Do you have a definitive, repeatable sales process at your insurance agency? Research shows that when organizations have one, they’re more successful. Salespeople who follow a defined sales process are 33% more likely to be high performers. Even more, 67% of companies with a defined sales process have a win rate of 50% or more.

This shows that your agents are more effective if they have a map that they can follow, backed by data. If you haven’t already, it might be wise to take the time to establish a sales process that your agents can use to their advantage.

To help you get started, the infographic below gives you five steps we recommend you have in your sales process.

5 Steps You Need in Your Sales Process infographic

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A good sales process will help you achieve success, become more organized, and make sure nothing slips through the cracks. Here are 5 steps you should include in your sales process if you’re not already.

1. Find the Lead/Prospect

In order, for the sales process to begin, you need a lead! Bringing in leads and prospects looks different for every agency, but find the methods that are most effective for you and put more energy into those strategies. Once you bring a lead in, make sure to follow up on it as soon as possible. 35-50% of leads go to the salesperson that follows up first!

PRO TIP: Use an AMS, like AgencyBloc, to track and find your most profitable lead sources.

2. Qualify the Lead/Prospect

Now it’s time to qualify the lead. In this step, you’ll receive more information, whether it’s via email or through a meeting with the lead. Based on the information provided, you can decide whether the lead should turn into an opportunity and move on further in the sales process. You shouldn’t skip this step for a few reasons. A lead that is not a good fit for your agency can result in a loss of time and money.  67% of sales are lost simply because they were not properly qualified before going through the sales process.

PRO TIP: Use an AMS or a CRM to help with the lead qualification process. 84% of companies believe that having a CRM helps in identifying the quality of leads.

3. Present the Proposal

In this step, you’ll show the prospect exactly how you can meet their needs as a life and health insurance agency. It may make sense to add more action items within this step. Examples could include a “Needs Analysis Completed” step or a “Proposal Accepted” step—anything that helps you keep track of where the lead is at and helps make sure nothing falls through the cracks.

PRO TIP: With AgencyBloc's sales enablement tools, you can see where each lead is in your sales process.

4. Paperwork Submitted

Now that you qualified the lead, and the lead accepted the proposal, you will need to submit the policy for approval with the carrier. Allow yourself enough time in this step to allow for any extra analysis, communications, or other things that may take time.

PRO TIP: Automation tools can help you better manage your policy approvals! Use the Automated Workflow function in AgencyBloc to do just that.

5. Close the Lead

Last, but definitely not least in the process, you’ll need to close the lead. You’ll want to keep track of whether it is Closed Won or Closed Lost, and the reason why the lead holds that status. Using this data can help you better understand your sales process. You can either find areas of improvement to develop for the future or find strengths that you can leverage to see continued success and growth. According to Accent Technologies, companies that analyze their wins and losses have higher customer retention rates and higher annual revenue growth. Don’t get left behind—use this information to your advantage.

A good sales process can be the deciding factor between being an average agency, and a high-performing one. It’s not too late to get started! Start documenting the steps you currently have, and continuously track and use data from your systems to make tweaks to see the best results. For more tips on creating a sales process at your life and health insurance agency, check out these additional resources:

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Posted by Sarah Rosonke on Thursday, June 9, 2022 in Sales Enablement

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About The Author

Sarah Rosonke

Sarah is the Design and Content Specialist at AgencyBloc. She creates and designs helpful resources to support life and health insurance agencies in growing and automating their business. Favorite quote: "You'll never do a whole lot unless you're brave enough to try." —Dol ... read more