Have You Neglected Your Most Important Client?
As an insurance speaker and former advisor for Northwestern Mutual, I know the insurance industry fared pretty well in 2020. However, many media outlets viewed life insurance through the lens of “panic buying.”
In a piece by Greg Iacurci for CNBC (October 14, 2020) entitled “Americans are ‘panic buying’ life insurance due to coronavirus pandemic” Iacurci states:
“Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier…But Google Search traffic for “life insurance” jumped 50% between March and May this year compared with the same period in 2019.”
He cited growth of policy sales for major companies such as Northwestern Mutual by 15 percent, however he also noted 30 percent increases in the online insurance marketplace. The jumps in policy sales were especially strong among younger Americans. Iacurci found that,
“There was a 13% increase in life insurance applications among the under-44 age group in the third quarter versus Q3 2019, compared with a 9% jump for 45- to 59-year-olds and 0.4% in the 60-plus category.”
Where’s My Boomerang?
Close to 60 million Americans have now been vaccinated against COVID-19. While there are still several pockets of non-compliance and irresponsibility, Americans are in general more optimistic. Dominic Mastroangelo writing for The Hill (March 14, 2021) said:
“A CBS News/YouGov poll released this weekend found 64 percent of Americans say they think efforts to contain the spread of the coronavirus are going well. Another 74 percent say they are excited about the prospect of businesses opening as more Americans get vaccinated against the virus.”
How then, will Americans respond to optimism in terms of insurance purchases? More importantly, how will you respond?
If the economy is projected to have more of a “V” shaped recovery and, as appears, a more optimistic outlook than at the start of the pandemic, does that mean insurance sales will see a 2021 downturn? Even if we don’t see a dramatic downturn in terms of overall sales, will online sales organizations try to crush the insurance sales rep?
Have You Neglected Your Most Important Client?
As an in-person and virtual insurance speaker and former member of the Million Dollar Round Table, I have seen the industry go through major swings.
No one in our industry can predict the future but I do know this: in 2021 your most important client is you. Unless you are completely committed to your own success, unless you have the Mindset, Vision and Grit to succeed, no economic recovery pattern will make much of a difference.
As your most important client, you must be on-board with elevating your personal brand. That means a positive mindset. Your positive mindset isn’t about being Pollyanna, for none of us can turn our backs on life’s challenges, but as a successful insurance sales rep, be aware of the trap of negative thinking. How will you, as your most important client, focus on the optimistic and not pessimistic? A negative personal brand is a virus all its own. Have the mindset that no matter what the challenge, you can be determined to overcome it.
What is your most important client’s vision for 2021? Does your client have a personal vision statement and are you ready to act on it? Why is a vision so important in insurance sales? Among many other benefits, a personal vision helps to reduce tentativeness and dread of selling and creates confidence; it reinforces your ethical principles and best of all helps you advance your sales goals.
Finally, your most important client must have grit. Grit is more than determination. It is the daily, hourly, minute-by-minute conviction that you will succeed, out-hustle, out maneuver and win against the competition.
Your most important client deserves the best. Don’t neglect them. He or she will have the best if they convince themselves to be the best no matter what this year will bring.
To hire Scott Burrows, Insurance Sales Keynote Speaker for your next in-person or virtual event, contact him today through this website or his office at: (520) 548-1169
