How to sell life insurance online

Selling life insurance online may sound more attractive than calling, knocking on the door, or driving to the appointments of many brokers and agents. Unfortunately, the sales process is usually much more complicated than setting up a website and watching sales notifications. Brokers who successfully sell life insurance online see it as another method of lead generation—usually their primary method—rather than as a “one-and-for-all” sales technique. However, if you are still hesitant about how to do this successfully, please read on. This article provides some useful tips on how to succeed in an online insurance business.

Key points

  • Selling insurance online means building and running a great website.
  • As a broker, you still have to make sure to work through the sales channels to convert potential customers into sales leads.
  • You can increase visitors to your website through search engine marketing, search engine optimization, and/or social media.
  • Try to convert website visitors into potential customers by providing free reports and/or free quotes.

getting Started

Selling online means that you can work anywhere as long as you have an Internet connection, so you can say goodbye to long commutes, office politics, and rigid dress codes. But remember, you must obtain a permit in your state to sell the policy to the public-even if you plan to do it online. This includes the sale of life insurance and other types of products, such as accidental injury, property and auto insurance.

You must be licensed in your state to sell insurance, including online sales.

The first thing you need to do is to set up your website. Life insurance websites should be viewed as a lead generation tool, not a sales generation tool. Just like direct mail or telephone marketing, the goal of your website should be to make you (as a broker) appear in front of as many qualified potential customers as possible. But you still need to convert these potential customers into sales.

Sales funnel

The sales process is a bit like a funnel. The process begins with countless prospects. A potential customer is anyone contacted by a salesperson. A small percentage of these potential customers became qualified potential customers. Then, based on your ability to trade, a certain percentage of these potential customers will be converted into sales.

Site visitors represent potential customers. A website that receives 1,000 unique visitors each month generates 1,000 potential customers. If 10% of these visitors enter their contact information on the lead generation page of your website, this will get 100 leads every month or 100 people you can contact and promote life insurance. With a turnover rate of 20%, you can make 20 sales per month through your website.

Want to increase your sales? You can do this in three ways:

  • Bring more potential customers into the sales channel by increasing website visitors
  • Convert more website visitors into qualified leads
  • Increase their turnover rate and convert more potential customers into sales

Increase website visitors

The easiest way to sell more life insurance online without changing anything is to get more people to visit the site. Remember, the more traffic you bring, the greater the potential to complete the sale. Let us assume that the conversion rate of visitors to potential customers remains at 10%, while the closing rate remains stable at 20%. By attracting 2,000 unique visitors (instead of 1,000) to your website every month, you can easily increase your monthly sales from 20 to 40.

But how to increase traffic? Consider the following:

  • Paid search engine marketing (SEM): Search engines such as Google have launched paid advertising programs through which website owners can bid on keywords and pay for each visitor generated by web searches. SEM can be an effective way to increase traffic, but fierce competition for high-traffic keywords leads to high bids.
  • Organic Search Engine Optimization (SEO): Search engine optimization involves optimizing a website so that it appears at the top of the organic ranking for certain keywords. Website owners can do this work themselves, or they can hire SEO experts to do the work for them.
  • Social media marketing: Integrating a website with social media such as Facebook, Twitter, and YouTube is a very effective way to increase traffic.

Convert visitors into potential customers

If these visitors just browse your website without actually converting into potential customers, it will be futile to get a lot of traffic. You should optimize your website to make it appear higher in search engine rankings, while at the same time forcing visitors to take the next step and submit their contact information.

Effective ways to convert website visitors into potential customers include providing free life insurance reports and entering names and email addresses. Or you can promise to provide a free quote that visitors can only receive via email.

Increase transaction rate

No matter how many qualified leads you receive, you are the one who must close them to make a sale. For brokers who cannot properly handle the sales funnel, convert potential customers into potential customers, and convert potential customers into sales, the best and most visible website in the industry is meaningless. No website or digital marketing strategy can effectively eliminate the need for top-notch sales skills.

Some reminders

Although all of these are important, people often make some common mistakes when building an online insurance business. Make your website as user-friendly as possible. No one likes to browse a complicated website in order to get some basic information. Be sure to provide any relevant details that a potential salesperson may need in a clear, concise, and visible manner.

Make sure your quotation form is as simple as possible. Asking too many questions can discourage potential customers. Make sure you ask for basic details, including their contact information, so that you can get in touch with them in due course. And don’t ask for personal or private information. In this day and age, you want to make sure that people can trust you.

You can also help potential customers by providing them with the appropriate tools they need to make informed choices. This may include a calculator that guides them through the quotation process. This helps them figure out what product suits them and their lifestyle. It also gives you a better understanding of how to tailor sales techniques for them, giving you a good opportunity to sell insurance policies that suit their wallets and needs.

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