Introduction: Insurance Proposals – How to Close More Quotes
How important is a strong insurance proposal to helping you close more quotes? Your agency does need to invest time in moving from a quoting process to a formal sales process and this includes having a strong insurance quote proposal.
When we work with our agencies we always ask do you need more leads or more binds? So often we focus on lead generation and not enough goes into the pivotal moment we present the quote. Let’s identify how we can close more quotes with a strong proposal.
What Should Be Included In An Insurance Proposal
Creating a strong proposal template is the first step to leveraging the proposal’s power. You want to identify that most clients need a visually appealing document.
Adding too many words will help your prospect zone out. If you can use graphics, bullet points, and highlights you assist your lead in zoning in on what is most important.
- Graphically designed and in-brand cover
- Welcome page – make this about how you solve their problems
- List of the services you offer (bullet points)
- Page about the client’s needs
- Coverage review – with reasons why they need the key coverages
- Page about the carrier you selected
- Payment Terms
- Next Steps
Format For Insurance Proposals
The format you present your insurance proposal can vary based on the client’s specific needs. For many people digital PDF is just fine.
However, if you are going to a client’s office or dealing with someone where technology frustrates them you may want to modify the proposal. You never want to use a Word document or something that may be editable.
If you can work with a designer to create a fillable PDF that is usually the perfect format. You can print it, fill it and email it if necessary. In addition, in a digital PDF, you can insert a video to walk a client through your proposal.
Ways to Present Your Insurance Proposal
The absolute worst way to present an insurance proposal is to email it and then call them! Maybe the only thing worse would be emailing the quote and asking the client to call you.
When you are in an active sales process you want to stack the deck in your favor to earn the sale. When you can see the lead and they can see you this is always preferred and also drives the highest closing ratio.
- Best Way: In-person quote proposal. While it is not always possible or convenient it does have the best closing ratio. You get someone’s undivided attention and they are willing to exchange their valuable time to hear what you have to say.
- Next Best Way: use a video call. After Covid, everyone became more familiar with Facetime, Zoom, or Teams. Offer to get on the video call to share screens and walk through it with clients. When you see them and they see you it builds a bond. In addition, you can pick up a lot of queues from body language.
- Final Option: Set a phone appointment. Whatever you do, please do not email the quote first. Wait until you get on the call and review your proposal with the prospect. Setting an appointment means that you can respect our time and the client’s time.
How To Ask For the Business
The final step of presenting your insurance proposal is to conclude and move to the close. Many agents struggle with what to say, and how to say it and get nervous.
You need to practice closely and understand when you solve a lead’s problems the next step is to invite them into action. By asking the client where you should send the application for signature or how they want to set up the down payment you are cordially inviting them to take the next steps with you and your team.
Remember if you say think about it and let me know – you are implying there is something to think about! Remember if you presented your value and shared how you solve the client’s problems the next step is to set up the down payment.
If a client has more questions or objections this is where they will share what is stopping them from moving forward. When you know the objection you can work on it and through it.
Conclusion
Having a plan and process for your insurance proposals is critical. You want to present the coverage the prospect needs in a way that is easy to understand and say yes to!
