Selling on Value Instead of Price

Sales tips to help your clients understand the value of insurance coverage.

When a consumer knows they need insurance, they often view the policy as a burden. To help them come to terms with the policy, they might opt for the cheapest one possible, so that they have some coverage but they aren’t spending too much money on it. You, as a professional insurance salesperson, must be able to connect with prospects and help them understand and internalize the value of the insurance you’re selling. This will then help them to opt for coverage that suits their needs rather than their wallet. Here’s how you can get started.

Ask why they bought their assets. When you find out what kind of car, home, motorcycle, etc. the prospect owns, ask them what made them choose that one. It’s rare that they will respond with, “It was the cheapest.” Instead, they’ll talk about its value, safety, location, or characteristics. Although an insurance policy will never be as fun as a new Harley, this question will make your client think about why insurance is important – to protect what matters most to them.

Talk about claims. When consumers look for an insurance policy, they often focus on the price. Rarely, they will think about ever having to file a claim. It’s your responsibility to make them recognize they may need to file a claim one day. Explain the claims process and how your agency can help them think outside the box.

Ask about the potential cost of no policy. “If you don’t purchase higher coverage limits you’ll save $10 a month. But what’s the potential cost of becoming disabled in a major accident?” When they’re weighing up the pros and cons of getting coverage, remind them of the extreme situations they could face. They may not have ever thought about needing financial coverage in the future.

Working to help clients understand the value of insurance can only benefit the business! To learn more about how to be successful in your business, contact Mike Stromsoe’s Unstoppable Profit Producer Program. We can offer guidance, helping you perfect your professional posture. We also offer a premier wealth creation program that helps you to work less, earn more, and enjoy life.