Group health insurance prospecting is an expensive proposition. The sales cycle is long. It can take a year or more to land an account. Nothing happens overnight.
For every prospect you’re able to quote you will sell one out of ten. The other nine is wasted time and money lost. There are many reasons for that but one stands out.
Qualifying the prospect should be quick and easy. It takes only one meeting, maybe two at the high end to uncover motivations, relationships, needs, and goals. Most importantly you must uncover the politics.
For example, “Who is the current broker?” you ask. Knowing that information is worth a lot because brokers are predictable. Every broker in town knows all the other brokers. “It’s Tom Tom McRey” says the prospect.
Ahhhh………..good ole Tom Tom. Yes, know him well. He plays dirty, sitting on renewals up to the last minute leaving no time to move to something better, doctoring claim data to his advantage. Ahhhh yes indeed we know that little #@(*&%@#$$!! It’s hard to beat a liar.
If you don’t ask up front who their broker or consultant is you are probably going to be in for a big surprise. After spending days, weeks and months cultivating a prospect to the point he seems really interested, you get a call. “Hey, I want to set up a meeting with you and my broker. He has some questions for you” says the prospect.
All along whatever information you have given the prospect you have given your competitor too.
We have learned our lessons the hard way after many, many years. Our closing ratio is now approaching 100%.