Selling in a Hardening Market

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What would it be?

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Finish

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Todays road map

1. The characteristics of a hardening market

2. The top tips to sell in a hardening market

3. Tackling and embracing objections

4. Summary

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4The characteristics of a hardening market

Combined ratios are up; return on equity is down

Increased reinsurance costs

Reduction in the number of new market entrants

More mergers and acquisitions in the distribution channel

Loss portfolio transfers

Reduced capacity

Sustained and significant rate increases

|Top tips to selling in a hardened market

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2. Never, never give up on a

promising sales lead

3. Preparation is key

4. Focus on the relationship

5. Solution selling

6. World class service

7. Tackle objections and concerns head on

1. Really know your client

Today, we’re going to dive deeper in to the below points to help identify every opportunity we’re presented with. So the top tips are:

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How well do you really knowyour clients?

Do you collate all or any relevant information to assist with future client conversations?

Here is an example of what you could do…

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6Really know your client

Name Mrs Susan Beeching

Date of Birth 19th June 1979

Buying driversRelationship with advisor /

personalised product benefits

Hobbies Cycling / Running

Other interests Collects coins

Children Two, twins (Casey & Claire), aged 11

Holidays Booked Christmas in Disneyworld Florida

Personality Type Green

Client Portfolio

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7Never, never give up on a Sales leads

* Source from Guerilla Prospecting

48%

25%

12%

5%

10%

What percentage of Sales advisors give up after one attempted contact with a lead?

How about after two attempts?

And three?

How about four attempts?

And do you think anyone attempts five times before accepting defeat?

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8Failing to Prepare is Preparing to Fail

Pre-renewal preparation Making a pre-renewal call Consider the options

Preparation is key to winning renewals

• Use your client portfolio to assist with creating agenda points.

• Review your policy information i.e. cover type, terms, specific limitations etc

• Review any claims information – updates, outcomes etc

• Prepare questions / conversations to have to help with your fact finding

Connect with your client

• Tailor your approach to their personality style

• Use it as an opportunity to educate your clients – Perception Without Awareness with rate increases

• Review last year’s policy – ensure that all elements are still required / additional requirements may be needed this year

• Fact find in accordance with your preparation work

Ensure all options are explored

• Have client requirements and needs changed?

• Do we have EDI insurers to consider – Less bespoke cover?

• Can we explore the options of higher deductibles / excess – impact the True Rate Increase (TRI)

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9Focus on the relationship

Extrovert

Introvert

Thinking Feeling

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10Focus on the relationship

It’s important to identify the type of client you’re dealing with and what their personality is like.

Carl Jung studied personality types and categorised them in to four categories:

Accurate Blue

Team Green

Determined Red

Spontaneous Yellow

So what does this mean to you?

|Solution Selling

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• Emphasis on features• Price and availability are

key• Value is defined by the

product• Salesperson brings a

little value• Salesperson sells more

by working harder

Product-based Selling Solution selling

• Emphasis on values• Price is less important

than value• Value is defined by the

client• Salesperson helps define

value / benefit• Salesperson sells more

by working smarter

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TED

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Tell me, - Tell me what your

priority is?

Explain to me, - Can you explain

your current situation?

Describe to me and show me –

Describe what you would like to

see as a solution?

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13World class service

Connect with our clients on LinkedIn

Consciously client’s LinkedIn posts

Share client’s posts

Research about their business / company they work for

Use your client portfolio to remember key facts

Answer machine messages

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14Don’t run from the objection, embrace it

Acknowledge Answer CloseProbe

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Summary

• Make the effort to really know your client

• Preparation is key

• Tailor your approach to the client’s personality style

• Identify the solutions to your product by using appropriate questioning

• Don’t be afraid of objections, tackle them head on

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16Webinar training

Selling in a Hardening Market Retail02.07• We’re now seeing the market conditions shifting to a hardening market. The previous 7-8 years have been a buyer’s market, with insurance premiums

remaining steady and in many cases reducing year-on-year. Do we need to adapt in the new market?

Managing teams remotely16.07 • Managing teams remotely is challenging, or a great opportunity? , how do we need to adapt to be effective.

Customer Excellence30.07• Excellent customer service is at the forefront to retain that core client base of successful business’s. Our Training will provide key skills to continually

deliver the service your clients expect.

Brain Works13.08 • Understanding how your brain works is the key to unlocking your potential and controlling your state of mind ,but how?

Selling in a Hardening Market Commercial and Corporate27.08• We’re now seeing the market conditions shifting to a hardening market. The previous 7-8 years have been a buyer’s market, with insurance premiums

remaining steady and in many cases reducing year-on-year. Do we need to adapt in the new market?

Perceptions17.09• We all make perceptions which are based on our memories, values, believes and opinions. Do our perceptions enhance client engagements?

✓ 2 weekly sessions✓ Each session duration is between 45 -60 mins