1. People overestimate the cost of life insurance. Do people know you? Are they aware of the service you offer? Have you properly communicated to what extent you are able to personalise your products for them? Someone ought to tell them they should get life insurance because it's actually useful for them, especially if they belong to one of the four groups who need life insurance most. And you know it doesn't cost a fortune, so why not share this information with them and help them stop worrying?
2. It's about what they ‘want’, not what they ‘need’. Obviously, when the life insurance payout is in question, in most cases the insurants cannot benefit from it themselves. They usually think about life insurance for the sake of their loved ones. They worry about what happens once they're gone and want to avoid any possible trouble their family and relatives might go through because of them. No, I am not advising you to play the sentimental card, but make sure your customers are aware of the utmost sensitivity of the matter.
3. Special case life insurance applications are far more common than one would imagine. Yes, call them special, difficult or complicated... These people care about their family and relatives, too – even though they're sick, old, moneyless or going through a tough period. Analyse their needs, give them an acceptable offer and create a new programme from square one. How about a new plan for parents with special needs children or stay-at-home spouses? Any potential there?
4. I can do much better than average insurance companies. Yes, you can. Approach your customers as individually as possible. Tailor payment schedules carefully, listen to their stories attentively, find time for each of your customers... Think the way they think. When developing your products, follow the same step-by-step processes like them. Trust me, it will bear fruit. And do not make any attempts to join one of those low credit rating companies dreaming about unicorns that bets on significant discounts which will cause a lack of money for future insurance claims.
5. There is always space for improvement of my products. Even the favoured packages can have shortcomings and even new products will need a brush up after some time. So are you counting it right? You know the saying, “measure twice, cut once”. Are you sure you have taken into account all important aspects of your clients' lives? Any peculiarities such as cultural differences, lifestyle habits, future prospects...? Talk to your clients; they have all the information you need.
6. Being happy with myself won't get me any further. There is always something to improve. Gather a creative team and create a new marketing strategy. Motivate your agents, hire new people, rename your products in a more appealing way or have a board game afternoon with your colleagues – simply let some fresh air in to improve the pace of progress in your company. Once you stop moving forwards, you start losing customers.
7. My competitors are my advisors. Nothing can go wrong if you pose a question or answer one. Sharing experiences does no harm. You have your “trial and error list”, but your peers have theirs too. How about taking a step closer to the next level of success by exchanging ideas, opinions, best practices, case studies and by learning something from like-minded people?