How to grow your LIC Agency?
A Brief Introduction
Do you want to pursue your career as a LIC (Life Insurance Corporation of India) agent? Then, you should be aware of the growth strategies to take your LIC agency business to the next level. And the key to boosting your agency is to inspire and motivate more and more people to buy LIC policies from you.
Whether you are associated with Term Plans, Endowment Plans, or Pension Plans, the goal is the same, and it is to increase sales and generate more and more earnings. Note that the growth of your LIC agency depends on the number of sales of LIC policies.
Grow Your LIC Agency: What are some easy-to-implement Strategies?
Would you like to experience all the perks of being a LIC agent, such as independence, flexible hours, and attractive benefits, to the fullest extent? Then, you need to know how to draw the attention of more and more potential clients and encourage them to buy LIC policies from you.
At the same time, you have to be well prepared to withstand customer rejection and stress. Moreover, you should also know how to deal with the attrition rate in your profession. All these points should not make you unmotivated at all if you want to take your LIC agency to the next level.
Do not worry! With solid planning and proper execution, you can expect to achieve success in much less time as compared to your peers. The following strategies would help you to have an edge over others in your field:
Sell Value Instead of Policies:
No one is interested in buying something from someone. It is a fact! Then, why do we invest money on something? It is because we seek solutions, which are provided to us in the form of products or services. The same applies when it comes to selling LIC policies.
People want values or some sort of solutions in their day-to-day lives. Hence, as a LIC agent, you need to think about how your policies can add value to your client’s life. It marks the importance of talking to your prospective clients as a solution provider instead of a salesperson.
Never start elaborating your policies to a potential client who you have just met. Ask them about their expectations and requirements regarding an insurance plan.
Next, provide the most suitable solutions in the form of LIC plans that would be aligned with their preferences. However, if your prospect is not certain what they want or what would work the best for them, start asking questions to read their mind. For instance, you can ask your potential client about their major concerns in life. Asking questions would help you to continue the discussion and win the trust of your prospect.
Many LIC agents fail to impress clients and face inevitable rejection for mainly concentrating on selling policies instead of solving problems and resolving queries of prospects. Thus, not only can you boost the authenticity of your LIC agency but also attract more and more clients through referrals.
Hence, if you are planning to start a LIC agency, always provide solutions and value to your prospects to try to make their lives easier. And it would pave the way for your success and growth in your career.
Proper Communication is the Key:
You are trying to sell a policy to a potential customer, aren’t you? You need to brush up your communication skills from time to time to leave an impact on your prospect. In order to succeed in your LIC agency, you have to talk less and spend most of your time listening to your prospects.
You need to encourage your potential clients to lead the conversation and let you know about their family concerns, financial planning, preferences, priorities, requirements, and expectations.
Many people do not like to share their insecurities with others, so you need to be patient enough to talk to them in a friendly manner and assure them as much as possible. As a next step, you can start explaining all the possible solutions in the form of insurance plans.
Set your tone as a dependable professional and always ready to resolve the queries of your prospective clients. Thus, not only can you expect to get more opportunities in your career but also convert those opportunities into your success stories.
Having a Specific Set of Goals is a must:
You must know where you want to reach at a specific time, regardless of your profession. In other words, as a LIC agent, you need to be a goal-oriented professional. An achievable set of goals would inspire you to continue your journey despite your disappointments (customer rejection is an integral part of a LIC agency).
Moreover, goals with deadlines are meaningless. For instance, you have to decide the number of appointments you are going to handle by the coming week. In addition, you need to make your plan ready to approach your prospects to close as many deals as possible.
Nonetheless, if you want to boost your close rate, then you have to emphasize increasing the sales of policies by building a strong business-customer relationship. For instance, strategies should be ready at your disposal to follow up with your potential clients.
Make a goal to keep increasing your customer base by selling more and more plans every month, and it would take your LIC agency to the next level of success.
Prepare yourself before approaching your Prospects:
Note that a certain preparation is important to make a positive impression on your prospects. It would represent your trustworthiness, authenticity, and credibility.
Before starting your journey as a LIC agent, learn about various types of personalities of individuals. As a result, you can prepare yourself in advance to approach your prospects better. Thus, you can expect to face fewer rejections from your potential clients.
Work on your body language, communication skills, and follow-up skills to make your reputation as a dependable LIC agent. Never overpromise to your clients, but try to exceed their expectations from you as much as possible. Be ready to help and support your clients throughout their journey as LIC policyholders.
Even after achieving success in your career, you have to maintain a humble attitude while interacting with new prospects. All these aspects would help your business to keep reaching new benchmarks throughout your journey.
Give Reasons to Your Prospects to buy from you:
There are many agents, who are trying to sell the same plans to potential customers, so why should someone choose you over others? You need to give them a reason by highlighting your USPs (Unique Selling Points).
Most people are not interested in the elaborate details of an insurance plan. Instead, they want to know how a policy can streamline their lives by meeting their financial goals.
For instance, you need to explain the unique aspects of the most suitable policies to your prospects and let them know how your products can change their lives for good. Always prioritize the requirements and expectations of your prospects and provide solutions in terms of policies accordingly.
Keep Improving Your Skills:
The sky’s the limit for a LIC agent when it comes to the extent of success. However, you have to keep expanding your sales and marketing skills to keep reaching a new height of success throughout your journey.
Learn about various challenges in people’s lives and prepare yourself to approach them with solutions in terms of LIC plans. Furthermore, participating in workshops, meetings, and training sessions would help you know about your industry better and give you scope to meet new people. Devise strategies to reach out to more and more prospects to boost your success.
Never let customer rejection let you down. It is natural that you could never convert some prospects into customers regardless of how hard you have tried. Take lessons from your failures and start over with new enthusiasm.
You can also leverage the power of motivational books and videos to keep disappointments and impacts of rejections at bay. Keep learning and improving yourself, and you can expect to achieve the results that you have always desired in your career.
Let your Prospects know how to contact you:
Making informed financial decisions takes some time and discussion with near and dear ones. That means you have to keep in touch with your prospects and follow up with them from time to time. Nonetheless, you should also leave something to encourage your prospects to contact you if they make up their mind or get some queries resolved by you.
However, you need to plan what you would like to leave after your first in-person meeting with your prospects. For instance, a business card with all the necessary details can serve your purpose in this regard. Choose product literature that would encourage your prospects to think further about your solutions and finalize their decision. Leaving something to let your prospects contact you would show your genuineness and credibility.
Do not hesitate to take the help from your Satisfied Customers:
When it comes to buying something, most people trust the experience of previous buyers. Hence, if you want to reach out to more prospects, then do not hesitate or be afraid of requesting your satisfied customers for referrals. Leverage the power of word of mouth to keep generating high-quality leads for your LIC agency.
Stay updated with the Latest Trends:
The features of insurance policies may change once in a while. That is why you need to stay updated with the latest trends to ensure success in your career as a LIC agent. It would also enhance the authenticity and credibility of your LIC agency.
You already know why it is crucial to keep improving your skills and knowledge if you want to reach new benchmarks in your career. At the same time, having a wide knowledge of insurance policies and all the latest changes would help you stay on top of your game.
You need to keep the attitude of an enthusiastic yet professional individual to help your prospects as much as possible choose the best coverage.
Harness the power of Digital Marketing:
If you want to grow your LIC agency, you have to leverage the power of digital marketing. Create effective social media marketing campaigns to stand out in the competition. In addition, gaining knowledge in SEO and social media advertising would help you create a reputation as an industry influencer.
When you would be able to represent yourself as an expert in your industry, more and more people would show interest in buying insurance plans from you.