Common Objections

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PostPosted: Mon Aug 25, 2008 9:24 am   Post subject: Common Objections  

What are the common objections an agent faces in a sales situation?



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PostPosted: Mon Aug 25, 2008 11:25 am   Post subject:   

"I can't afford it, it's all I can do to pay the mortgage!" "why do I need it" "are you having a contest or something because I haven't heard from you in years?" (sorry had to throw that in Wink )...



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PostPosted: Mon Aug 25, 2008 10:08 pm   Post subject:   

how about I'm shop around or your too expensive.

I like lori's though, that sums it up.

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PostPosted: Mon Aug 25, 2008 11:59 pm   Post subject:   

Quote "how about I'm shop around "

That's why I like being an independent. If you're taking to me about it, you just shopped around.



The biggest one I hear in cold calling is, I've been with XXXXX for XX years. I usually say, "Wow, you haven't had a quote in XX years" Sometimes it works. Usually it doesn't. Some people are pretty loyal to their agent.

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PostPosted: Tue Aug 26, 2008 10:40 am   Post subject:   

Xoseph this is a favorite topic of mine because it is so fundamentally basic to the insurance industry.



All agents need to comprehend there aren't any "new" objections and that all objections fall into one of four broad basic categories.



I'm going to slightly rephrase your question:

What are the only objections an agent faces in a sales situation?



#1) No need.



#2) No hurry.



#3) No money.



#4) No confidence.



People will not buy something they can't recognize a need for which leads to them to not being in any hurry to do anything anytime soon and without money regardless of need or hurry you're dead in the water and if you can't carry yourself confidently,.... Why would anyone do business with you when you're not even sure of yourself?





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PostPosted: Tue Aug 26, 2008 11:49 pm   Post subject:   

How about I need to speak to my spouse?

Or, I need to think about it?

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PostPosted: Wed Aug 27, 2008 5:52 am   Post subject:   

lisar1208, you may try this.



Mr prospect, may I know why you want to speak to your wife?



Is it because you want to name her beneficiary?



I am sorry, Mr prospect. You can't name your wife as beneficiary. No, you cannot.



Only widow can be beneficiary.



When a breadwinner dies, the widow would have only 3 qeustions in her mind.



"Do my husband have insurance?"



"Have much money can I get?"



"How soon can I get the money?"



No widow ever blames her husband for getting her insurance.



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PostPosted: Wed Aug 27, 2008 10:07 am   Post subject:   

This is going to be a fun thread!



lisar1208, the "I need to speak to my spouse" is agent error and falls under the "no hurry" catagory. Any agent is a fool for sitting down with only one spouse regardless of how adamantly they claim they make ALL the decisions regarding life, health and money.



They will be the one who is dead. It will be the surviving spouse who is left to pick up the pieces. Because of that fact it is of utmost importance that BOTH spouses be involved in the decision making process.



Simply DO NOT do business that way.



YOU can't overcome the "I need to speak to my spouse" objection, however, THEY can't overcome the "you'll be dead fact" which is why your spouse needs to be involved in the process. Also there is something fundamentally wrong from the start if someone doesn't want their spouse engaged in life insurance, estate planning or money matters.



Regarding the "I need to think about it?"

Well, if the client has the money, the need and agrees they should have done this yesterday the only thing left is YOU as the agent.



If they don't have confidence in you they are not going to buy from YOU.



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PostPosted: Wed Aug 27, 2008 11:37 am   Post subject:   

Hi all..



The most important thing that an agent should remember while in a sales situation is that he should stop instantly when the prospect opens his mouth-



* The most important thing that the agent now needs to do is to highlight the benefits as per the needs of the prospective buyer.

* He would need answer the queries forwarded by the prospect.

* He should be able to explain the cost factor associated with his product or service & exert enuff confidence in his voice.

* He should be able to handle the objections with his product knowledge.



Now see, the most important part of a sales-conversation would be to identify which is an objection. Sometimes the prospect would convey his objections in a simple way. On the other hand he might just ask you a simple question with a negative mindset...you need to properly judge which one is just a question & which one is an objection from his side.



Whenever the seller handles an objection...he needs to equip his sale-speech with enuff of benefits in order to re-assure the prospect.



Regards, Fatman

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PostPosted: Wed Aug 27, 2008 10:35 pm   Post subject:   

I'm sorry I meant that with P&C.

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PostPosted: Thu Aug 28, 2008 12:25 am   Post subject:   

I don't think the speaking with both spouses rule would really apply to P&C. Unless you are talking about rental properties, teenagers, boats etc, the liabilty is not going to carry a high enough premium to make face-to-face worthwhile. It's costly to go driving to people. If they want to come to you, go for it! Making it a requirement that they come see you will cost you the sale often though. You can always ask if you should also speak to the other spouse though. In my experience, the one who "buys" the insurance gets passed the phone anyway when you call.



P&C is not so much a sale as it is purchase. They have it, know they need, the question is why are you or the companies you represent better than what they have. They ARE going to buy from you, someone else or their current insurer. You DO NOT have to convince the to buy. You just have to convince them to buy from you.

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PostPosted: Thu Aug 28, 2008 7:17 am   Post subject:   

Hi ..



I'd think OHInsAGNT has some points which are important in today's life.

Obstacles would come from all quarters. It is not only about facing problems from Auto or health or home. It could also be from Specialty forms. Say you go to sell 'critical insurance program' to someone who doesn't know anything about it. This first thing that you'd hear from him is a good bit of knowledge about disability insurance benefits. Here are some important facts regarding this-



* People do have this misconception that disability insurance has all that they would need to cover a critical illness.



* Everybody is not aware that only when a listed critical illness is spotted the disability policy reimburses in proportion to the treatment expenses for that particular decease only.



* Compared to a disability insurance policy, a critical illness policy would reimburse the policy holder for the full policy value mentioned in the policy.



* People are not aware that disability policy provides for a percentage of wages earned for over a period of time prior to the period of disability.



Hope likewise different others spheres have other associated challenges.



Regards, Fatman

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PostPosted: Thu Aug 28, 2008 10:14 am   Post subject:   

Shocked I don't even know how to spell P & C, (Properly & Casually?) Razz



Yes, I'm not talking about P & C.



I'm talking about the life, health, annuity, long term care side of the business.



The P & C business, in my humble opinion, is sold on price and dies on price.



That being said, the 4 reasons why someone didn't buy are the same regardless of the product or service being offered for sale.



There isn't a "5th" objection.



Only stated obfuscations of the core objection.


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PostPosted: Thu Aug 28, 2008 6:32 pm   Post subject:   

Quote:
P&C is not so much a sale as it is purchase. They have it, know they need, the question is why are you or the companies you represent better than what they have. They ARE going to buy from you, someone else or their current insurer. You DO NOT have to convince the to buy. You just have to convince them to buy from you
It's also your duty as an agent to explain what the coverages are and more importantly the limits...and that most state limits won't keep you out of trouble!


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PostPosted: Sat Aug 30, 2008 12:38 pm   Post subject:   

I agree what everyone is saying. I do however feel it's more than just a purchase. It is your responsibiity as the agent to be sure they are properly covered with their limits. I believe it is more than just price.

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