Insurance Business Sales

I've analyzed 10,000+ sales calls and discovered something shocking… Elite closers NEVER discount when asked, "Can I get a better price?" While most reps panic and immediately cave, the top 1% have a completely different playbook 👇 Instead, they have a systematic approach that PRESERVES margins while CLOSING more deals. When you're quick to discount, you communicate TWO things that DESTROY trust: 1️⃣ "YOU CAN'T TRUST ME". They'll think: "Why didn't they give me the best price initially?" This makes them suspicious of everything else you've said. 2️⃣ "MY PRODUCT ISN'T WORTH IT". You're telling them you don't believe in your own value. If YOU don't believe it, why should THEY? Before using any strategy, run the objection through my H.E.A.R.T. framework: - H-ear them: "Cari, I appreciate the ask." - E-laborate: "Help me understand why you're asking?" - A-side: “Aside from the pricing, is anything else giving you pause?" - R-eclarify value: "What did you like most about our solution?" - T-ransition: Now use one of these 5 strategies... ➡️STRATEGY #1. THE REDUCTION CLOSE "Let's review everything in your package and remove what's 'nice-to-have' versus 'must-have.' Then we'll recalculate." You're NOT giving a discount. You're reducing what they're buying. Most prospects realize they want everything and end up paying full price anyway. ➡️STRATEGY #2. THE SUBSTITUTE CLOSE "I know we discussed Option X. Another option is Y, it does things 1, 2, and 3 but doesn't have 4, 5, or 6. However, it's $XXX less." Again, NO discount. Just a lower-priced alternative that creates value comparison. When they see what they lose, they often stick with the premium solution. ➡️STRATEGY #3. THE UPSELL VALUE GIVE "I can't discount, but I CAN include Premium Support for 30 days. Normally reserved for our highest tier and costs 30% more." The magic? They often upgrade after experiencing the premium feature! This is my personal favorite with the highest conversion. ➡️STRATEGY #4. THE 3 OPTION CLOSE Present good/better/best options BEFORE the price objection happens. When they ask for a discount, guide them to the lower option. This makes THEM decide between features vs. price. Instead of YOU deciding between discount or no deal. ➡️STRATEGY #5. FLEXIBLE PAYMENT TERMS Instead of cutting price, adjust WHEN and HOW they pay: → Half now, half in 30 days → Payments over 3 months → Net-30 instead of Net-15 One Fortune 500 client increased close rates 32% with this approach alone. ➡️THE LAST RESORT: GIVE TO GET If you absolutely MUST discount, NEVER give without getting something in return: "I can do 10% off if we add 5 more licenses." OR "I can do 10% off if you introduce me to 5 other business owners who could use our solution." You're conditioning how you do business AND maximizing value. — Hey sales pros, want to handle objections better? Go here: https://lnkd.in/g-uJ7ECX

Insurance in Pakistan: An Untapped Promise Less than 10% of Pakistan’s population has any form of insurance. Among SMEs (the backbone of our economy)... the coverage is almost negligible. Yet, what do most insurance companies chase? Big-ticket corporate clients. Large premiums. Safe balance sheets. And while that may keep the books happy in the short term, it leaves a massive opportunity untouched. The real challenge (and opportunity) lies in building a culture where insurance is as normal as getting a birth certificate. That requires: * Reimagining sales commission models (so salespeople stop begging for targets and start building trust). * Mass education about why insurance matters. * Exploring models beyond convenience, even if it means an “average” balance sheet for a few years. Because the payoff is extraordinary: a society where individuals and SMEs feel secure, assets are protected, and insurance becomes a social norm... not a luxury. P.S. The image shared with this post is just to grab your attention. Life insurance sales improved when the pitch shifted from the fear of death to investment opportunities. But that story is now losing its freshness (and frankly), it’s getting boring. Time for a new narrative.

Quarter End Done. But Some Things Never Change. June is over, and like every quarter-end, banking saw a sudden rush. After a slow April–May (thanks to internal reshuffling, leadership changes, and transfers at nationalised banks), MSMEs struggling for capital finally got a call back — in the last leg of the quarter. But here’s the catch. Suddenly, a loan approval becomes a favour. And with that comes the “request” Buy an insurance-cum-investment policy: • ₹20 lakh annual premium • ₹20 lakh sum assured • Tenure for 20 years • Surrender value: ~50% after 1st year, negative for next 5 years Let’s be honest — what sensible MSME entrepreneur will opt for this? Yet, some bankers make it non-negotiable, linking it to concessional pricing or loan disbursement. We stood by our client. Ensured no such product was forced. Because pressure-selling is not just unethical — it erodes trust. It’s high time we stop these tactics. MSMEs are the growth engine of our economy, not targets for short-term cross-sell numbers. On a positive note: We've seen a refreshing approach at ICICI Bank in recent times. No forced bundling. No fine print. Just transparent conversations — where insurance is offered as a solution, not an obligation. That’s how banking should be. #MSME #ResponsibleBanking #QuarterEndRush #FinDestination #EthicalLending #SMEFinance #ICICIBank #CustomerFirst #SayNoToMisSelling Avid Capital Findestination #AvidCapital

At Insurance Samadhan, we continue to receive an alarming number of cases where unsuspecting customers have been victims of insurance misselling by banks. In many instances, what customers believed to be a fixed deposit (FD) turned out to be a long-term insurance policy with hefty premiums especially sold to Senior Citizens. In other cases, endowment plans were made mandatory for customers applying for loans, bundled without clear explanation or consent. One particularly troubling trend is among small business owners who approach banks for overdraft facilities—only to be told they need to purchase a life insurance policy first. As consumers, it’s crucial that we are aware of our rights—especially when it comes to financial products like insurance. Before your policy is issued, the insurer is required to make a pre-issuance verification call. Don’t treat it as a formality. Listen carefully. Ask questions. Confirm if what was promised aligns with what’s being offered. You have a powerful tool: the 30-day free-look period. This window allows you to review the policy, and if you feel misled, you can cancel it and get your money back. #insurancenews #Misselling #IRDAI #Banksales #FD #policyholder #Lifeinsurance https://lnkd.in/g-zBGzvA

Insuring Africa's Future… Expanding Affordable Insurance Coverage Across Africa In episode #109 of the Unlocking Africa Podcast, I had the privilege of conversing with Ted Pantone, the Co-Founder and CEO of Turaco. This Pan-African insurtech company is revolutionising the insurance landscape by providing simple and affordable coverage to underserved customers through an intuitive mobile app. Ted's journey began in Kenya 14 years ago, and Turaco, founded in 2018, has since insured over 1.2 million people in the region, significantly impacting healthcare financing for emerging customers. 🚀 While fintech and communication technologies often grab attention in Africa's evolving business environment, insurance is emerging as a substantial market opportunity. Ted highlights that 85-90% of Africans lack insurance, a gap Turaco aims to close by tailoring its services to local conditions. Predicting a halving of this percentage in the next 5-10 years, Ted emphasises the transformative impact Turaco has on people facing health emergencies. 🌱 Understanding Africa's insurance landscape requires recognition of key factors distinguishing it from more developed markets: ➡️ Ripe for Disruption: Historically, insurance in Africa focused on the top 5-10% of the market, neglecting the concept of 'microinsurance' for the masses. Turaco aims to disrupt this pattern. 🔄 ➡️ Technology for Efficiency: In contrast to traditional methods in Kenya, where brokers/salesmen drive costs up to $40-50 per medical claim, Ted leverages technology to process similar claims at 10-50 cents. This approach makes Turaco's affordable plans economically viable. 💻💰 ➡️ High Demand: Surprisingly, ordinary Africans exhibit a significant appetite for insurance when offered budget-friendly plans tailored to their needs. Ted notes that half of farmers, even when cold-called, opt-in for a policy, showcasing the untapped demand. 🌐 The challenge for new entrants lies in developing products that meet local needs while tapping into this evident demand. Africa's insurance market, with its vast potential, is primed for significant growth, driven by innovators like Turaco shaping the evolving landscape.📈 It was a pleasure talking about a largely overlooked area of business in Africa, with someone as passionate and enthusiastic as Ted. This episode offers valuable insights for anyone looking to navigate the evolving African business landscape creatively. Huge thanks to Ted for sharing his time and expertise. 🙏 🗣️ Click the link in the comment below to listen to the full episode, and let us know what you think in the comments: ⬇️🎧 #Insurtech #InsuranceInnovation #Microinsurance #Podcast #Podcasting

Are Banks Mis-Selling Insurance and Mutual Funds ❓ A calm look at a growing concern. Banks have long been seen as pillars of trust—but when it comes to selling insurance and mutual funds, the picture isn’t always consumer-friendly. Here’s what’s quietly happening behind the scenes: Higher Commission = Complex Products Banks often promote ULIPs and whole life insurance over simpler term plans, simply because the commissions are much higher. Customer suitability often takes a back seat. Group Health Insurance Without Full Disclosure Group health policies may seem attractive—but many customers aren’t told about the lack of portability, limited tenure, and non-renewability. These critical gaps surface only during claims. No Claims Support After selling the policy, most banks offer little to no assistance when it comes to filing or settling claims—leaving customers stranded in moments of need. 10–25% of Bank Income Now Comes from These Products That’s right—this is not a side business anymore. For many banks, selling third-party financial products is a core revenue stream, which raises questions about potential conflicts of interest. Should Banks Be in This Business at All? There’s a strong case to be made for clearer regulations, full disclosure, and even a separation between banking and financial product distribution. Trust is the foundation of banking—and it must extend to every product offered under that roof. Let’s build a system where advice is driven by what’s right for the customer—not by commission slabs. Join our Exclusive Financial Wellness Channel ⬇️ For more such insightful Quick Updated ✨ https://lnkd.in/d65CKTv5

The Bancassurance model where banks act as corporate agents for selling insurance has seen tremendous growth in India. While it provides banks with an additional revenue stream and insurers with access to a vast customer base, its execution has raised serious concerns regarding customer transparency and long-term protection needs. 1. Mis-selling to Layman Customers: Trust Exploitation: Customers tend to trust banks implicitly. This trust is often misused by bank staff to push insurance products as investment tools, without explaining the risk, lock-in periods or the actual purpose of insurance protection. Quota-Driven Sales Pressure: Bank staff are usually incentivized with aggressive sales targets, leading to product pushing rather than need-based selling. Lack of Product Understanding: Frontline banking personnel may not be trained adequately to explain complex insurance products, leading to incorrect or incomplete communication. 2. Compromising Long-Term Protection Goals: Many products sold are single-premium or ULIPs rather than pure protection (term) plans, which limits financial protection for families. Laymen are often not aware that they are purchasing insurance, it is sometimes bundled with loans or savings accounts. 3. Ignoring the Spirit of “Insurance for All by 2047”: IRDAI’s mission aims for inclusive, affordable and comprehensive insurance coverage for all citizens by 2047. Bancassurance, in its current form, focuses on profitable, high-ticket urban clients, ignoring rural and underinsured segments. The model undermines the awareness and education required to truly democratize insurance. For India to achieve Insurance for All by 2047, the Bancassurance model needs reform. Ethical selling practices, stronger regulation, robust training and a shift from profit-first to customer-first approach are imperative. Only then can insurance fulfill its fundamental purpose for financial protection for all. #InsuranceForAll2047 #Protection #Bancassurance #EthicalSelling #CustomerFirst #Regulation

Fascinating story in the LA Times about the best insurance advisor ever: Ben Feldman would sell more life insurance in a day than most agents sell in a year, more in a year than most sell in a career. In the ‘70s, he personally wrote more business than 1,500 of the nation’s 1,800 life insurance companies. Feldman sold life insurance policies with a face value of about $1.5 billion--a third of it after he turned 65--and transformed his industry. He told insurance agents they could sell more, and he told insurance companies they had to. When he was starting his rise, New York Life Insurance would insure no one life for more than $500,000; he helped push that limit to $20 million. A few years later, Ben decided the same businessman needed another $20 million in coverage. But the man, busier than ever, refused to make time for the required physical exam. So Ben rented a fully equipped medical van in Chicago, hired a doctor, and sent both to wait for the man. The policy was so large that no one company would issue it. So Ben put together a consortium himself. When Ben was finished with him, the man’s life was insured for $52 million. Some salesmen are crippled by suspicion--well-founded, critics argue--that life insurance isn’t the best investment in many cases. He bought life insurance himself. “If I don’t buy it, I can’t sell it,” he used to say, so he kept buying until he had $6 million worth. He’d drop in on four or five prospects a day, many of them strangers. But he knew all about them. He’d scoped out their plants, ordered a financial profile of their company, chatted up his other clients about the new prospect. Other salesmen were workaholics. But they didn’t have Ben Feldman’s goals. He set apparently unreachable sales targets, and then broke them down into achievable steps--a certain number of calls per week, or so many signed policy applications a month. He achieved one goal after another: New York Life’s top agent (1955); the first agent to write a million dollars in new business a month (1956); the first to write a million a week (1969); the first to write 2 million a week (1975). Other salesmen set goals. But they didn’t have Ben Feldman’s pitch. He sold life insurance by talking about life, not death. People didn’t die, they “walked out,” as in, “When you walk out, the money walks in”-the insurance money. Other salesmen had gimmicks. But none became a legend like Ben Feldman. When asked about the largest policy he’d ever written, he’d reply, “I can’t say. I haven’t written it yet.” In 1992, New York Life marked his 50th year with the company by proclaiming “Feldman’s February,” a national competition in which agents would sell their best to honor the oracle of East Liverpool--who, unbeknownst to the home office, took it as a personal challenge. The winner of Feldman February was Feldman. Working the phones whilst recovering from a cerebral hemorrhage, he recorded sales of $15m. At 80, he was back on top.

●𝐑𝐞𝐩𝐞𝐚𝐭 𝐂𝐥𝐢𝐞𝐧𝐭𝐬 𝐁𝐮𝐢𝐥𝐝 𝐑𝐞𝐚𝐥 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐏𝐨𝐰𝐞𝐫● Getting new clients isn’t the main struggle anymore. The real work begins after they say “yes.” Because one sale doesn’t build wealth. It’s the second, third, and tenth sale that keeps your business alive. If you're always chasing new faces, but old ones quietly walk away, you're not growing, you're leaking. Repeat business isn’t some lucky break. It comes from doing the small things right, over and over again. Things like showing up, keeping promises, being honest, and actually caring. 𝑨𝒏𝒅 𝒉𝒆𝒓𝒆’𝒔 𝒘𝒉𝒂𝒕 𝒎𝒂𝒏𝒚 𝒇𝒐𝒓𝒈𝒆𝒕: It’s easier to grow when the people you helped last month come back with even more trust in you. Because if you can’t keep trust, you won’t keep income. At the end of the day, it’s not the rush of new footsteps. But the return of familiar ones that build lasting wealth. ✔𝟏𝟎 𝐄𝐥𝐢𝐭𝐞 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐭𝐨 𝐃𝐫𝐢𝐯𝐞 𝐑𝐞𝐩𝐞𝐚𝐭 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐚𝐧𝐝 𝐅𝐮𝐭𝐮𝐫𝐞-𝐏𝐫𝐨𝐨𝐟 𝐘𝐨𝐮𝐫 𝐁𝐫𝐚𝐧𝐝: 1. Design loyalty into your business model, not just your marketing. 2. Deliver outcomes, not just services. 3. Turn post-sale into pre-trust. (𝑻𝒉𝒆 𝒃𝒆𝒔𝒕 𝒕𝒊𝒎𝒆 𝒕𝒐 𝒃𝒖𝒊𝒍𝒅 𝒕𝒓𝒖𝒔𝒕 𝒇𝒐𝒓 𝒕𝒉𝒆 𝒏𝒆𝒙𝒕 𝒔𝒂𝒍𝒆 𝒊𝒔 𝒊𝒎𝒎𝒆𝒅𝒊𝒂𝒕𝒆𝒍𝒚 𝒂𝒇𝒕𝒆𝒓 𝒕𝒉𝒆 𝒇𝒊𝒓𝒔𝒕. 𝑭𝒐𝒍𝒍𝒐𝒘-𝒖𝒑 𝒘𝒊𝒕𝒉 𝒗𝒂𝒍𝒖𝒆, 𝒏𝒐𝒕 𝒂 𝒑𝒊𝒕𝒄𝒉). 4. Make clients feel seen in your content. 5. Create decision-maker-only communities. 6. Schedule quarterly check-ins without an agenda. 7. Predict their next problem before they do. 8. Protect their peace. (𝑴𝒂𝒌𝒆 𝒚𝒐𝒖𝒓 𝒑𝒓𝒐𝒄𝒆𝒔𝒔 𝒔𝒆𝒂𝒎𝒍𝒆𝒔𝒔. 𝑺𝒂𝒗𝒆 𝒕𝒉𝒆𝒎 𝒕𝒊𝒎𝒆, 𝒓𝒆𝒅𝒖𝒄𝒆 𝒕𝒉𝒆𝒊𝒓 𝒔𝒕𝒓𝒆𝒔𝒔, 𝒂𝒏𝒅 𝒕𝒉𝒆𝒚’𝒍𝒍 𝒌𝒆𝒆𝒑 𝒚𝒐𝒖 𝒂𝒓𝒐𝒖𝒏𝒅 𝒍𝒐𝒏𝒈𝒆𝒓) 9. Teach their team. (𝑾𝒉𝒆𝒏 𝒚𝒐𝒖 𝒆𝒅𝒖𝒄𝒂𝒕𝒆 𝒂𝒏𝒅 𝒆𝒎𝒑𝒐𝒘𝒆𝒓 𝒕𝒉𝒆𝒊𝒓 𝒊𝒏𝒕𝒆𝒓𝒏𝒂𝒍 𝒑𝒆𝒐𝒑𝒍𝒆, 𝒚𝒐𝒖𝒓 𝒗𝒂𝒍𝒖𝒆 𝒔𝒕𝒊𝒄𝒌𝒔, 𝒃𝒆𝒄𝒂𝒖𝒔𝒆 𝒚𝒐𝒖’𝒓𝒆 𝒉𝒆𝒍𝒑𝒊𝒏𝒈 𝒕𝒉𝒆𝒎 𝒘𝒊𝒏 𝒃𝒆𝒚𝒐𝒏𝒅 𝒕𝒉𝒆 𝒄𝒐𝒏𝒕𝒓𝒂𝒄𝒕) 10. Don’t just be excellent, be unforgettable. This is how lasting brands are built, not rushed, but deeply rooted. Build trust once, and they’ll buy again. Build it always, and they’ll stay. In business, your real power lies in who keeps coming back. ✔ 𝐁𝐨𝐧𝐮𝐬: ↳Don’t abandon the well you built to go digging random new holes. ↳Long-term income depends more on client trust than clever marketing or offers. 🔔 𝑭𝒐𝒄𝒖𝒔𝒆𝒅 𝒐𝒏 𝒕𝒓𝒖𝒔𝒕 𝒂𝒏𝒅 𝒓𝒆𝒕𝒆𝒏𝒕𝒊𝒐𝒏 𝒕𝒐𝒐? 𝑺𝒆𝒏𝒅 𝒂 𝑫𝑴.. #Voiceforkindness

I’ve lost count of how many times I’ve seen this, people stuck with a pile of insurance policies they don’t need, thinking they’re securing their future. Half of all insurance products sold in India are mis-sold. (Source: The Economics Times) A survey by 1 Finance Magazine found that 57.56% of bank relationship managers admitted they were instructed to sell financial products at any cost, whether the customer needed them or not. The result? People end up locked into multiple low-return policies, thinking they’re securing their future when, in reality, they’re just funding sales commissions. I recently came across a case where someone had 34 insurance policies, a mix of Endowment, Whole Life, ULIPs and a Money Back plan. A closer look revealed: - 12 identical policies, pushed purely to meet sales targets. - ULIPs require ₹40 lakh in future premiums despite better investment options. - Low-yield policies were trapping wealth instead of growing it. - Most of these products were mis-sold to him by a close relative. We don’t need more policies, but we need the right ones. Your financial well-being shouldn’t be compromised by someone’s sales goals. Being aware of the pressure that RMs face and the incentives driving their recommendations can help you make more informed decisions. A financial product should serve your needs, not the other way around. If you're considering to discontinue your policy, it’s crucial to understand the financial impact before making a decision. Consult a qualified financial advisor or understand yourself how surrender value in life insurance is calculated and what you stand to receive can help you make more informed decisions about your financial and insurance planning. The Surrender Value Calculator link is in the comments. If you've ever experienced mis-selling, share your story in the comments below.