Cold Calling For Insurance: Perfecting The Pitch

Cold calling is never easy, and it can be especially challenging when reaching out about something like insurance. It's an expense that offers little immediate gratification, and it can be difficult to get people excited about the opportunity to lower the cost of bills for things they don't believe will happen to them. However, a well-prepared script can boost your conversions by up to 5x.

- Gaining trust is paramount. You'll be asking customers to divulge sensitive information about their personal life to a stranger, so it's important to build a rapport and focus on the prospect.

- Do your research. Know as much as possible about the client before making the call. With prior knowledge of their approximate income, family size, and existing insurance products, you'll have a massive advantage and won't be pitching a product that will be of little interest to them.

- Find common ground. Use your research to highlight places where you and the prospect have something in common. This simple, shared connection can be the catalyst for the lead to begin trusting you.

- Remain positive. Friendly callers are always more likely to get further in a cold call. Keep the discussion focused on the product's positives.

- Listen. Let the client do most of the talking and try to understand their needs. Your job is to become a trusted expert who can communicate on their level about the pros and cons of the various insurance products on the market.

- Be human. Record your sales calls and listen back to them. Do you sound like a salesperson? Most people switch off when they hear a sales pitch. It's best to be yourself and approach the call like a normal conversation.

- Stop pitching. You don't need to sell a product on every call. Ask the prospect questions and gain their trust first. Only when you're sure you can put together the best package for them that meets all their needs, including budget, should you begin to offer them the product.

Remember, every lead you call will require a personalised approach. Sticking rigidly to a sales script is a recipe for failure. Instead, use your research to tailor your template sales script to each person you call, considering what they might need and where they are in the sales journey.

When you get voicemail

When you get a prospect's voicemail, you have a short window to pique their interest and encourage them to call back. Here are some tips and scripts to help you leave an effective voicemail:

Tip 1: Introduce Yourself and Your Company

Start your voicemail by clearly stating your name, the company you are calling from, and your contact information. This helps the prospect identify you and know how to reach out if they are interested in what you have to offer. For example:

"Hello, this is [your name] from [your company name]. I can be reached at [your phone number]."

Tip 2: Briefly Explain the Purpose of Your Call

Provide a concise overview of why you are calling. Mention the specific insurance product or service you are offering and how it can benefit the prospect. For instance:

"I'm calling regarding our new business owners policy, which offers better benefits at a lower price compared to other options in the market."

Tip 3: Create a Sense of Urgency

Creating a sense of urgency can motivate the prospect to return your call. You can imply urgency by suggesting that they may be missing out on valuable opportunities or that there is a limited-time offer. For example:

"We are currently offering a special discount on our insurance plans, but this offer won't last forever. Give me a call back soon so we can discuss how you can take advantage of this opportunity."

Tip 4: Keep it Brief and Professional

Voicemails should be concise and to the point. Aim for around 30 seconds or less, as you don't want to ramble or take up too much of the prospect's time. Maintain a professional and friendly tone throughout the message.

Tip 5: Provide Clear Next Steps

Let the prospect know what they can expect if they call you back. Will they be scheduling a consultation? Receiving a free quote? Make sure they understand the purpose and potential value of returning your call. For instance:

"If you call me back, we can discuss how our insurance plan can address your specific needs and provide a solution that works best for you."

Sample Voicemail Script

"Hello, this is [your name] from [your company name]. I'm calling to offer you our exclusive insurance package that includes [highlight benefits of the package]. This package is designed to provide comprehensive coverage at a very competitive price. Give me a call back at [your phone number] so we can discuss further and ensure you don't miss out on this opportunity. Thank you, and have a great day!"

When your prospect only has a few minutes

• Grab their attention.
• Go straight to their pain point or what you think really bothers them.
• Talk about how your product can address it.
• Discuss your competitive advantage.

Here's an example of what you can say:

> Hi, is this John? I'm Bill from ABC Insurance. Let me get straight to the point. Workers' comp is necessary, as you know, but you don't need to break the bank for it. We offer workers' comp insurance for an average of $70 a month for businesses with less than $300,000 in payroll. And your employees will have access to over a million providers familiar with treating workplace injuries.

If your prospect is busy, get your main point across as quickly as possible while also making sure to get their information to follow up with them later. Here's an example:

> Hi, is this [prospect's name]? I'm [your name] from [insurance company].

>

> I understand you're busy right now, but I wanted to let you know that we're expanding our insurance coverage to your area, and we can offer you a competitive rate. Do you have a few seconds to hear more?

If they say yes, continue with your pitch. If they say no, get their contact information and follow up with them via email or phone call at a later time.

It's important to remain flexible and adjust your script depending on the situation. Practice your pitch and be prepared to handle different scenarios.

When your prospect has no time at all

Show Respect for Their Time

Acknowledge that their time is valuable and express understanding for their busy schedule. A simple "I know you're busy, so I'll be brief" can go a long way in building rapport. This approach sets the tone for a concise and respectful conversation.

Get Straight to the Point

Be direct and concise in delivering your message. Focus on the key benefits of the insurance plan you're offering and how it can address their specific needs. For example, "Our insurance plans offer comprehensive coverage at competitive rates, ensuring peace of mind without breaking the bank."

Offer Alternative Communication Channels

If the prospect is truly pressed for time, suggest alternative ways to continue the conversation, such as email or a quick follow-up call at a more convenient time. "I understand you're unavailable now. May I send over an email with more information, or would you prefer a quick call tomorrow morning?"

Highlight Time-Sensitive Benefits

Sometimes, creating a sense of urgency can help capture their attention, even if briefly. For example, "Our current promotion offers a 10% discount on premiums for the first 50 customers. It's a time-limited offer, so I wanted to ensure you didn't miss out."

Provide a Concise Overview

Prepare a concise summary of the insurance plan's key features and benefits. This way, you can deliver the most important information efficiently. "In a nutshell, our plan offers comprehensive coverage for health, accident, and life insurance, with a 20% discount on premiums for the first year."

Ask Open-Ended Questions

Ask open-ended questions to encourage the prospect to share their thoughts or concerns briefly. This will help you understand their priorities and tailor your pitch accordingly. For example, "What are your main concerns when it comes to insurance coverage?" or "What features do you prioritize in an insurance plan?"

Remember, the key is to be respectful, concise, and flexible in your approach. By valuing their time and adapting your pitch, you can increase the chances of a positive outcome, even when the prospect has limited availability.

When you want to take a lead through a sales funnel

Tips:

• Research your prospects: Before making a call, take time to research your prospect. This includes learning about their approximate income, family size, existing insurance products, and any other relevant details. This information can help you tailor your pitch and increase your chances of success.
• Find common ground: Use your research to find common ground with your prospect. This simple connection can help build trust and make it more likely for them to choose you over other salespeople.
• Remain positive: Maintaining a positive tone and attitude during cold calls is essential. A friendly and engaging caller is more likely to keep the prospect on the line and encourage them to listen to your pitch.
• Listen to the client: Active listening is crucial during insurance cold calls. Each client has unique needs, and by listening carefully, you can guide them towards the insurance products that best meet those needs.
• Build trust: Gaining the trust of your prospects is paramount, especially when discussing sensitive topics such as health, accidents, and finances. Be approachable, honest, and transparent to make your prospect feel comfortable sharing their personal information.
• Personalize your approach: Use the information you've gathered through research to personalize each call. Addressing prospects by name and mentioning specific details relevant to them can make the conversation more engaging and increase their interest.

Script Example:

"Hi, is this [Prospect's Name]? I'm [Your Name] from [Your Company]. We've been saving our customers an average of 15% on their insurance premiums, and I think we can do the same for you.

I wanted to send over a free commercial auto insurance quote for your work vans. There's no obligation to purchase anything; it's just to show you the options available to you. Are you interested in learning more?"

If the prospect expresses interest, continue with:

"Great! I'll need some basic information from you to get started. Can you tell me about your current insurance coverage and any specific needs or concerns you have?"

If the prospect is hesitant, address their concerns and highlight the benefits of your offer:

"I understand that switching insurance providers can be a big decision. Our company specializes in finding the best rates for businesses like yours, and we have a network of satisfied customers who have saved significantly on their premiums. We can also offer a quick turnaround on claims.

Remember to adapt this script to your specific insurance product and target audience. By combining effective research, a positive attitude, active listening, and a well-structured script, you can successfully take leads through your sales funnel during cold calls.

When your prospect shows no interest

> Sure, I understand. Something to keep in mind is that E&O insurance can cover incidents that happened before you got the policy. But there are limitations, and you'll pay more the older the incident is. So, buying a policy sooner rather than later can help you get the protection you want for a price that's still within your budget.

If you believe in your product, you are more likely to convince someone else to believe in it too. People want to feel that they can trust the person they're doing business with. If you're knowledgeable about insurance and believe you can help your customers, you may persuade more prospects than you would otherwise.

It's also important to remain positive. A prospective client might be more willing to listen to someone who sounds engaged and excited. This can encourage customers to stay on the phone longer and develop an interest in buying your insurance plan.

• Allow the customer to talk. One indicator of a potential customer who wants to buy your insurance plans is someone who talks and asks questions. It's important to allow your customers to talk and build a rapport with you. This can help establish trust, which is an important step toward selling them insurance.
• Trust your instincts. When on the phone with customers, it's important to build a rapport with them to help establish trust and familiarity. However, you can also use your instincts to determine who is actually interested in becoming a buyer. Effective sales instincts will help you save time and focus on new prospective callers. If a caller continues to direct the conversation away from your insurance plans, this can be an indicator that it's best to focus on a new prospect.
• Prepare your workspace. Cold calling can be time-consuming, so it's important to ensure that you prepare your workspace for long periods. Consider having a water bottle and some snacks nearby to maintain your energy. You may also want to invest in a comfortable chair or ergonomic desk so you can sit comfortably for an extended period.

Frequently asked questions