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 Posted: Tue Jan 13, 2009 4:47 pm Post subject: Insurance selling during economic crisis |
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Hello,
I have on the other thread about what would happened to the insurance industry during financial and economic crisis.
Now for the agents, how can you fight this negative effect on the economy. Can economic crisis affect your sales?
In this case, what would you do to fight it? What are the strategies that you are getting into?
Thanks
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joven222
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| Posted: Tue Jan 13, 2009 9:47 pm Post subject: |
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I can only speak from the P&C side. We are actually seeing a increase in quotes and sales due to the fact that the bottom line for everyone now is price.
For our current clients we are re-writing them for a lower premium to save them. |
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lisar1208
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| Posted: Tue Jan 13, 2009 11:04 pm Post subject: |
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As well I can only speak for the life, health and annuity side of the business and we are doing are best to put Broker-Dealers and their clueless clown Registered Representatives OUT OF BUSINESS.
The #1 Life and Annuity Co. I represent is so swamped with new business they have told their home office staff they can work all the overtime they want including 10 hours on Saturday just to try to dig out from the massive amount of new business submitted as clear thinking people are fleeing the fraud of Wall St. for the safety of principal.
While SEC chairman Christopher Cox was obsessing over safe and sound Fixed Indexed Annuities and SEC rule 151A Bernard Madoff was stealing $50,000,000,000 billion dollars right under his nose.
Not one client has lost one dime in a Fixed Indexed Annuity...EVER!
AIG has given the actual financial strength of the insurance industry a black eye. Please understand AIG was "insuring" these high risk sub-prime loans and mortgage backed securities which aren't secure at all, nothing more than Wall St. packaging of a financial product that sounds good but is nothing more than worthless paper.
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GarySpicuzza
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| Posted: Wed Jan 14, 2009 5:00 pm Post subject: |
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| I'm glad to hear that other people are doing well also. |
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lisar1208
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| Posted: Thu Jan 15, 2009 10:26 am Post subject: |
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Hi,
| Quote: | | Can economic crisis affect your sales? |
Certainly!
Needs often get identified with our economic stability. Instability curtails many of our needs and to varying proportions. It is time that we set priorities for our wants. As we see many of our near ones getting laid-off, we could imagine the volume of sales and operations that are getting affected.
Roddick |
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roddick
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| Posted: Fri Jan 16, 2009 5:05 pm Post subject: |
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My business has increased. Things are going great!
Example, Maybe your employer used to pay for you health ins and now you have to buy your own. This is happening to a lot of clients.
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lifeagent911
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| Posted: Mon Jan 19, 2009 7:23 am Post subject: |
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I have seen the same trend in health insurance. Groups are cutting back on benefits and employees are looking for individual plans.
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beatuplunchbox
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| Posted: Wed Jan 21, 2009 9:18 pm Post subject: |
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First is a positive attitude. If you realize how bad the economy is with your clients, this creates a negative spiral with your presentation that your client will buy into, thus making your sale more difficult. In addition, understand your clients specific needs prior to your presentation and provide products and services that fill this gap. Good luck.
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hlink23
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| Posted: Fri Feb 06, 2009 3:50 am Post subject: |
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How about the strategies that you have in mind while selling life insurance in this kind of situation. What specific strategies or techniques do you do to increase your sales?
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joven222
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| Posted: Fri Feb 06, 2009 6:01 am Post subject: |
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I don't think its been too bad with selling life insurance so far under the crisis..cutting on the up-selling offers would perhaps also pull the volume of tele-sales.
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