Select Insurance Clients
Selling Insurance in a Complex Environment
At Richardson, we believe that insurance sales training programmes should be anchored in the belief that strong selling teams emerge from strong leaders. Strong insurance sales training teams are critical in a sales environment characterised by low growth in mature markets. Insurance selling needs a pick-me-up. However, complex regulatory changes, commoditization, and limited access to buyers make selling insurance difficult.
In recent years, competitive pressures have resulted in the commoditisation of insurance. In response, buyers have been reluctant to offer their time to sellers. Customers believe that they have all the information at hand. This sentiment narrows the margin for error because the sales team has one chance to get it right. This high-stakes environment leads to seller attrition further complicating the game.
For many companies involved in insurance sales, an internal ”system think” philosophy has interrupted the client focus. This default to internal processes ignores the importance of clients’ needs. This deficiency becomes evident within client interactions. Sales decline, and the availability of qualified sales leaders diminishes.
However, a renewed focus on leadership lifts all sellers.
Leadership Commitment Leads to Insurance Sales Training Success
Adopting the skills to sell in today’s insurance industry requires commitment at all levels. This consensus begins with sales leaders demonstrating their dedication to a new approach. This new initiative offers data-driven insights to clients, proving that you understand their needs. As one of our insurance sales training partners remarked:
“Richardson was instrumental in making the new customer-focused sales strategy work. Our Underwriters are now better prepared to position their message, maintain and expand relationships, and increase profitability.”
Richardson’s Insurance Training and Coaching Programmes Drive Growth
Richardson has partnered with 65% of the leading insurance firms across a spectrum of offerings including, property, casualty, life, and health. By illustrating the power of relationships, Richardson helped one global insurance and risk management company boost organic growth by 15% compared to an industry average growth rate of 3%.
However, having the right tools is only half of the picture. Sellers must learn how to use them. Outpacing the competition requires perfect execution. Teams must learn to deliver succinct presentations. Owning the right data is not enough. Sellers must demonstrate their ability to develop the metrics into meaningful takeaways that speak to the buyer. Doing this effectively requires cohesion among all sellers. This approach led one property and casualty client that we provided a customised insurance sales training solution for to empower 40% of its agents to write $10,000 in new business as a direct result of Richardson’s program. When leaders commit to change, the team commits to change. In the end, the group is “better prepared to position their message, maintain and expand relationships, and increase profitability,” according to one seller after training.