Selling insurance in India is certainly not an easy task! Even today, insurance is a sell-out product and even if you recommend the best plan according to the customer’s needs, it might not sell for various reasons! So, today we are going to talk about some reliable ways to convert your potential customer’s no to yes!
Always remember, objections are good for sale. They give you a chance to talk and explain.
What is the objection ?
According to the Oxford Dictionary, objection means to express or feel dislike or dislike. So, when your customers oppose or dislike your suggestion, they are raising objections.
Why do customers have objections ? _
Customers have objections because- _ _ _
- They already have some opinion about insurance.
- They don’t have full faith in you to invest their hard earned money in your suggested plan.
- They haven’t understood your suggested selling proposition.
Common examples of customer objections _ _
If you’ve been in the insurance business for a while, you may have heard a variety of objections from potential customers. Some of the most common among them are-
- i don’t need insurance
- Insurance companies are not very reliable
- I don’t have money to pay premium for insurance plan
- Another company is giving me a better offer
How to resolve customer ‘s objections ?
Now you know what are objections, why do customers have objections and what are some common customer objections. Do you know the sales policy that addresses objections? Let’s find out-
- patience is the solution
Patience is the most important way to resolve objections. When customers object to your offer, don’t be aggressive. Be patient and listen to the customer. In order to find a way to resolve an objection, it is important to understand it.
- understand the concern
After listening to the customer’s objections, understand why the customer has such objections. Those objections may be due to the customer’s past experiences. For example, if the customer has an objection that the insurance companies are not trustworthy, then he must have had a bad experience with an insurance company in the past which would be the reason for this objection.
- rely on facts _
After understanding the objection, state the facts to your customer that are true. Eliminate confusion by educating your customer about facts and figures. Facts and figures show a true picture to your customer and help him forget his preconceived notions.
For example, if your customer says that insurance companies are not trustworthy, tell him that the companies are controlled by the Insurance Regulatory and Development Authority of India (IRDAI). This will remove the hesitation of the customers in trusting the insurance companies.
- Handle objections with reasonable and rational answers _
It is the last and foremost sales policy that helps in resolving objections. After writing down all the objections, explaining the concerns and stating the facts to the customer, respond appropriately to those objections. For example, if your customer says he doesn’t need insurance, don’t disagree.
To find out the financial condition of the customer, ask him to work with you to check and understand the facts. Once you understand his financial situation, you will be able to see the financial responsibilities of the customer and then suggest the right insurance product. When the customer sees that the recommended product meets his financial needs, he will be motivated to buy insurance from you and thus you will handle the objection properly.
Objections are an integral part of the process of selling insurance. Don’t be discouraged if your customer raises objections. It is better to have objections than to have no objections. Objections show that your customers are listening to your sales proposition and they also help you to improve your sales strategy. Therefore, consider objection handling as one of the most important selling tools and use it as your sales strategy.