A Step-by-Step Sales Pitch for Insurance Agents

A Step-by-Step Sales Pitch for Insurance Agents

Here's how to successfully sell life and health insurance. 

From practicing the best sales techniques to researching how to sell life and health insurance successfully, you probably spend a fair amount of time trying to hone your sales pitch.

One of the most valuable assets out there for sales-pitch success is Andy Raskin’s blog: “The Greatest Sales Deck I’ve Ever Seen,” which features his findings on a powerful sales deck created by Zuora.

Read on as we analyze his five key takeaways (+ one of our exclusive insights) and how you can use them to improve your current sales process.

1. “Name a Big, Relevant Change in the World”

Human beings are naturally self-centered–it’s how we’ve been able to survive and thrive for generations. With that said, you must keep in mind that your prospects care the most about their problems, not you, your company, or your product.

In contrast to common sales tactics, Raskin advises not to start by pointing out your prospects’ problems–this can cause them to get defensive. Instead, start by naming one major, relevant shift in the world that creates high stakes and a sense of urgency. 

Why should they care? How is it relevant to them? Answer these questions when naming the change. 

This tactic gets (and keeps) your prospect's attention while also inspiring them to think about how this change affects them and what they can do about it. Once you’ve laid this groundwork, they will likely be more open to hearing how your product or service can help them navigate these changes later in your pitch. 

Example: As an agent in the life and health insurance field, a couple of ways you can use this probably come to mind. If you’re a benefits professional, you might highlight the shift to virtual offices and how employers are now looking for different benefits like telehealth services or expanded EAP benefits to support, retain, and meet the needs of virtual employees.

2. “Show There’ll Be Winners and Losers”

We all fear loss. In fact, we are more afraid to lose something than we are excited to gain something. This is known as loss aversion, which is something that all prospects deal with—they don’t want to lose anything by making a risky change, so they stick to the status quo. 

To overcome loss aversion, you need to present the shift you mentioned above in a way that motivates your prospect to make an immediate change. To create this urgency, Raskin suggests you show them that:

  • “Adapting to the change you cited will likely result in a highly positive future for the prospect; and
  • Not doing so will likely result in an unacceptably negative future for the prospect.”

Example: Your prospect may not understand the importance of life insurance. Explain clearly the benefits of a life insurance policy versus the drawbacks of not having one. Many people will appreciate the “win” when they know their loved ones will be financially taken care of.

3. “Tease the Promised Land”

Resist the urge to lay out all the details of your product or service at this point. If you do this too early in your presentation, your prospects won’t understand how these details are relevant, and you may lose their attention. 

“Teasing the Promised Land” is explaining the desired outcome your prospect will achieve with the product or service you’re selling. Using the employee benefits example we talked about above, the “Promised Land” might be a company that has a non-burnt-out team, high employee retention and satisfaction, and great performance. 

Raskin states this concept clearly:

I asked my friend Tim to articulate his Promised Land, and he said, ‘You’ll have the most innovative platform for ____.’ Nope: the Promised Land is not having your technology, but what life is like thanks to having your technology.” 

Put your product, service, or coverage in place of “technology,” and you’ve got this part down.

Remember, the “Promised Land” is a future state, not your service, product, or partnership

Here are some examples of how you can apply this to your pitch: 

  • Life insurance can bring peace of mind to a married couple, especially ones with kids and debts, like mortgages.
  • Life is worry-free with long-term disability coverage for couples who depend on each other’s income.
  • Your future feels more secure with a retirement plan.
  • Work feels more satisfying and stable with the right insurance coverage and benefits for employees.

4. “Introduce Features as ‘Magic Gifts’ for Overcoming Obstacles to the Promised Land”

The “Promised Land” is the ideal state or goal, and a partnership with you – not a competitor – is the easiest way your prospects can get there. 

Raskin does a good job of breaking this concept down: 

“If it’s not clear by now, successful sales decks follow the same narrative structure as epic films and fairy tales.

Your prospect is Luke, and you’re Obi Wan, furnishing a lightsaber to help him defeat the Empire. Your prospect is Frodo, and you’re Gandalf, wielding wizardry to help him destroy the ring. Your prospect is Cinderella, and you’re the fairy godmother, casting spells to get her to the ball.

When you introduce your product or service, do so by positioning its capabilities like the lightsaber, wizardry and spells—as “magic gifts” for helping your main character (prospect) reach that much-desired Promised Land.”

You’re the expert, and your presentation has helped your prospects see that. Now is the time to explain the details of what you’re selling. Explain that passing up your product or service is only going to hinder their journey to the “Promised Land” and highlight which specific ones can help them get there.

5. “Present Evidence That You Can Make the Story Come True”

It’s one thing to tell prospects how you can help them overcome their obstacles—you must also show them with client success stories, reviews, and testimonials

With 88% of people highly trusting online reviews, client testimonials are a powerful way to convince and convert leads and reassure them that working with you is the best way to get to the “Promised Land.” Plus, there are other agents out there who sell the same stuff you do; success stories can make a huge difference in a prospect choosing you over a competitor.

BONUS: Support Your Sales Process with an Industry-Specific Sales Management Tool

While this point wasn’t included in Raskin’s article, it’s important to mention: Having a strong sales pitch is only part of the life and health insurance sales equation. Once you have your sales pitch nailed down, you need the right technology to support your sales process. An industry-specific agency management system, like AgencyBloc, can help you grow and retain your book of business effectively and efficiently.

AgencyBloc’s Sales Pipeline allows agencies to work leads, create opportunities, close deals, forecast revenue, and more with ease. Our Sales Reporting tools can help you learn what’s working (and what’s not) in your sales process so that you can fine-tune your selling strategy. 

Schedule a demo to explore how AgencyBloc can help you achieve more.

This blog was originally published on 6/1/2017. It has been updated and republished on 5/3/2021 and again on 5/24/2022.

Kelsey Rosauer

By Kelsey Rosauer on May 24, 2022 in Selling

Kelsey is the Brand Manager at AgencyBloc. She plans and creates educational resources to help insurance agencies organize, automate & grow their business. Favorite quote: "I am convinced that life is 10% what happens to me and 90% how I react to it." —Charles R. Swindoll  More articles

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