Selling insurance in India is definitely not an easy task! Insurance is still a push product and even if you offer the best plan according to the client’s needs, it might not be sold due to multiple reasons! So, today we will talk about some sure-shot ways to convert your prospective customer’s NO to a YES!
Always remember, objections are good for a sale. It gives you an opportunity to talk and convince.
What is an objection?
Objection, as defined by the Oxford Dictionary, means an expression or feeling of disapproval or opposition. So, when you clients oppose your solutions or disapprove them, they are said to be making an objection.
Why customers have objections?
Customers have objections because–
- They have some pre-conceived notions about the concept of insurance.
- They don’t trust you enough to invest their hard-earned money in the plans you suggest
- They don’t understand the sales proposal that you have presented.
Common examples of objections raised by customers
If you have been in the insurance market for some time, you should have come across a variety of objections which prospective clients have. Some of the most common ones include the following–
- I don’t need insurance
- Insurance companies are not very trustworthy
- I don’t have money to pay the premiums of the insurance plan
- Another company is offering me a better deal
What to do while handling customer’s objections?
Now you know what objections are, why customers have objections and some of the common objections which are presented by potential customers. Do you know the selling strategy to handle the objections? Let’s find out–
- Patience is the key
The most important way of handling objections is patience. Don’t become aggressive when the customer presents an objection to your proposal. Be patient and hear out what the customer has to say. Knowing the objection is essential in finding a way to handle it.
- Understand the concern
After you listen to the objections which the client has, understand why the customer has such objections. There might be previous experiences which have caused the client to have such objections. For instance, if the client objects that insurance companies are not trustworthy, he/she must have had a bad experience in the past with an insurance company which is the reason for this objection.
- Rely on facts
After understanding the objection, educate your client about the facts which are true and bust your customer’s myths. Facts and figures present a true picture to your client and help him/her to get over their pre-conceived notions. For instance, if your client says that insurance companies are not trustworthy, tell him about the companies being regulated by the Insurance Regulatory and Development Authority of India (IRDAI). This would help relieve your clients of any hesitation about trusting insurance companies.
- Handle the objections with suitable and justifiable answers
This is the last and the most important selling strategy which helps in handling objections. After you have listed to the objections, understood the concerns and presented the client with facts, provide justifiable answers to the objections faced. For instance, if your client says he/she doesn’t need insurance, don’t disagree. Ask your client to do a fact-finding analysis with you to find out the financial position of the client. Once you work out the financial position, you can see the financial obligations the client has and then suggest a suitable insurance product. When the customer sees that the suggested product does fulfill his financial requirement, he would be motivated to buy insurance from you and you would have handled the objection efficiently.
Objections are an integral part of the insurance sale process. Don’t be disheartened if your clients raise objections. Having objections is better than having no objections at all. Objections show that your clients are listening to your sales proposal and they also help you sharpen your selling strategy. So, see objection handling as one of the most important tools for sale and use it as your selling strategy. Also, you can learn 5 effective tips to increase your business leads by clicking here.