How to Sell Insurance - 10 Steps to Sell Insurance

Selling insurance has grown into a multi-billion dollar industry, and knowing how to sell insurance can be a lucrative career. You just have to have the right marketing strategies down to grow your business and become an effective sales person.

Here are 10 Steps to Sell Insurance:

1- Make sure that you have the appropriate licenses in order to be able to sell life and health and/or property and casualty insurance. You can obtain your state licensing through numerous testing companies and centers. Most require 40 hours of study before you can sit and take the test. There are also timing restrictions between opportunities to take the exam if you do not pass it on the first try.

2- Collaborate with a larger company. Become an agent of a well-known insurance company, and you can grow your business in part through familiarity of that company's name.

3- Don't rule out cold calling, but invest in leads before you start trying out this cheap, sometimes effective sales method.

4- Create a website. If you are already a part of a larger company, they can usually help issue a page on their site. But if you are an independent agent, you have the liberty to create and design your website to your creative specifications as long as it falls under your state's guidelines. If in doubt, contact your state's Department of Insurance.

5- Join an online social network such as Facebook or LinkedIn for free advertising that can reach your closest family and friends as well as potential clients.
  • Be active in posting, and share relevant information with your readers.
  • Keep your hours of operation current, as well as your contact and address information.
6- Sign up with a local networking group such as Kiwanis, Chamber of Commerce or Business Networking International. Growing through lead referral is the cheapest and most cost-effective way to grow your business.

7- Consider offering a referral reward program. This will give incentive to current customers and business colleagues who know what you do to refer their friends and acquaintances.

8- Put yourself out into the community.
  • Participate in local charity events by volunteering time or sponsorship in exchange for exposure.
  • Think about advertising via radio or television.
9- Find out if your parent insurance company offers a direct mail program. This is another low cost per person contact method for potential customers as well as a nice way to keep in contact with your current client base.

10- Schedule an annual meeting with your current customer base in order to re-examine their coverage. Use this as an opportunity to upsell, including better coverage on existing policies, or bring them on board with a multi-line policy and combine their coverage (such as auto and home). Some companies also offer a multi-line discount, so this is another topic to discuss with your clients.