Category: Disability Insurance

In Sales, Some Things Change; Resilience Doesn’t

 

As a motivational speaker on resilience and grit, I know that of the many qualities a salesperson needs, resilience – and the daily grit to remain resilient – are never mentioned enough. Perhaps it’s because resilience, the skill of being flexible, isn’t thought of as being cool. It is, and in fact, business resilience yields huge benefits.

Get Tough

I’d like to open these thoughts on resilience and grit by quoting Gary Galvin, CEO of Galvin Technologies:

“While salespeople will find success when they lead with empathy, they’ll find greater success when they respond with resilience.”

He is on the money. When I was in the insurance and financial services industry, I qualified for the Million Dollar Round Table through the resilient pursuit of my sales goals. Of course, I was sympathetic to situations involving my clients, but it was far more important to be flexible to their needs, and to put in the effort to immediately respond to questions and changes.

If I was going to be successful as a salesperson, I had no choice but to develop a flexible mindset.

Michael F. Kay, wrote an article for Forbes magazine (11/7/17) entitled: “Resilience Is A Mindset Of Awareness And Practice.” Kay listed several ways in which this mindset can be nurtured. Among the top methods for cultivation of resiliency are increasing our sense of control: you are not powerless when your sales plans change, you can change with it; it is important to maintain perspective in a changing situation; and you must develop a positive self-concept.

I would also add that if you are part of a sales team, associate with those who also have a flexible mindset. It is easy to be surrounded by negative or inflexible people. They cannot help you. The winners on your team will see opportunity even in adversity.

Get Gritty

However, to be resilient also requires the grit to keep going and to see the big picture rather than the immediate problem. Kori Miller, writing for Positive Psychology, presented a wonderful summary of grit as a component of resiliency:

“Grit is about sustained, consistent effort toward a goal even when we struggle, falter, or temporarily fail.

Resilience is our ability to bounce back after we have struggled, faltered, or failed. It is being able to pick ourselves up, dust ourselves off, take a moment or two to collect ourselves, and then get back to the business of pursuing our goal. It involves optimism.”

We cannot be resilient without grit nor can we possess a “gritty mindset” without resilience. As any successful salesperson knows, in real life we may misquote an important benefit, miss an appointment or inadvertently park in the CEO’s parking space. Those things unfortunately happen. It is how we respond to those struggles that count, whether it amounts to making a detailed correction, profusely apologizing (without fabrication) or sending a dozen roses.

In the end, resiliency and grit are about the courage to stand up after you have been knocked down and to keep smiling.

 

To hire Scott Burrows, Inspirational Keynote Speaker on Resilience and Grit for your next industry meeting, connect with his office today through this website or by calling: (520) 548-1169

 

Are You Determined to Make a Difference in Someone’s Life?

When I deliver keynote addresses as an inspirational insurance and financial services sales speaker, I often encounter attendees new to the industry who ask me why I was attracted to the industry in the first place?

It is an easy question to answer: “I believed then, as I do now, that having the right coverage can make a real difference in someone’s life.” I carried that belief when I first sold insurance and financial services. I made it into the Million-Dollar Round Table within five years.

Now that I speak to groups across the country, I believe it more than ever!

Selling insurance is a valuable profession filled with purpose providing the sales person has the vision to help people and is determined to sell what insurance can do. In 2017, insurance broker Ryan Stewman wrote an article on his blog “Hardcore Closer” that I wholeheartedly endorse. Stewman said:

“Here’s the cold hard truth: no one wants insurance. What they want is what the insurance provides. Insurance is forced on the consumer and I’ve never heard a person say they would love to have more insurance. What they would love is for their car not to get in an accident, or their belongings not to get stolen.” I would add that no one wants to get hurt, experience a business fire or see their roof collapse either.

While some might argue that insurance is a “necessary evil,” I don’t see it as an evil at all. As an insurance and financial services speaker, I reassure everyone in the profession that what they do matters. To be successful they must possess the grit to influence every prospect that not having enough coverage or the right coverage can be catastrophic. It can be a life changer – and not for the better. Why then, are so few insurance salespeople willing to develop that grit?

Low Motivation

In 2019, the “Agent Survival Guide” website listed four reasons why so many agents walk away from the profession. These include a lack of resources, having too high expectations and poor management. However, the number one reason was low motivation. The article stated:

“As an insurance agent, you have daily opportunities to change your clients’ lives for the better. You can expect to get out of this job as much as you put in. That means if you truly care about your clients and put your best foot forward in finding a plan that will fit their needs, you can find joy in the fact that you’ve made a positive impact on them and their future.”

If you view a prospect not as an income stream, but as someone whose life you can positively impact, then you will make a huge difference. Do you have the vision to make that difference?

Finally, the Kaplan Financial Education website (March 29, 2019) gave five reasons why selling insurance is a great career. My favorite reason is that you can make a difference. KFE stated:

“Insurance policies protect people from financial loss because of unexpected events and circumstances…the research you do and recommendations you provide have a real impact on a client’s financial well-being down the road…insurance agents have the potential to help people achieve their financial and personal goals. They also prepare clients for unfortunate events and provide a measure of comfort to clients during such events.”
There are few professions that will make such a difference in someone’s life. Insurance sales is one of them. Do you have the determination to make that difference?

To book Scott Burrows, Inspirational Insurance and Financial Services Sales Speaker for your next meeting or convention, contact him through this website or by calling: (520) 548-1169,

Overcoming the Adversity of the Online Insurance Tidal Wave

As a motivational sales speaker in the insurance and financial services industries, whenever I am asked to deliver a keynote address on overcoming adversity, I always feel like I have come home.

After an accident that left me diagnosed as a quadriplegic, I was encouraged by some incredible people to join the insurance and financial services industries. I found a new mindset and developed the resolve to thrive in this highly competitive market. Within five years, I was awarded entrance into the Million Dollar Round Table (MDRT). After a second car accident, I was once again challenged to reinvent my life and was inspired to share my story with others as a motivational keynote business speaker. My mission is to inspire insurance and financial services agents, brokers and organizations to overcome the adversity they face in the marketplace.

Fighting the Tidal Wave

Like it or not, the internet is becoming the primary enabler for how people get their insurance information. While the independent or exclusive agent has been the main channel of distribution, each year our industry is seeing a greater influence of direct sales.

According to Techcrunch.com, “While many factors are driving the tipping point in the online distribution of insurance, the thread that ties it all together is actually a simple one: changing demographics. The millennial generation has tremendous buying power, and will soon become the industry’s primary customer, whether in consumer or commercial lines.”

At the same time that the demographic is shifting to be more favorably inclined to a nameless, faceless method of buying insurance, the average age of brokers has been increasing. Insurance companies must understand that new buyers have different purchasing patterns. To quantify this pattern, let’s go back to March 2015 when the Gallup organization compared how different generations are engaged with their insurance companies.

Gallup found in comparing Millennials to Baby Boomers, 31 percent of Millennials were “Fully Engaged” with their insurance providers as opposed to 41 percent of Baby Boomers. At the other end of the spectrum, 27 percent of Millennials were “Actively Disengaged”, i.e., they couldn’t care less where they get their coverage as long as they are covered, as opposed to 23 percent of Baby Boomers.

Writer Jason Fisher in a piece entitled, “2018 Life Insurance Statistics And Facts” concluded that in 2018: “Roughly 50% of adults admitted to searching for life insurance online last year, and about a third even tried to make their purchase online.” Agents and brokers believing that internet insurance purchases are a passing trend need to reconsider their position.

Overcoming the Online Adversity

In study after study, experts found that Millennials and Gen-Xers value interaction with brokers and agents, if not in sit-down meetings, then by email, personalized text messages and correspondence through agency websites. The key is engagement.

The Gallup Poll surveyed 18,000 adults and concluded: “Insurance companies see substantial business gains when they engage customers of any generation. Engaged insurance customers are less sensitive about pricing…they spend more and buy a wider variety of products, including financial offerings.”

You can overcome challenge of the internet but it will take determination to engage your customers one way or another. Customers still want to hear from you. Do you have the grit to reach them?

Contact Scott Burrows, Insurance and Financial Services Sales Motivational Speaker through this website or call us at: (520) 548-1169

 

 

 

 

 

 

 

 

 

 

 

Are You Overcoming Adversity to Reach an Underserved Market?

Prior to my career as a business keynote speaker, I worked as a top producing sales agent for disability insurance and wealth planning. The same mindset I applied to overcome my diagnosis as a quadriplegic later landed me a highly competitive spot in the Million Dollar Round Table. No matter what issues are facing your growth as an insurance or financial services professional – staying focused and resilient, MOVING with change instead of resisting it, and thinking outside of the box to overcome market challenges will move you into success even when obstacles seem insurmountable.

In November 2017, the Millman Annual Survey of the U.S. Individual Disability Insurance (IDI) industry outlined several obstacles to the growth of the insurance market. One of the problems was the perceived difficulty in expanding the market beyond traditional occupations. Yet, the survey found numerous opportunities for disability insurance sales to non-physician professionals, the self-employed, those in skilled trades, small and medium-sized businesses and millennials, especially women between 18 and 34, unaware they may be able to utilize DI to supplement their incomes while on maternity leave.

Looking at just the self-employed contractor, many are millennials who work remotely. Comparing 2017 to 2016, there was an 11 percent jump in this area of the workforce. While the annual growth has declined to 5 percent, the category is outpacing many other areas. How many are there? Incredibly, more than 44 million. They are underserved.

A poll was conducted by the Harris organization of more than 2,100 adults who lacked disability insurance. Forty-three (43) percent said the reason they did not have it was that their employers did not offer it. Only 14 percent of that number couldn’t afford coverage.

Given the data and the opportunities, why aren’t more people being sold disability insurance?

The Disability Insurance Gap

Joe Russo is an underwriter and account executive and recently wrote an article for the National Association of Insurance and Financial Advisors. He said disability insurance was “an often overlooked and undervalued sector of the greater life and health insurance industry.”

He noted that some agents may “dabble” in DI but few of them lack the understanding that “the DI insurance marketplace is where we find newer and greater options than in any other sector.”

Why does it seem as though agents are unwilling to overcome the adversity of, as Joe Russo described it, “looking outside the little box” to sell disability insurance? It is a matter of comfort zone.

As a salesperson, it takes courage to overcome a sense of complacency. Russo writes: “DI doesn’t sell itself. The insurance producer is the most important part of the sales equation. Your wholehearted belief in the product is key in relating to your clients.”

He urges agents to go the extra mile. Leaving a brochure or putting a link to disability insurance on a website isn’t enough. An email blast isn’t enough, nor are phone calls or newsletters.  It is all of the above, along with magazine articles, mailers, social media and a heavy dose of personalized attention.

What I Know All Too Well

Some believe that their paychecks will never stop because they are invulnerable. Russo stated “the average American has somewhat of a ‘Superman’ complex, (that) the risk of becoming totally disabled and not being able to work is slim to none…that this is a complete fallacy.” I personally know that better than most.

We need paycheck protection if catastrophe strikes. As a disability insurance salesperson, what is your vision for reaching those who lack protection? Is it not worth leaving a comfort zone to protect your clients? By overcoming adversity, we can work wonders in sales and in life. Don’t miss the chance to make a real difference.

 

Contact Scott Burrows, Keynote and Breakout Speaker on Disability Insurance Sales today through this website or call us at: (520) 548-1169