Steps in an Insurance Sales Cycle

[HuntAssuranceGroup]

Ok, I am setting up my stages to disposition my opportunities. I am drawing a blank on how to categorize individuals in my sales cycle.

Right now I have
1-Referral/Lead 2-Quote 3-Underwriting

Awh. I have been doing this for 10 years and cannot break down the steps...either its been a long day already or I need a new career.

How would you breakdown the sales cycle/process?

Also, how do I categorize between Quote and Underwriting...for those legitimate, "Not ready now""Need to look at other guys""Going to talk to mom". I am assumptive in my sales but there are a few that fit between a quote and underwriting.

Thanks in advance

 

[Advisor06]

How do you track it properly is what I would like to know. Everyone seems to be "paperless" so not having files laying around makes it a little more difficult to "see" what your working on.

 

[pbbaseball]

I really feel like for the most part, if they don't buy at your initial proposal, there's not a whole lot of point in going back on them. leave them your card (even though we didn't in the old days). add them to your mailing list/email list, and drip market them until they call you.

for those that "need to talk to mom", are checking elsewhere, etc, make sure you are showing them several options, and do the shopping for them. Show them that what you are showing is the best value out there, and let them see the other more expensive options. that'll cut out the stall response...

if you are having trouble keeping them tracked through the underwriting process, I like to keep a spreadsheet of whats been written, name, company, apv etc, and change it from yellow (pending), to blue (closed), to red (withdrawn/cancelled/DNQ), and green (paid commissions).

I really don't ever close anyone assumptively any more. If you have the best option for them, and show them the competition, then they'll go with your recommended choice because you are the expert.

You've been doing it long enough to know you know how to sell, just don't overanalyze it, and focus on doing what you do best, presenting solutions to prospects, not suspects! Hope that helps!

 

[rikwells]

I really feel like for the most part, if they don't buy at your initial proposal, there's not a whole lot of point in going back on them. leave them your card (even though we didn't in the old days). add them to your mailing list/email list, and drip market them until they call you.

for those that "need to talk to mom", are checking elsewhere, etc, make sure you are showing them several options, and do the shopping for them. Show them that what you are showing is the best value out there, and let them see the other more expensive options. that'll cut out the stall response...

if you are having trouble keeping them tracked through the underwriting process, I like to keep a spreadsheet of whats been written, name, company, apv etc, and change it from yellow (pending), to blue (closed), to red (withdrawn/cancelled/DNQ), and green (paid commissions).

I really don't ever close anyone assumptively any more. If you have the best option for them, and show them the competition, then they'll go with your recommended choice because you are the expert.

You've been doing it long enough to know you know how to sell, just don't overanalyze it, and focus on doing what you do best, presenting solutions to prospects, not suspects! Hope that helps!

I definitely agree. Most people that don't buy and give you the "I need to think about it" line, there is normally something they're not telling you and they probably didn't like your proposal. Worrying about how to stay in touch with those folks should be your last concern. If you do any joint work with anyone make a deal with them and split the case if they're able to close them. Make sure you have a system in place for existing clients. They are easy to forget sometimes, but they have already bought from you and like you. The chances are that they will buy again!

Paperless is a must, it's the easiest way to organize all your clients and put them in different groups and make ongoing changes

 

[Justin Bilyj]

I saw this tip over at TGP. When you meet with a couple do the 2 in 1. When your about to have them sign, simply tell dont ask them that you will be stepping outside to check your missed calls and emails so they can think this over, because its an important decision. Tell them to come and get you after they think it through.
Get up and walk out and get on the phone and check your calls and emails, and dont look back, not even once.
This technique is gold...