We are going to talk about six insurance concepts you can use right now to help create a better conversation with your clients. Many of you guys have been wondering what you can say over the phone or what type of conversation starters you can use with your prospects. So without further ado let’s get started.
Here’s what we will be learning today:
- Learning Point 1: Shifting conversation from assets to income related
- Learning Point 2: 6 insurance concepts you can use to create a conversation with your prospects and your clients
- Learning Point 3: Why you should focus more on concepts and less on products
Sales Strategies
So let’s talk about sales strategies right. What should be my sales rep. Whenever you feel that your sales strategy is out of place start with thinking about how and why people should buy insurance.
Why should you do financial planning. That’s a very important question because when you’re talking about financial planning it’s not about a product it’s about a concept. So which concept presentation are you going to practice every day.
When it comes to financial planning we’ve always talked about assets, assets and assets. Today it’s not about assets. You can have the best assets in the world but if they don’t earn an income those assets are becoming a liability correct.
Learning Point # 1 – Shifting Conversation From Assets To Income Related
So what is the presentation that’s working for me. So the best presentation that’s working for me right now is all focusing on income, income and income.
Income due to loss of due to an illness. So in case you fall sick I want to protect your income. You lose your income because you’ve lost your job. Right think about it if you are forced to retire you’ve lost your job you can probably find another job in about six or nine months. You’ll probably have to take a haircut so you won’t get the same salary you’ll probably get a lower salary. Imagine if that salary went down to zero.
So I was sitting with a client once and I said mr client today you earn ten thousand dollars every month. Okay now all of a sudden the company reduces your salary from ten thousand to eight thousand. Right so twenty percent they said you’re going to reduce your salary by twenty percent. What will you do. He said sanjay I will find a way to reduce my expenses. I said okay.
Let’s say your salary goes from eight thousand to six thousand. You know markets very bad pandemic etc. Six thousand then what are you going to do. He’s like sanjay I will really have to tighten the belt and you know really cut down on expenses. I mean all those outings will stop we’re gonna have a tough time.
Concept Number 1 – What Happens If You Lose Your Salary?
I said can you imagine if that 6000 becomes zero then what happens. There are two scenarios under which your ten thousand can immediately become zero. Number one in case you fall sick your income can go straight from ten thousand to zero. Number two in case you pass away your income from ten thousand can go straight to zero. Have you ever thought about that.
You see if you lose your job you’ll get another job for six thousand, five thousand, four thousand but in case you fall sick or in case you die your ten thousand becomes straight away zero and you haven’t planned for that. That’s what you need to think about. It comes down to the way you start your conversation. The stories the presentation that you use because your presentation will affect the way your clients behave and that’s a very very important factor.
So when we have a client meeting what is the preparation that you do. So whenever I’m meeting up with a client I spend about 10 minutes before the meeting thinking about which presentation should I be using. Should I talk about income should I talk about the family should I talk about what should I talk about and I’m preparing in my mind exactly what presentation I want to start my conversation with.
Because instead of starting my conversation with hi how are you come on everyone ask that question and everyone answers the same answer I’m fine how’s everything no same same same answer right. So is that what your conversation should start with. Why don’t you start your conversation with something more interesting like a story or a presentation.
Concept Number 2 – Root & Tree Presentation
I pick up the phone I call you hi how are you doing great all right. You know what I was just looking in my garden and I realized the tree is so strong because the roots are so strong and I use my tree and root presentation. That presentation is already available so you can watch it yourself. It’s a presentation you start a conversation.
Concept Number 3 – Food, Clothing & Shelter
Or you know I was just thinking about something everyone talks about basic needs in life food clothing shelter and I was like wait a second who is working for basic needs. Think about it. Are you working for your needs. No you’re not. Your income decides the kind of food you eat. Your income decides the kind of clothes you wear. Your income decides the kind of house you live in. So actually that’s not your needs that’s your lifestyle. Your lifestyle is based on only one variable which is your income. So your lifestyle is based on income.
Now today you work to make sure that that income takes care of the family. In case you can’t work who works. There are two scenarios under which you can’t work. Number one in case you fall sick and number two in case you pass away.
Concept Number 4 – I Am Your Plan B
Because when you can’t work I start to work that’s my job. And I realize most of my clients don’t understand that my job starts when they can’t do their job. I am the plan b. I’m not your plan a. I’m not here to tell you how to make money you know how to do that. You’re working you’re working you’re doing your investment you know how to make money. I’m your plan b when plan a fails I’m your plan b please understand that.
Concept Number 5 – Airbag
How many of you will sit in a car where there’s no airbag. You sit in your car and all of a sudden you get a sign saying airbags malfunction. Would you sit in that car or will you take it to the repair shop. You’ll take it to the repair shop.
Concept Number 6 – Aircraft
Imagine you’re entering an aircraft right. You enter the aircraft and the pilot announces welcome to the beautiful airline however I’m sorry to inform you but we don’t have any seat belts we don’t have any life vests and there’s no oxygen mask. How comfortable do you feel sitting in that aircraft.
By the way how many of you have ever used the oxygen mask in the aircraft. Never. But you still feel secure knowing it’s there. And that’s the reality of the world you see it’s a plan b. When was the last time you tested your airbag. How many of you have gone hit the wall with your car and seen if your airbag works. But do you really want an airbag in your car and that’s exactly what insurance is.
Would you be comfortable seeing your child going in a car with no airbags. If you have a life you need life insurance. Get that straight. How many of you would be comfortable putting your family in an aircraft or in a car where there’s no seat belts no airbags to protect them. Think about it that’s exactly what you’re telling your family to do by not buying life insurance because life insurance is the airbag you see.
The whole purpose of life insurance has been very clear. It’s to protect your future income. The income that you expected to generate for your family. The responsibilities of the family that you’re actually expected to fulfill. That is the purpose of insurance. Everything that you expected to do that’s what insurance does for you. You just make sure that all the expectations people have from around you is fulfilled. If society has expectation from you make sure that those expectations are fulfilled whether you’re dead or alive. Think about it.
A lot of people tell me sanjay my family is secure. Great. What about society. Does society expect anything from you. Think about it there are many things that society expects. They expect you to be a good citizen they expect you to give back. How are you planning to give back. Think about it.
Simple Sales Concept Presentations
You realize I’ve given you so many presentations that you can start a conversation with. All these are conversation starters. Now if you don’t have the right conversation starter you’re wasting your time of your client you’re wasting your own time. Because you’re calling your client and you’re trying to figure out what should I say.
Why don’t you spend time planning before the conversation starts. You pick up the phone right before you pick up the phone why don’t you plan in your head exactly what do you want to say to your client. What is the way you will start that conversation. It’s as simple as that and if you can’t get that clear you have a problem and that’s why concepts are such an important part of our business.
Why I Stopped Focusing On Products & Shifted To Concepts Instead?
It’s not about which product to buy. I remember when I started this business my trainer many many years ago he told me he’s like sanjay our best selling product is abc product. Call every client call everyone you know and tell them the best product is abc product. I said it could be the best product I tried that. Right we were all product focused I was product focused that’s how I started in this business. Right I focused on one product and that’s what happened that when I was focusing on these products I forgot about planning.
Mr client this product is right now the most hot selling product. Just because it’s a hot selling product doesn’t mean he needs to buy it or she needs to buy it. Think about it. I tell you we have a hot selling chemotherapy do you want to buy it. No you don’t need it. So it’s not about how good the product is it’s about why do I even need the product. The why is more important than which product. Why you need to buy insurance is more important than which insurance to buy. Because the why is strong if the why is clear the which becomes very easy to identify. And that’s one of the biggest mistakes I used to make as a financial advisor and that’s why I’m sharing this with you.
If you are a new financial advisor in this business stop focusing on which product start focusing on why people need to buy insurance.
Final Thoughts
If the why is clear the how the what the which doesn’t matter it’s very easy. I hope this has provided you better clarity on the concepts you can use with your clients and prospects.
Remember to focus on why buy insurance. Together let’s make financial planning easier and happier for everyone.