5 Challenges of Selling Insurance
Posted by: Cornelia Winn
Theodore Roosevelt said, “Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty …” — a quote that many will agree relates to the insurance industry. While selling insurance is without a doubt an important job, being an insurance agent comes with its fair share of challenges. Below are five challenges insurance agents face, as well as helpful tips to overcome them.
Let’s face it: insurance isn’t exactly an inexpensive commodity. Despite insurance being a sound investment for homeowners, many individuals are still reluctant to admit they need what you are selling. For this reason, insurance agents frequently say that lead generation is one of the most (if not the most) challenging aspect to selling insurance. Fortunately, there are lots of ways you can overcome the obstacle that is lead generation. Whether your tactics involve cornering an underserved niche market or connecting with potential clients via networking — don’t be afraid to get creative!
While the economy is making positive strides, it is still nowhere near where it was during the 1980s and 1990s. Like numerous industries, the insurance industry suffered plenty of setbacks due to the faltering state of the economy in recent years. It’s no surprise that the economy has a direct effect on the insurance industry — after all, insurance isn’t necessarily inexpensive, and in tough economic times, there is increased hesitance amongst homeowners when it comes to purchasing insurance. While this is a challenge for insurance agents, just remember that insurance is an important and necessary investment that can help your clients when they need it most.
Technology — mainly internet and mobile technology — may have made our lives easier in numerous ways, but for many insurance agents, technology poses a threat to their careers. As major carriers experiment with direct sales via the internet, veteran insurance agents are having to take on new roles within their company. Fortunately, this doesn’t have to be viewed as a negative. It’s important to keep in mind that although change can be scary, it can also be extremely rewarding.
Although insurance agents sell an important commodity, it can be hard to shake the salesperson persona. While shaking the stereotype can be a difficult hurdle to overcome, as long as you are an honest insurance agent, you will continue to have a rewarding career.
Self Promotion and Social Media
Even just five years ago, social media was still seen as kids’ stuff, but today, social media is a vital tool for insurance agents. Without a strong social media presence insurance agents and insurance companies as a whole have a difficult time networking, connecting with clients (existing and potential), and building overall brand awareness. On the other hand, insurance agents who effectively use social media see increased customer engagement, leads and more. Not sure where to start? Check out the Beginner’s Guide to Social Media from Moz.