Highly successful insurance salespeople becomeproficient by mastering the basic tools and techniques thateventually become habit and are used instinctively to close saleafter sale. But they have to be taught, trained and managed.

Most sales comprise three distinct phases:

• The Pre-Approach of a qualified prospect — selling theappointment.
• The Fact-Finding process — where the sale is made.
• The Close — finalizing the transaction.

Pre-approach

When the appointment is made, send the prospect a confirmationof the date and time and a list of items to have for the meeting,such as current summary of insurance, losses in the past threeyears, recent payroll or sales audits, and current policies. Thisaccomplishes two things:

1. If the prospect balks and refuses, then you don't have aprospect. Walk away.
2. If he/she does comply, then you know you have a seriousprospect.

Fact-finding

This is the most critical phase of the sales process and wherethe sale is made or lost. If you listen very carefully to what hesays he needs, the prospect will tell you how to sell him. Using aFact Finder, which you modified to suit this particular prospect,begin to identify and collect facts and information via questions,physical observations, and document review. Gather standardinformation like name, address, square feet, sales, payroll, and soon — or just about everything you need to complete (later) atypical Commercial Insurance application such as an ACORD 125.

Then move to collecting specific facts about the business bycareful questioning: How did it get started? What exactly does thebusiness do? How and where is it done? How do they make a profit?What are his future plans? Now you have the prospect talking aboutwhat he likes best — his business — and he is becoming more openand comfortable.

This is a great time to stop the questions and ask for aphysical tour of the premises to observe the operations. Use thisobservation part of the Fact Finding to trace the route of how theproduct enters the premises, what work has to be performed, and howthe product leaves the premises and gets to the customer. Stopalong the way to ask details about any machinery, equipment andlabor processes and ask what kind of things can happen to hurt thebusiness. Ask about the value of each. Take notes at all times.

This segues naturally to what I call the “shtick” part of theFact-Finding process. “Shtick” is what personalizes your salestechnique. It takes practice to make it seem impromptu, but itisn't. During this phase, resist every impulse to evaluate or sellanything. And don't talk too much about yourself or youragency.

Inform the prospect that you are almost done but just a few moredetails are needed to complete the Fact Finder. Ask about real orbusiness personal property values in dollars, if inventoryfluctuates and what is the approximate monthly cost to run thebusiness.

The close

Now, and only at the end, ask to see the current insurancepolicies and other materials he assembled for the meeting. Say thatyou look at the current insurance policies last because it isessential for you to develop the facts yourself and to hear fromthe prospect himself what is needed based on his valuations.

You can now state that you will deliver an Insurance Proposal incomparison format, based on the Fact Finder and the prospect'sinput, making it easy to compare the current insurance to theprogram you recommend. The comparison will contrast the currentwith the proposed by showing the scope of coverage, limits ofinsurance and cost.

Your proposed program will be based on current needs, not oldinformation. And whatever the cost for the proposed program, it iswhat it is. If it is less than current cost, that's fine. If it ishigher than current, that's fine too, because it provides exactlywhat the prospect said he needs. When done right, the final cost ofthe insurance rarely becomes a deal-breaker.

You now proceed directly to the close and complete thetransaction.

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