Advisors aren’t doing a very good job selling it and that’s easily changed by asking four simple questions
Speaking before a LIMRA-sponsored conference in Orlando earlier this week, an industry veteran spoke about the troubles insurers have selling the product. They’ve done a miserable job and it could have been avoided by simply asking clients four specific questions.
“[Selling] critical illness takes a lot of work. It is not easy,” said Kenneth Smith, director of health product sales at Assurity Life and also president of the National Association for Critical Illness Insurance, said. “How many carriers have introduced critical illness plans over the last 15 years and have no sales? It’s common.”
It all boils down to sales training – or the lack thereof.
The industry’s been so focused on imparting product knowledge to agents that it’s forgotten that the sales process is what’s critical to getting clients to buy CI insurance.
“That’s not to say product knowledge isn’t important,” Smith said. “But you have to understand human beings first.”
“Product managers who forget about training salespeople -- They end up getting fired; you don’t want to have that happen,” he added.
In Smith’s opinion it’s all about asking the right question; a question that quickly gets to the heart of what’s motivating the prospect or client. No one wants to buy CI insurance but if you present it as a way for a client to solve a problem they’ll be much more open to buying.
Do you know anyone who has had a critical illness? Most people know somebody who’s contracted a critical illness. Now they’re emotionally involved.
Did they plan on it? Of course they didn’t
Was there unplanned emotional or financial stress on the household or business? The answer to both is yes almost 100% of the time.
“The magic of what critical illness insurance does is … you can reduce that financial stress and if you reduce financial stress, it also reduces emotional stress,” Smith added.
Would cash have helped? Of course it would.
“[Selling] critical illness takes a lot of work. It is not easy,” said Kenneth Smith, director of health product sales at Assurity Life and also president of the National Association for Critical Illness Insurance, said. “How many carriers have introduced critical illness plans over the last 15 years and have no sales? It’s common.”
It all boils down to sales training – or the lack thereof.
The industry’s been so focused on imparting product knowledge to agents that it’s forgotten that the sales process is what’s critical to getting clients to buy CI insurance.
“That’s not to say product knowledge isn’t important,” Smith said. “But you have to understand human beings first.”
“Product managers who forget about training salespeople -- They end up getting fired; you don’t want to have that happen,” he added.
In Smith’s opinion it’s all about asking the right question; a question that quickly gets to the heart of what’s motivating the prospect or client. No one wants to buy CI insurance but if you present it as a way for a client to solve a problem they’ll be much more open to buying.
Do you know anyone who has had a critical illness? Most people know somebody who’s contracted a critical illness. Now they’re emotionally involved.
Did they plan on it? Of course they didn’t
Was there unplanned emotional or financial stress on the household or business? The answer to both is yes almost 100% of the time.
“The magic of what critical illness insurance does is … you can reduce that financial stress and if you reduce financial stress, it also reduces emotional stress,” Smith added.
Would cash have helped? Of course it would.
