10 Ways to Become a Top Insurance Broker

Insurance broker
These tips will help you
keep pace with an evolving industry

TIP #1: Be passionate about your clients’ interests

Gather information on your key clients interests or spheres of influence, i.e. hobbies like golf, art, fishing or skiing. Utilize Google Alerts to pass on timely and relevant information. It’s a great way to keep in touch, create a value added service and, best of all, it’s free.

You can send clients a note along the lines of, “Hi, I thought you might enjoy the attached article. I hope you have a great weekend Regards, Broker X.”

TIP #2: Passive Referrals

The best way to get passive referrals (asking) and active referrals (not asking) is by delivering on service. Most brokers/agents and salespeople, in my estimation, give lousy service. When was the last time you heard from the person who sold you a car?

  • Send a thank you letter or email after every meeting.
  • Give updates every 10-14 days on pending cases.
  • Give a small gift with every policy, like a lottery ticket, promotional pen, Starbucks gift certificate, or movie passes for larger sales.
  • Follow-up one month after the sale to see how things are going.
  • Touch base, call or email every 3-6 months to let them know about new plans.
  • Give a birthday call, “Hi, it’s…calling, I just wanted to wish you a happy birthday. I’ll keep in touch.”

It’s worth it; 99% of brokers aren’t doing this!

TIP #3: Determine your hourly rate

Finding out your hourly rate is the first step in taking your business to the next level. The formula is simple, average weekly income, divided by the number of hours spent on work-related activties. This will help determine which activities are more profitable to delegate.

TIP #4: Assumption Close

Many perspective clients are indecisive. Closing techniques should not be thought of as tricks, but as an aid to help people take action. The Assumption Close is a great way to get your client to act on his/her need.

How it works: If you and your perspective client have narrowed down the process to one particular plan, you can get him/her to agree to the sale without directly asking for their business. You “Assume” the Sale i.e. “Would you like to pay on an annual or monthly basis?” and “I just need to confirm some details, can you give me your doctor’s name and address again?”

TIP # 5: Build Alliances

Alliances will translate into more new business and build a fence around your existing clients. The best way to build a good alliance is to find out how you can help your partnering professional grow his/her business. If you’re sucessful, they will return the favour.

TIP # 6: Always get multiple contact numbers and e-mail addresses whenever possible.

This will increase the probability you will be able to contact your prospect/client in the future. With only a home phone number, contacting someone during the day can be virtually impossible.

“Is there a number that’s best to reach you at during the day?”

Having multiple e-mail addresses and phone numbers increases your productivity during the daytime hours.

TIP # 7: Minimize the amount of news you read, watch and listen to

Bad news sells, but it also has a tangible effect on our attitudes. People can sense your attitude when you sell. If you’re a pessimistic, unhappy or cynical, people can feel that and are less likely to buy from you. Bad news can cause these negative feelings.

TIP # 8: Systematic Follow-up

The biggest variable to success in any sales-related field is the ability to systematically follow-up. The vast majority of our competitors simply do not do it. If you keep in touch with clients and prospects with meaningful information in a consistent way via phone, e-mail and snail mail, (the key is to use all three) your success is virtually guaranteed over the long run.

TIP # 9: Never end the day on a bad call

Much of our time is spent on the phone. At my peak, I was making at least 200 calls a day. If we’re having a bad day, many of us have a tendency to take it out on the person at the other end of the phone, that’s why I always made a habit of making sure my last call of the day was a good one (e.g. a booked appointment or a strong follow up). You can even try calling an existing client just to say, “Hello.” The positive vibes will spill over into your next day’s activity.

TIP # 10: Trial Close

Trial closes are a great way to keep your presentation on track and make sure the close of the sale is the natural progression of the meeting. “Does this make sense to you?” “Do you like this idea?” “Is this something that appeals to you?” are all great ways to get the prospect saying, “yes.” The more “yes” during the interview, the more it increases the probability of a sale.

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  • Kev Mcgoldrick
    May 29, 2019 at 2:28 am

    thanks for sharing . RE 200 calls a day! ? wow. so are you cold calling?

    • LSM Insurance
      May 29, 2019 at 7:52 am

      Hi Kev, At the start of my career I was doing a lot of cold calling. It was difficult but cold calling was easier in 1990’s. There were less automated calls at that time and people were less distracted. I think the phone is still crucial to the selling cycle but has to be just part of an overall prospecting plan.

  • Bhaurao Y Pingle.
    February 3, 2014 at 4:33 am

    Lot of thanks for your key notes.

    • LSM Insurance
      February 3, 2014 at 11:19 am

      You’re welcome. I’m glad you found the article helpful.

  • E. Yankson
    August 22, 2013 at 2:09 am

    I agree with much of this. thanks.

    • LSM Insurance
      August 22, 2013 at 9:13 am

      Thanks for the note. I’m glad you found the article interesting.

  • BHAURAO
    July 6, 2013 at 10:36 am

    Fantastic ideas.

    Thank You.

    • LSM Insurance
      July 6, 2013 at 1:48 pm

      Glad you found the article helpful.

  • LSM Insurance
    April 16, 2013 at 8:15 am

    Hi Kevin,

    If you are asking how to become an insurance broker. The link below from the FSCO website may be helpful http://www.fsco.gov.on.ca/en/insurance/Licensing-Registration/Pages/lic_agent.aspx

  • Kevin Grand
    April 15, 2013 at 11:35 pm

    How do I apply for this?

  • LSM Insurance
    October 7, 2009 at 11:42 am

    Hi Kenneth,

    Thanks for the note. We do not offer commercial insurance so I can’t help much in this regards. But the principles above will still apply if you change career paths.

  • kenneth crumby
    October 7, 2009 at 9:39 am

    im looking to change careers, and i know lots of commercial drivers that need insurance. i would like to insure them

  • LSM Insurance
    September 7, 2009 at 12:21 pm

    Thanks for note Carol. Stay committed to consistent, constant incremental improvements.

    I think the above tips should help you in your quest to be a top insurance advisor.

  • carol
    September 6, 2009 at 5:11 am

    i yet new at this life insurance services . i desire to do my best , but seems as thou i take two step forward and three back, but im determinded not to give up