Marketing Insurance To The Wealthy
Insurance agents, who are successful in marketing insurance to the wealthy, high commissions and word-of-mouth referrals, are the most usual.
But if you are not a veteran and new to the market, you may not know how to sell your insurance products to them. Marketing insurance to the wealthy people needs knowledge, intelligence and expertise.
Recommendations are the key factor for selling and marketing insurance to the wealthy customers. If you want to grab this profitable market, you should know the things that set them apart; you must be familiarized with the specific requirements of the rich people and know their network properly.
Defining The Affluent
Insurance agencies utilize several different methods to segregate wealthy customers from the crowd. Only earnings may not effectively define customers as wealthy, as in case of an individual, who inherits a huge amount of money.
Therefore what factors particularly define the customers as actually wealthy?
We, at BestInsLeads.com have examined and discussed some factors to segregate wealthy customers from the crowd.
- Valuation of home: real affluent people generally have their own home with a valuation of over 1 million dollar.
- Belongings: most of the prosperous customers have their personal collections of fine art, jewelries and other collectibles.
- Amount of policy premium: true wealthy people mostly generate premiums of 10,000 dollar per year or sometimes even more.
Individual Problems
Understanding their point of view
To marketing insurance to the wealthy along with selling insurance to them, you need to understand their point of view, way of thinking and how their needs differ from others.
As a good insurance agent, you must talk to them on their present situations and their style of living; time investment required to ensure they are sufficiently insured, and advantages and disadvantages of changing current coverage amounts.
Most of the affluent clients can spend a little time for discussion over such matters. So prepare yourself such a way so that you can make a brief but effective presentation before them, in order to marketing insurance to the wealthy.
Let them feel that you value for their time and that's going to be a very good deal to the wealthy customers. In the end, time is money.
Make Yourself Accessible
Since, wealthy clients invest huge amounts of money in different possessions such as cars, rare paintings, antique collectibles or homes, agents often remain on phone with their wealthy clients almost 24 hours.
For instance, if a client buys an expensive antique collectible, he will want it to be insured straight away to counter any sort of loss he may face, if the thing is lost, stolen or damaged. Such clients always want their agents to be accessible at any point of time and the agents should do everything possible to fulfill clients' requirements.
Tackling Risks
Proper risk management is another significant thing that you should keep in mind while dealing with wealthy clients.
Since, wealthy clients have more expensive possessions than ordinary clients, their requirements are pricier. In order to convince them about cost-effective savings, you need to encourage them about setting higher deductibles and after that cover lesser claims on their own.
Dealing With Demands
Affluent customers often become much demanding, so sometimes it is hard to work with them. Their expectations are higher, since they pay larger amount as premiums.
Moreover, they generally work by means of a business agent, an intermediary or a manager and that's become challenging at times, especially while it comes to keeping close contact or communication.
Therefore, try to be as brief as possible to marketing insurance to the wealthy and getting better output.
If you are truly committed to serve the wealthy clients and meet their special and exclusive demands, they will provide you with huge profits that will help you become a successful insurance agent.
Proper Networking
You should be skillful at understanding and grabbing every single chance for networking, if you really want to marketing insurance to the wealthy people.
But how?
BestInsLeads.com has provided some easy methods just for you:
- Converge in affluent circles. Get familiar with their advocates, accountants, managers and advisors,
- While serving a wealthy customer, ask for recommendations for his relatives, friends, business contacts who may look for good insurance as well as a good insurance agent.
- Get familiar with veterans in other lines of work, and business recommendations with them.
- Don't miss out social gatherings where the affluent mixes; introduce yourself as an insurance veteran for the wealthy.
The more you can prove your efficiency among the affluent clients, the more gain you can expect.
By positioning yourself in appropriate environs and presenting your professional skill, you will get recommendations that you badly need to establish a strong name recognition working for the affluent people.
Get Success
By identifying the specialty of the affluent, getting familiar with their exclusive requirements and making use of networking chances, you can obviously target millionaire clients.
Little knowledge and planning will let you go a long path with the affluent customers and get that financial success that you have always thought of.
