Beyond Price: Selling Value in Insurance

Episode 77 of the Built Simple (in Insurance and in Life) podcast, hosted by Adam Brsan, titled "Beyond Price: Selling Value in Insurance " was published on April 30, 2024 and runs 61 minutes.

April 30, 2024 ·61m · Built Simple (in Insurance and in Life)

0:00 / 0:00

Summary

Adam and Chris emphasize the importance of value-based selling in the insurance industry rather than just focusing on the lowest price. Highlighting the unique value and benefits helps agents differentiate themselves and build stronger client relationships. - Value-based selling helps provide necessary coverage to low-income seniors while improving an agent's long-term business success Agents need to truly value the products they sell, even if the death benefit amounts seem small. - Authenticity and genuinely believing in the importance of the product is crucial for conveying its true value to prospects and closing sales. Customers can detect when a salesperson is not being genuine - Working with reputable insurance carriers that quickly pay out claims is important for providing immediate support to families in need during difficult times. - Adding value through educating clients on claims processes, providing pre-arranged funeral guides, and highlighting unique product features like nursing home waivers and funeral concierge services sets agents apart. - American Amicable's "Platinum Solution" product with a funeral concierge service helps clients view it as a pre-arranged funeral plan rather than just life insurance, improving policy persistency - In 2021, American Amicable paid over $141 million in claims to 13,000 families, demonstrating their significant impact in protecting underserved communities. Key Takeaways: The importance of value-based selling rather than just focusing on the lowest price in the insurance industry. The need for insurance agents to genuinely value the products they sell, especially for final expense insurance, to better serve low-income seniors. The encouragement for sales professionals to be authentic, believe in their purpose, and work with reliable insurance carriers that promptly pay out claims, ultimately providing better service to their clients.

Episode Description

- Value-based selling helps provide necessary coverage to low-income seniors while improving an agent's long-term business success

Agents need to truly value the products they sell, even if the death benefit amounts seem small.

- Authenticity and genuinely believing in the importance of the product is crucial for conveying its true value to prospects and closing sales. Customers can detect when a salesperson is not being genuine

- Working with reputable insurance carriers that quickly pay out claims is important for providing immediate support to families in need during difficult times.

- Adding value through educating clients on claims processes, providing pre-arranged funeral guides, and highlighting unique product features like nursing home waivers and funeral concierge services sets agents apart.

- American Amicable's "Platinum Solution" product with a funeral concierge service helps clients view it as a pre-arranged funeral plan rather than just life insurance, improving policy persistency

- In 2021, American Amicable paid over $141 million in claims to 13,000 families, demonstrating their significant impact in protecting underserved communities.

Key Takeaways:

The importance of value-based selling rather than just focusing on the lowest price in the insurance industry.
The need for insurance agents to genuinely value the products they sell, especially for final expense insurance, to better serve low-income seniors.
The encouragement for sales professionals to be authentic, believe in their purpose, and work with reliable insurance carriers that promptly pay out claims, ultimately providing better service to their clients.