Insurance by definition is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. In other words, it’s a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Any risk that can be quantified can potentially be insured.
Still, telemarketing such products can be both challenging but nonetheless effective if done properly. Among the first challenges however are always the objections that rise up in response to such campaigns.
Objections in telemarketing insurance campaigns can be categorized in 4 major points: No Money, No Time, No Need and No Interest.
Budget objections don’t have to be deal breakers. Even the legitimate ones can be something you can make a stab at. And if they’re are not legitimate, all the better! You have another shot at finding out the true objection.
“We are satisfied with our insurance broker/provider/vendor etc.”
This is so often repeated that there’s really no harm in suspecting it as a lie that managed to live of a few half-truths. What makes it work is that the words alone can deflate the eager drive of the unsuspecting sales rep. Sometimes it pays to either be less gullible or less passive.
Sure the prospect may indeed be happy with his vendor but who’s to say that you don’t have a much better or much newer offer that just might change their minds?
They key element is a compelling question.
Here’s an example, “Okay Larry, let me just ask you about something…” This can actually tempt them to think twice about what they just said. See when a prospect lies to you about having no need, they’re somewhat lying to themselves too. A question like that will prod a few more second thoughts. Ask a question that makes them look twice at what they could really lose and gain.
This is another you’ve heard a million times. Ever wondered what it really means though?
“I’d be interested if this wasn’t nth time I took a call like this.”
“I got a lot on my mind. Can’t think about this right now…”
“It’s almost five… can’t this guy just call me in the morning?”
What do these all have in common? It’s not the actual lack of interest. It’s a reflex.
Objections like this are knee-jerk reactions to cold calling. It gets worse when you think that’s the end of it and just ‘move on.’ If brushing a telemarketer was that easy then don’t be surprised if a lot, if not all prospects started doing it. Don’t be surprised either if your lead generation campaign finishes up empty.
Here’s something you can try: indirectly remind the prospect of what their job is supposed to be. Get them to evaluate themselves when it comes to minimizing risks or handling health benefits.
Sure, this sounds like you’re guilt-tripping the prospect. However, you’ve at least got them to give a few more minutes of thought to their work (and to an extent, you). You’ve gone up from zero interest to at least a little bit enough
This all but leaves the worst case scenario: instant hanging up. Then again, it’s hard to imagine all decision makers as that rude. For every objection they have, see it as an advantage and seize it as an opportunity to make them think instead of just blindly object.
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