Selling Life Insurance to the Digital Consumer
- By Reade Milner
- August 24, 2016
This article was written by Mack Dudayev of InsureChance
It’s no secret that the modern day consumer isn’t the consumer of yesterday.
Today’s consumer wants everything simple and fast and the internet becomes a perfect buying channel to satisfy those cravings. Gone are the days where people want to speak to anyone to get something done, let alone actually leave their house.
This change happened in just the last decade, and while life insurance has been a little late to the party, many agents, and even companies, are making the transition.
So here is a quick guide to agents looking to go digital.
Be Digital, Be Visible##
You can’t sell to the digital consumer if you don’t have a digital hub. Whether you build an interactive website, or a mobile app, you need to have a digital channel where customers can reach you. These days to build something like that doesn’t require you have vast programming knowledge.
All you need is some time, patience, and a service such as WordPress. Many of today’s digital agents have started by building their own websites.
However, in the internet age the saying “if you build it, they will come” doesn’t apply. If you build it, you better market it if you hope to be found. Whatever your source of marketing is, make sure it leads back to the website or app you created.
Many agents, including ourselves, have found success in Search Engine Marketing, which helps us generate our own leads.
The digital consumer likes to feel like they know everything. They go into every sale well informed about whatever they are looking to buy and you better be ready to answer every question imaginable. Normally they like to browse and don’t make a buyer’s effort until they have all the information.
That’s where you come in.
Make sure that all the information regarding their queries is right there on your sales page. Don’t tell them how great you are, instead, teach them everything they need to know to buy the product so that they don’t have to go elsewhere to seek the information. If you can educate your consumers, you can earn their business.
For us, the blog has been the best way to accomplish this.
Meet Them Where They Are##
Modern day consumers are always on the go, at least that’s what they will always tell you. If you push appointments and timed phone calls on them they will simply seek a more convenient way to get this accomplished, and it won’t be with you.
Over the years we have found that it is best to meet them where they are. If they are touching base in a chat, chat with them. If they want a call, call them. If all they can do is text, text them!
A lot of agents miss big opportunities because they are stuck in their way of doing business. Be flexible, there are many CRM software’s available that allow you to interact with clients through just about any channel outside of smoke signals.
Keep it Simple##
Whether it’s your content, sales pitch, website, or the products you’re selling, keep it all simple. The digital consumer doesn’t have time or energy to deal with a drawn out process.
Focus on simplicity and get to the point. Companies like Amazon and Apple have spoiled customers with ease of use and simplicity, you have no choice but to follow suit. To this day when I mention paperwork that companies require, I’m always met with grunting and moaning. Snail mail? Forget about it! “Can’t I just e-sign?” is a question I hear often.
Unfortunately, not all companies make it easy but I have had many clients willing to pay more for no medical exam life insurance policies because of the simplicity associated with the process.
A completely electronic process is what they are used to, the closer you can get to that, the better.
Give Them Options##
With the digital consumer, you’re not going to get away with high strung sales pitches and pushing the company that’s going to do your pockets nice. Chances are they have done their shopping and are looking for you to beat the last agent they spoke to, either in price, product, or knowledge.
Make sure to offer the best possible product under the sun, at the best possible rate, for their specific situation. Avoid being tied down to one product that you push to your clients.
The only way to win in the digital landscape is to be a customer centric agent, and that is hard to do if you can only offer a handful of companies and products.
The life insurance industry may be a little late to the party but that doesn’t mean the consumers don’t come with their share of expectations. Other companies have done their job to spoil them and they expect the same customer service and user experience from you when they buy life insurance.
Do your best to keep up with the times and don’t become another dinosaur.
For help with taking your practice digital, contact us today.