5 ways to succeed in the disability insurance market

By Steve Savant

Here are five ways to succeed in the disability insurance market:

1. Raise the topic.

Most Americans are uninformed about the risk of disability and the need for paycheck protection. It’s up to you to raise the topic and educate them about why paycheck protection is essential.

2. Persevere.

Disability insurance sales usually happen in a series of steps and over a period of time. Consumers today are more cost-conscious than ever, and they want to know they’re getting real value before they make a big purchase, especially in this uncertain economy. So you can’t rush the follow-up. It’s a relationship-building process. And yet, numerous studies have shown that sales reps often give up on a prospect just before the sale is made. It’s common to give up after four or five contacts, but research shows that most people make a buying decision after being contacted seven times. So anyone who is giving up after four or five contacts is wasting much of the time and energy they’ve invested in generating leads, prospecting and making their DI sales presentations. And they’re leaving money on the table.

3. It’s not about numbers.

It’s also important to approach the follow-up process with the right mindset. You can’t mechanically and insincerely go through a list of prospects just to make your quota of calls and disability insurance quotes. Each contact needs to be a thoughtful and focused effort to lead the prospect to the next step in the decision process. While you’re providing competitive disability insurance quotes, take every opportunity to build another level of trust.

4. Follow up with purpose.

The first time you meet or speak with a prospect, gather all the information you can about their motivators and what it’ll take to close the deal. Armed with that knowledge, you can tailor all subsequent follow-up. Send them timely and usable information, for instance. Always give them a reason for the follow-up that provides the next step in the DI sales process.

5. Don’t drop the ball after the sale.

Following up isn’t just vital to the DI sales process. It’s also vital to the long-term relationship-building process once those prospects have become your customers. One of the biggest mistakes insurance agents make is not consistently following up with their regular customers after the sale. Staying in touch throughout the policy period is crucial because it sends a message to your clients that you care about more than just collecting a premium.