This presentation has been made with insights gained from a seasoned agent , whom I interviewed . The presentation deals with selling and negotiation skills as concerned with an insurance agent trying to sell insurance.
I have also included general tips on how to do business applicable to other areas as well .
Tip - save it and read the slide notes as well
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Selling and Negotiation of an intangible product - Insurance By V.Gautham
1. Selling And Negotiation
Vundavilli Gautham
BE Power - National Power Training Institute
MBA - Sydenham Institute of Management Studies (2014-16 )
Licentiate IIA
2. This small presentation has been made with insights gained
from a seasoned agent , whom I interviewed . The
presentation deals with selling and negotiation skills as
concerned with an agent trying to sell insurance .
You are free to use anything from this presentation that you would
like to . Go ahead and share it !!
3. The Person
• Why an insurance agent
• Why do these people get into insurance – Supplementary income
• 90% are part timers - Personal Networks
• 10% professional agents - Invest in new clients
4. The Product
• Insurance is an intangible
• No instant need
• High profit margins
• Your company name – Inspires Trust or Repulsion
• Recurring nature of service
5. The Strategy
• Diversified product service – the family ‘finance doctor’
• Insurance & Mutual Funds
• Chit funds and Real Estate
• Constant customer engagement
• Sell vehicles & greet on social events
• Cold calls
• Getting new clients – Future investment and when it’s a liability
6. Tricks of the trade
• Every sector has a time
• Stationary(school starting season) , Jewellery(Festival time) , Tourism business
• Every profession has a time
• When to speak to Lawyers and Doctors
• And some general tips
• Sensible times to do business
• Sensible place to do business
7. The Subtle Tactics
• The ‘‘ Can I speak with Mr K ? ’’ technique
• Observing non verbal cues
• Read a person like a book
• Align your body language with the customers
• What to say politely if the customer wants a discount
8. Learnings
• Build relationships that last a lifetime
• Total customer lock
• Don’t always do things for money
• Relationships are more powerful than knowledge and product
• And finally , Customer service is what defines your product
Part time agents leverage on personal networks . Contacts are exhausted in 2-3 years . Experience difficulty in sustaing business after exhausting contacts
Professional agents have longer track records . Work as a business entity . Normally serve a couple of hundred families . Typically have 2000-3000 policies
Lawyers prefer evening meeting – court work , going through cases etc
Doctors receive clients in the evenings , prefer mornings
Do not try to sell insurance close to lunch hours -success rate much lower
Preferred place to do business is in neutral territory such as parks , cafes etc if possible
However meeting the client at some place overrides all other concerns