In the insurance industry, it is very easy for agents to become single-product oriented. Instead of providing a variety of product types such as Medicare, Individual Major Medical, Life Insurance, and Ancillary, most agents find it easier to become an expert in one category and ignore the rest. This, of course, limits the amount of income you stand to make. If you haven't heard the term "cross-selling" preached to you a million times then you have probably been living under a rock. We all KNOW we should cross-sell, but there lies a gap between the intention and the execution. This is where the handy dandy fact-finder comes in.
It may seem a little exaggerated to say that a fact-finder can effectively work to suddenly change your habits from focusing on one or two products to being a cross-selling success story. However, it truly is the first step, and by using this tool you may find that opportunities to cross-sell present themselves to you as you go. Here is the process of using the fact-finder and how different elements of the process can increase your sales.
1) Set Yourself Up as an Advisor From the First Meeting- During your very first major interaction with a client, even if you already know exactly what product they are interested in, it is important to let them know you want to understand their unique situation in order to find the very best solution possible. Conduct yourself as an advisor by asking the right questions, and later explaining why these are important. Your client will trust you more if you show you have their best interest in mind by taking the time to get to know them and their situation.
2) Ask All the Questions as if the Answer Should Be Yes- When filling out a fact-finder, the difference can often be in how you present the questions. Instead of saying "Do you have a final expense plan?" ask "What Final Expense plan do you have in place?" By presenting the question as if you expect them to already have such a plan, you are making them question the necessity of the gap in their insurance. If you ask a yes or no question, you will get a yes or no answer, and the client will likely move past a lack of coverage without a second thought.
3) Ask for the Sale - Once you have accumulated all the information, take the time to address the gaps. If they do not know what cancer insurance is, explain it to them and ask "do you know anyone who has had cancer? Have you seen the financial toll this disease takes on families? Are you financially secure enough to handle an occurrence if, god forbid, it happens to you?" If they don't have life insurance or final expense ask them, "do you have enough in savings/investments to support your family if the worst comes to pass?" and pull out a needs analysis to determine just how much the family would be lacking if the key breadwinner passed away.
4) Be Prepared to Give Out Materials- Always carry cross-selling materials with you. Keep them in a box in the back of your car, or bring a folder for each client. Make sure that once you have their interest sparked you can provide them with a brochure and a quote on the spot. If they need time to think about it, this is a good way to follow up in a few days "have you taken a look at the brochure? Do you have any questions about this plan I can answer for you? When would you like to set up our next appointment?"
Cross-selling is not difficult, but having an already interested client makes it even easier. By using a fact-finder, it allows you the opportunity to unobtrusively ask hard questions and bring to attention potential gaps in coverage, and finally to ask for a sale that otherwise might have been lost. To download The Brokerage, Inc.'s fact finder AND needs analysis Click HERE!
Marketing Director of Ancillary Sales
Marketing Director of Ancillary Sales