A prospective insurance customer does not want to hear from there insurance sales agent “I will have to to get back to you that” or “I don't know”. The prospect want to know that the person selling them insurance is the most knowledgeable person on the subject. Why would anyone bother doing business with someone who doesn't even appear to know what they are talking about.
Many insurance sales team leaders would say one of the most important quality’s of a successful insurance sales agent is product knowledge. Not only is it a reflection of the insurance agent them self's but also the insurance agency as a whole. Every sales agent should be able to articulate the available products front to back with ease. It is also important for team leaders to be clear on what the expectations of each of there agents are. The highest of those expectations should be the ability to easily converse about various insurance products and the features that make them unique to all others. No matter what the question a potential insurance customers asks, the sales agent should be comfortable enough with the subject to answer the question one way or another.
Often times insurance sales representatives lack knowledge due to a lack of training. This is usually because of budget restrictions. Many would argue that this is not the place where insurance agencies want to be tightening there budget. If putt in consideration the cost of insurance leads, phone lines, and the hourly wadges of insurance sales agents, the cost of losing sales to a lack of knowledge and training ads up quickly.
It is of utmost importance that an insurance sales agents be very familiarized with all the insurance product features. This is because most customers react favorably to the benefits of one insurance product over another. This reaction can only come about as a result of being provided a thorough understanding of the insurance products benefits and features. All of this leads to much higher levels of confidence in new customers. Some important factors to assuring customer retention and achieving higher rates of new sales include the following. First is a thorough study of product specifications and any other pertaining insurance materials. Another is to facilitate the observation of experienced sales reps making and closing sales by junior sales reps. Further more it is important to allow for the rehearsal of sales presentations so that constructive criticism can be provided and adjustments can be made accordingly. Lastly each salesperson should be allowed to develop their own insurance presentation or pitch, following the insurance agencies guidelines of course.
In prioritizing product knowledge an insurance agency will benefit from there sales reps knowledge on all subject matter pertaining to there products. In failing to do so many sales will be lost and many insurance leads and countless hours will be wasted. On the other hand, if a proper investment is made in product knowledge, an insurance agency can be assured they will see an increased rate of new sales and more satisfied customers who stay.