5 Tips for Insurance Client Retention [VIDEO]

To learn more about LarsonEd’s Florida real estate and Florida insurance courses, visit LarsonEd.com or give us a call at 239-344-7510.

About Larson Educational Services:

Utilizing 40 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online. We are an approved Florida Real Estate School (License #ZH1002299), Florida CAM School (License #PRE31), Florida Insurance School (License # 370501) and NMLS Approved Course Provider.

Larson Educational Services

13040 Livingston Rd. #12,

Naples, Florida

34105

239-344-7510

LarsonEd.com

How to Design the Best Life Insurance Products

 

 

Understanding the needs of your clients is the first step to better serving them.

The next step is understanding their fears.

Why did your client choose now to obtain life insurance?

What obstacles stand in the way of them making the decision to get coverage?

What are their desired outcomes from their plan?

The answers to these questions could put you on the road to providing the best service possible for your clients.

 

Income Replacement

In general, when a client is obtaining a new life insurance policy or trying to change their current coverage, you’ll use their current income as the starting point to decide the right amount of coverage for them.

However, there is often a serious disconnect between reality and perception when it comes to client benefits.

For example, according to LIMRA’s 2016 Insurance Barometer Study about 60 percent of life insurance clients see their policy as a potential replacement for lost income when they pass away (see page 20 of the study).

These consumers are often under the impression that their benefits will be paid out in a lump sum upon death.

Thus, they may see a lump sum payment as a deterrent, especially if they have a family that will need payments in regular intervals.

Let these consumers know that most policies can be arranged to pay out at regular intervals, thus quelling your clients’ fears about lost income.

Given the prevalence of the assumption that policies only pay in lump sums, you can attract and keep more clients if you offer options that pay at regular intervals after they’ve passed.

how to design the best life insurance products

Flexibility Over Time

Another deterrent for consumers acquiring a policy is the fear that they will be locked in to the same policy for years, even if their needs change.

Flexibility will win.

A younger family getting coverage might be better served by being over-covered rather than being under-covered, given the possibility that their net worth and income might increase before they reach retirement age. (Plus, they might prefer this option as opposed to coming into your office every 5 years to change their coverage.)

Over-coverage is not a problem as long as you are flexible with your clients and communicate openly.

According to that same LIMRA study, about 30 percent of consumers are interested in changing their policies over time.

By being open about your flexibility, and by offering products that have many possibilities, you are more likely to retain clients.

Remember: you’re trying to provide for these people for the long term—you want clients for life. The more willing you are to meet them in the middle and be open and honest with them, the better served they will be and the more business you’ll attract.

To sign up for LarsonEd insurance courses, visit our website, LarsonEd.com, or give us a call at 239-344-7510.

 

naples real estate school

About Larson Educational Services:

Utilizing 40 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online. We are an approved Florida Real Estate School (License #ZH1002299), Florida CAM School (License #PRE31), Florida Insurance School (License # 370501) and NMLS Approved Course Provider.

Brad Larson

Larson Educational Services

13040 Livingston Rd. #12

Naples, FL 34105

info@LarsonEd.com

239-344-7510

LarsonEd.com

 

Real Estate Education: Online or Live–Naples Real Estate School

Slowly but surely, certain sectors of the economy are moving their business onto the internet. Likewise, education is making the transition online.

That means we’re entering a time when we have the potential to live out our 12-year-old self’s greatest dream:

we can stay in our pajamas and go to school in bed.

This freedom can be especially useful for adults looking to enter an industry like real estate and can’t make it to live classes.

However, before you jump right into online education assuming it’s right for you, you may want to familiarize yourself with how it works and how it’s different from live education.

Real estate education live or online

1. Convenience

Online

There’s no doubt that the convenience of online education is one of its most alluring qualities; it’s difficult to incorporate school of any kind into your already jam-packed schedule.

Online classes can allow you to more easily shoehorn an education into your life.

Or maybe you simply don’t want to spend gas money and travel time commuting to a classroom.

If that’s the case, then online education might be right for you.

Consider this: although online classes seem like a time-saver in the short term, they can be more expensive in the long run if you’re unable to pass the state exam due to the less interactive nature of online education.

Live

If you live close to a real estate education provider, then time and gas money spent traveling might be a non-factor for you.

Perhaps your schedule is more flexible, allowing you to enjoy live education without feeling overwhelmed, in which case it might be better to go to live classes.

 

2. Individual Attention

Online

Although some online classes at a university, for example, will allow video interaction between students and instructors, most real estate schools will not offer such comprehensive online education packages.

Online courses generally consist of videos, images, texts, and quizzes.

 

Live

Live classes, on the other hand, allow you to interact face-to-face with an instructor and fellow students.

Not only is this a more conducive environment for learning, but it also provides an excellent opportunity to network in your new industry.

 

3. Comfort

Online

If you want to, you can take online classes out by the pool.

pool laptop computer

Please don’t leave your computer this close to the pool…

That freedom is a great benefit, for sure. Just keep in mind that without the social pressure of fellow classmates, you may be inclined to succumb to distraction. 

 

Live

Depending on how extraverted you are, being surrounded by people may be more comfortable for you.

As a real estate agent, you’ll need to thrive on social interactions, as you’ll be meeting and connecting with people all the time.

Meeting people at class is as good a time to start as any.

If you’re considering taking online real estate courses because you prefer not to be in a classroom full of people, then perhaps the social nature of real estate doesn’t jibe with your personality.

naples real estate school

We always advise students to take live courses, but if you’re interested in getting your Florida real estate license online, then you can sign up for our classes here: https://www.larsoned.com/realestate/licensing/courses/63-hour-sales-associate-pre-license-course-online/

About Larson Educational Services:

Utilizing 40 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online. We are an approved Florida Real Estate School (License #ZH1002299), Florida CAM School (License #PRE31), Florida Insurance School (License # 370501) and NMLS Approved Course Provider.

Larson Educational Services

13040 Livingston Rd. #12,

Naples, Florida

34105

239-344-7510

LarsonEd.com

 

Common Misconceptions about Life Insurance–Naples Insurance School

Many people don’t realize that life insurance can be one of the best financial purchases they make.

Life insurance offers a level financial and emotional security that many other investments can’t touch.

Yet many people still don’t get life insurance. If you have a better understanding of why your clients hesitate to make this important purchase, you’ll be better equipped to help quell their objections.

common misconceptions about life insurance

The death benefits that life insurance pays out can be one of the most important tools a family has to cover funeral and other end of life expenses.

Although these one-time expenses may be one of the smaller benefits of life insurance, yet covering funeral and burial costs is one of the main reasons Americans purchase life insurance.

Even clients who see life insurance as a means to leave inheritance for their children or as a way to supplement income in retirement may not appreciate the potential of life insurance.

Clients might be deterred by what they view as relatively low yields for life insurance compared to other potential investments.

One of the most commonly cited reasons why people don’t buy life insurance is that they have other investment priorities.

Therefore, it’s important for you to adequately educate your clients about your life insurance products’ benefits. For example, that life insurance can help take care of their family in the future by compensating for the lost income after passing.

It may be that clients simply don’t want to impact their monthly expenses.

If you let them know about potential premium financing, they may be able to finance their life insurance premiums without taking a significant hit on their liquid capital.

This is an especially important option for clients who may want invest their money in other asset classes.

With a better understanding of your clients’ thought process, you may be able to better assuage their nerves when considering an investment in life insurance.

About Larson Educational Services:

Utilizing 40 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online. We are an approved Florida Real Estate School (License #ZH1002299), Florida CAM School (License #PRE31), Florida Insurance School (License # 370501) and NMLS Approved Course Provider.

Larson Educational Services

13040 Livingston Rd. #12,

Naples, Florida

34105

239-344-7510

LarsonEd.com

Why superstar agents may be ignored (at first)

naples real estate school

When was the last time you had an amazing mailman?

How about custodial crews–do you look at the spotless floors of a supermarket or restaurant and think, “Wow, the cleaning crew here is amazing”?

Not likely.

Odds are, you notice when a place is dirty and pay no mind when it’s clean.

Same goes for mailmen: we don’t thank the mailman for giving us all of our mail on time, we only curse him when he fails to do so.

These are often thankless jobs that are being accomplished to their utmost potential when the people carrying them out are unnoticed.

Is it possible that real estate agents are in this category?

The Super Star agents are the ones who can anticipate problems and, as a result, have a solution at the ready.

When people (in any industry) do this successfully, their work often goes unnoticed in the short term.

But over time, if you are consistent, your ability to smooth out transactions and make life generally easier for your clients will yield more business.

The key is to put in work that may be invisible to the world for a while.

florida-real-estate-school

About Larson Educational Services:

Utilizing 40 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online. We are an approved Florida Real Estate School (License #ZH1002299), Florida CAM School (License #PRE31), Florida Insurance School (License # 370501) and NMLS Approved Course Provider.

Larson Educational Services

13040 Livingston Rd. #12,

Naples, Florida

34105

239-344-7510

LarsonEd.com

We’ve got an offer you can’t refuse

Good morning from the LarsonEd Godfather 🐴, Rick Larson.

He’s here to make you an offer you can’t refuse: Florida’s best real estate and insurance education.

Check out our new insurance courses here: https://larsontrak.larsoned.com/60-hour-health-life-agent-pre-licensing-course

#godfather #brando #larsoned #larson #realestate #florida #naples #realestateschool #insuranceschool #insurance

larsoned insurance

5 Tips for Health Insurance Client Retention-Part 2

Health insurance client retention

When too many of your clients are cancelling their health insurance policies, you start to feel the impact at all levels of your business—lost clients could increase administrative costs and you could also see issues with debt management if you’ve already budgeted certain commissions that are no longer coming in.

And acquiring new clients is not cheap.

Here is part 2 for our tips on how to choose clients who will stick around:

(Read part 1 here.)

3. Use Stories

People respond to stories. You can demonstrate the value of a certain policy or package by telling a story about how the policy has worked for an unnamed client in the past and the benefits it provided them.

Insurance consultant Keith Leech likes to use a 4-question process to further drive the point home in a prospects mind. You can use these questions yourself:

  1. “Who do you know who has suffered a heart attack, cancer, or stroke?”
  2. “Were they expecting it to happen?”
  3. “Did they suffer financially or emotionally?”
  4. “Would cash have helped?”

Everyone has been affected by heart attack, cancer, or stroke in one way or another. By relating your products to a personal experience of your client’s, they will better understand the immediacy of their health insurance needs.

4. Maintain Communication

To keep your clients on board with you, it’s important that they not only hear from you at renewal time or when a premium is late, but other times as well.

Show your clients appreciation and they will stick around. 

Remember: you and your client are business partners.

The best way to maintain contact is to create a repeatable communication schedule that you replicate for every client.

No, you don’t want to send any “Dear, client” emails. But when your client signs on with you, you may want to send yourself some Google alerts to remind you to ask them questions to head off common conversations you may have in the first 30 days of partnership.

“Did you receive your insurance cards?”

“Do you have any questions or concerns with your coverage so far?”

Make sure some of these are phone calls as well.

Don’t inundate them with phone calls and emails. However, you can use special insurance events as a good reason to contact them. For example, May is national disability insurance awareness month, September is national life insurance awareness month, and June 28 is national insurance awareness day.

Also, around the new year they may need to renew their policy. Your best practice is to see if they’ve had any life-changing events in the past year such as a wedding or a child. Find this out from your client and suggest some options to better suit their new needs.

5. Assume You’ll Be Their Agent for Life

Building a long-lasting relationship with your clients isn’t about selling products, per se; it’s about selling your services. It’s about being there when they need you.

A truly great health insurance agent will get referrals from parent to child.

As your relationship extends over the years, consider offering life insurance. Many people are under the misapprehension that life insurance is expensive. Like most people, they may simple have whatever plan they were offered through their job and have left it at that.

If you are always looking out for your clients needs in their interest, you’re sure to continue these long-lasting relationships.

(Read part 1 here.)

naples real estate school

Larson Educational Services

13040 Livingston Rd. #12,

Naples, Florida 34105

LarsonEd.com

239-344-7510