Now, consider this. Buying a personal umbrella liability policy helps preserve a family's lifestyle. Buying long-term care, disability or life insurance policies protects nest eggs and accumulated assets. Purchasing risk management services leads to reduced expenses, fewer accidents and decreased financial losses.

Consumers may hate buying insurance, but they love the way it protects their pocketbooks from financial crises. So, instead of selling insurance products, sell the results of adequately insuring a family's or business's assets. When you know what results your buyers want, and they know you can help them achieve those results, your insurance sales will soar.

Now, what results do insurance buyers want?

Protect profits, working capital and cash flow

When business clients exchange a small, known loss (premium) for a possible large, unknowable loss (a claim), several things happen: profits, working capital and cash flow are protected; clients' creditworthiness, growth and operational success are better ensured; bills are met, employees get paid and families eat. These are the results of a well-structured business insurance plan.

Meet financial responsibilities

Workers compensation, automobile liability coverage and surety bonds all help insurance buyers meet financial responsibility requirements. Insurance protects lenders' money, taxpayers' dollars and family assets. With the proper insurance in place, buildings can be built; employees work with a financial safety net in the event of jobsite injury; drivers protect the public against the monetary impact of auto accidents; and regulatory fines, garnishment of future earnings and liens on property all can be avoided. These are just a few of the ways customers can meet their financial responsibilities with your professional support and the right insurance products.

Protect quality of life

A family's lifestyle can dramatically change for the worse when disaster strikes, as survivors of hurricanes Katrina, Rita and Wilma can attest. Insureds want their property rebuilt, unplanned and extra expenses recovered, and lives returned to normal as quickly as possible.
When breadwinners become disabled or die, families want their savings, retirement accounts and personal assets to remain untouched. Insurance provides policyholders with financial security that allows them to maintain their lifestyles and preserve their quality of life–a huge benefit.

Solve problems

What commercial customers' problems do you solve with insurance? Can you help insureds increase profits or reduce expenses? How do you help customers minimize the time they spend dealing with insurance and maximize the time they spend generating profits?

Identify problems you solve for your customers, whether commercial or personal-lines, and list specific coverage solutions you provide. Outline the services you, your agency and the insurance companies you represent offer insureds. Work on this exercise as a group; include your sales manager, other producers and customer service representatives. Brainstorm and document specific advantages you bring to insurance buyers. Discuss how large claims are adjusted. Determine policy wording that works best for buyers. Map out coverage minefields in insurance contracts.

Ask buyers what they expect from you. Discuss what lessons can be learned from past problems, and point out future pitfalls.

Identifying the problems you solve and learning what buyers want allow you to make insurance sales more than a “commodity” transaction.

Here's how

Have you ever helped a client with a large insurance claim or shown pros-pects how to get more for their insurance dollar? If so, then you know how insureds benefit from your professional support. Prospects become clients when they understand that you provide better value than your competition. How have you helped a client avoid a claim, financial loss or unnecessary expense? Do your clients enjoy fewer problems and greater profitability as a result of your competent counsel? The answers to these questions serve as examples of the value you deliver to your buyers.

Questions are the key

Separate yourself from the competition by asking questions that reveal how insurance benefits your buyer. For example, “What's your plan if X happens?”; “Where will the money come from if Y occurs?”; and “What do you want to happen after Z takes place?” Such questions reveal the degree of planning, precaution and preparation clients have undertaken. They also lead to insurance solutions that customers value and are willing to buy.

Take it to the street

When you sell what insurance does, you focus on solutions and value, rather than cheap premiums or free quotes. By selling results, you set yourself apart as a trusted adviser and problem-solver. You must know what insurance does for insureds and be able to explain it. If you don't know specifically how your insurance products benefit your clients, how will you convey that information to prospects? And how will you identify prospects with problems you can solve?

Be specific about what you and your products do to benefit buyers. Tell stories that include problems and your solutions. Use past claims examples to paint effective emotional pictures. When you sell results, not insurance, buyers buy benefits.

When you sell results, sales result!

Ed Lamont CIC, CRM, leads Dynamic of Selling and teaches at the National Alliance School for Producer Development. He's the author of Street Smart Selling: The Beliefs, Strategies, and Management Ideas of Successful Insurance Professionals. Contact Ed at (561) 737-7388 or by e-mail at [email protected]. For more information about Dynamics of Selling, National Alliance Producer School, and Street Smart Selling call (800) 633-2165 or visit www.theNationalAlliance. com.