Life is precious and uncertain, and the life of a life insurance agent is quite enthralling, too. Do you know why? The life insurance agents have to sell life insurance, which means planning for the financial security of the loved ones after the demise of the insured individual.
So, as a life insurance agent, one has to sell fear of death, which is quite challenging. To sell life insurance, a life insurance agent must have certain qualities and skills. This article will cover the skills which are prerequisites for anyone wanting to become a life insurance agent.
Skill 1 – A Life Insurance Agent must be a problem-solver
There are usually two types of people in this world. The ones who cry over their problem and the others set out to find the solution and implement them to get rid of the problem. If you want to become a term insurance agent, you need to be the second type.
Suppose, you have a prospective client who wants to buy a term life insurance. However, he has some specific requirements. Now, you have to be quick to solve his issue with other products and services that your insurance firm offers to acquire the client. You have to suggest him various benefits that can resolve the difficulties faced by the clients. For example, you can give them some unique benefits like cashing out life insurance policy than to take out a loan at certain situations where an individual cannot afford a loan.
Solutions are not served to you on a platter, you have to find them with your presence of mind and understanding of the client’s problem.
Skill 2 – You have to be great with numbers
Why do people buy insurance? The answer is simple: to get financial support during a crisis. Financial support is in the form of a sum assured by the insurance company when they buy their plant. So, you have to be good with numbers to portray the complete plan that you are suggesting to the client.
Your explanation should include how much the client is paying as a premium for the insurance scheme and how much assured sum he will get in return when and if he claims the life insurance he purchased. You have to also break down the premiums in years and months to give a better insight into the client’s investment and return to expectation.
Skill 3 – Must-have an eye for details
As a term insurance agent, you need to have an eye for details. The client you are pitching to may ask you any questions related to the plan and the terms and conditions. If you do not know the details provided in the insurance policy documents, you won’t be able to answer your clients.
There are multiple terms and conditions with data and information, which you need to understand and keep in mind to explain to your prospects.
Skill 4 – Negotiation is the key
Generally when you become an insurance agent, be it any type, you will often find yourself in disagreement with the client. The client may want one policy that doesn’t suit his profile, while you suggest another that is more suitable. Moreover, clients often want to settle for policies that have lower premiums and lower sum assured.
In such a situation, you have to become a negotiator. You cannot quarrel with your prospect. You have to find a middle ground to make your client understand what is better for him, keeping in mind your sell target and company policies.
Skill 5 – Empathize with customers/clients
In your career as a term insurance agent, always remember that you are dealing with the universal truth in this world, which is death, and it is also the biggest fear of people. So, you have to be empathetic. You cannot just tell your clients that they will die one day, and therefore, they need to insure themselves to protect their families.
You need to find out ways to pitch to clients in a decent, polite yet, convincing manner without hurting and making them afraid of death from the very moment. Furthermore, your client handling skills should be top-notch, as that is what is required in every agent.
Skill 6 – Brush up your organisation skills
Selling life insurance products requires a lot of homework for which you need to be quite organised. You need to study the client you are pitching to, then form details of how you can pitch to them. This will make your pitch easier, and you won’t fumble explaining the products to the prospect.
If you wish to become a life insurance agent in any insurance firm, these are the skills they look for in the candidate. So, before you apply or go for your interview, evaluate whether you have these in you or not and brush up on these skills.