telemarketing calls on mobile phones.
• The Telemarketing and Consumer Fraud and Abuse Prevention Act (TCFPA): Enacted in 1995 by the Federal Trade Commission, which includes the Telemarketing Sales Rule (TSR). This act further regulates telemarketing practices, including mandatory seller disclosure, financial transparency, and restrictions on billing and compensation.

Best Practices for Compliance:

• Familiarize Yourself with Regulations: Before engaging in telesales, ensure you understand the TCPA and TCFPA rules to avoid fines and legal issues.
• Utilize Compliant Software: Employ call center software and auto-dialer CRMs designed for compliance, such as Call Logic. These tools help manage do-not-call lists, reduce abandoned calls, and facilitate compliant pre-recorded messages.
• Adhere to Calling Protocols: Follow the mandated calling hours, wait times before hanging up, and limits on abandoned calls. Ensure pre-recorded calls include the necessary disclosures and opt-out mechanisms.
• Maintain Data Security: When handling protected health information, use secure cloud services like Amazon Web Service (AWS) that comply with HIPAA (Health Insurance Portability and Accountability Act) standards.

Liability Considerations:

• TCPA and HIPAA Compliance: Telesales life insurance agents are particularly exposed to liability risks under TCPA and HIPAA regulations. Non-compliance can result in lawsuits and significant financial penalties.
• Liability Protection: Partnering with organizations like DigitalBGA can provide liability protection. They ensure their agents have zero liability for TCPA and HIPAA compliance, including protection from DNC (Do Not Call) violations.
• Lead Generation Compliance: Ensure that lead generation practices comply with TCPA regulations. DigitalBGA, for instance, generates TCPA-compliant leads and utilizes technology to prevent calls outside restricted hours or to leads older than 90 days.

In summary, compliance and liability are critical aspects of the telesales life insurance business. By understanding and adhering to regulations, utilizing compliant software, and partnering with organizations that offer liability protection, you can minimize legal and financial risks while maximizing the potential for success in the industry.

High-quality leads

One effective strategy for obtaining high-quality leads is to partner with reputable lead sources, such as Digital BGA, that have a proven track record of providing convertible leads. These lead sources utilize various techniques, including digital marketing, direct mail, and telemarketing, to generate high-quality leads.

Another approach is to focus on optimizing your website to increase conversions. Even a small increase in your website's conversion rate can have a significant impact on your overall revenue. Analyze your sales data and make gradual adjustments to your lead acquisition tactics to improve your results.

Additionally, consider the quality of the leads you are purchasing. Aged leads, for example, may require more perseverance and a different sales approach compared to fresh leads. Aged leads have likely been contacted by other brokers, so following up with multiple touchpoints and utilizing other communication channels like email can be effective strategies for capturing their attention and nudging them towards a purchase decision.

Remember, lead acquisition is just one of the "Growth Levers" that contribute to your success in life insurance telesales. By focusing on this lever, you can significantly improve your sales performance and profitability.

Frequently asked questions