When it comes to an insurance, you’re selling a promise, you’re selling an idea and you’re simply selling trust.
Now, selling a particular motor insurance is different from selling General or Health insurance.
In today’s time, motor insurance is not just a necessity, it has been made mandatory by the law. Are you looking forward to succeeding when it comes to selling motor insurance? Well, what comes as a fascinating fact is that you must place yourself in the buyer’s position for that.
In this article, we will talk about the six prime aspects that can help you garner great commissions and attain success in the world of motor insurances.
1. Tell Customers about IDV
The first step in your journey of selling motor insurances is making your clients aware of the IDV. You don’t want your clients to feel that you’re taking advantage of them, right?
Tell them how the premium is calculated in case of any mishap. Maybe if you follow this approach, your client’s might stay with you for a lifetime.
You must guide them with an affordable as well as a comprehensive car insurance plan. Inform them that IDV is the current vehicle value and it is thus the maximum which a customer can claim.
2. Selling Insurance Which Is Necessary
In order to sell insurances, you must first understand that what are the true demands of your client. Selling wrong motor insurance products to somebody or providing a customer with an excessive car insurance can doom your endeavours as a motor insurance agent. You can always consider starting from scratch. In other words, start the basic packages at first backed by the recommended coverage which the customer really needs.
For example, if the car’s street value is somewhat around Rs. 40,000, you might not want to sell your clients comprehensive or collision insurance. For the purpose of keeping you as well as your clients happy, you need to sell a motor insurance of right amount.
3. Inform About Compulsory and Voluntary deductibles
This can be regarded as the prime grey area in the world of motor insurance for agents around the world. As a budding car motor insurance agent, you must try to elaborate the concept of Voluntary and Compulsory Excess to customers.
For example, if you suggest them an insurance in which when your customer asks for a claim of Rs. 6000 INR, there can be a predetermined deductible amount of Rs. 3000 INR or so. Generally, policies come with a compulsory excess clause, make sure that you tell your potential customers about this. Claims are only paid after the deductions.
4. Selling The Value and Not Price
What comes as a noting fact is that when an individual buys anything, they buy it because they think of that entity as an asset. Generating the feeling of product value’s outweighing its cost is your key to become a successful motor insurance agent.
People generally start by asking about the price of the insurance which you’re suggesting. As an agent, your approach should be showing them that price is always secondary to the value provided by the motor insurance.
5. NCB – No-Claim Bonus
In today’s world where the price of almost every entity is skyrocketing with time, there are insurances where premium can actually go down. Tell your customers about the No-Claim Bonus so that there isn’t any disappointment during the time of policy renewal. Make sure they know that NCB is the discount which is only available when it comes to policy renewal. An agent must also tell the customer that the No-Claim bonus belongs to the customer and not their car.
6. Out-of-Pocket Pay
This is one of the most prime questions in the mind of customers when they are looking forward to buying any motor insurance policy. You can include this aspect in your checklist and can surely try to clear the doubts of your customers.
In case of an accident, if the vehicle is insured and some other non-insured individual was driving the vehicle, how the claim process might go? Tell them bluntly if the case is requiring the customers to pay directly from their pockets. You can also tell them about the policies which will protect them in the above- mentioned scenario.
The world of internet has made motor insurance shopping much easier. Getting used to the online quoting system before you begin selling motor insurance is advisable.
This is where Mintpro helps you.
Mintpro helps you find the best deal at the best price by helping you compare offers from the top insurance companies. You can choose and share quotations with your clients almost instantly. Most importantly, you will be handheld through the tedious claims process.
Also, once you make a contact with a customer, you must try to stay in touch for the purpose of making sure that their insurance needs are being met. Plus, as a new motor insurance agent, you can consider relying upon the co-workers’ experience.