A Guide to Consultative Sales for Insurance

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Consultative selling is the relationship-driven process that successful agents and brokers use to build long-term partnerships with their clients.

Following this strategy will help you cultivate long-term client relationships that are resilient to hard markets and low-cost competition.

Why is consultative selling such a critical skill for insurance agents and brokers to develop?

Insurance is a business built on relationships. A typical customer cannot effectively compare the subtle nuances of insurance policies, endorsements, and exclusions. Many are simply looking for the lowest price, which could ultimately lead to dangerous coverage gaps and uncovered losses. Consultative selling allows you to become your clients' trusted risk management adviser, leading to better outcomes for both insurance buyer and seller.

When you activate your free IRMI Membership, you'll have access to this white paper that outlines a 5-part consultative selling strategy that will help you position yourself as a trusted adviser and risk management partner instead of an insurance policy salesperson.

What Else Can IRMI Membership Do For You?

When you become an IRMI member, you join a community of leading risk management and insurance professionals with access to resources, tools, and events that will help you advance your career while making smarter decisions for your company and clients.

Your membership entitles you to the following exclusive resources.

IRMI Webinars—A members-only event, these free, one-hour sessions led by industry experts bring you excellent educational value and keep you in-the-know about hot topics and emerging trends.

White Papers and Reports—as an IRMI member you have exclusive access to our library of white papers and reports—and new reports when published—covering relevant industry topics, such as contractual risk transfer in construction, bobtail and deadhead coverage, navigating a hard insurance market, and more.

IRMI e-Newsletters—Get practical, actionable strategies and tactics for managing risk; purchasing, selling, or underwriting insurance; and identifying loss exposures and potential coverage gaps. Regardless of your specialty or industry experience, you'll find a free email newsletter—or several—from which you will gain valuable insights.

IRMI Update member e-newsletter—this bimonthly email will help you take full advantage of your IRMI membership. You'll get updates about webinars, new members-only content, exclusive perks, and more. As an IRMI Member, you're automatically subscribed.

Using IRMI Content To Facilitate Consultative Insurance Sales

See how you can use IRMI subscription content as your secret weapon to elevate your consultative sales strategy.

The 5-Step Consultative Sales Process for Insurance

Download your copy of the free white paper A Guide to Consultative Sales for Insurance and get a step-by-step road map for implementing these 5 key relationship-building tactics.

Rapport building. Explore strategies for building or strengthening personal relationships and getting past any negative impressions from prior experiences with less authentic sales representatives.

Needs assessment. Establish your process for gaining a comprehensive understanding of a prospect's exposures—even ones they might not be aware of—so you can convert that information into an actionable strategy for an insurance program.

Program proposal. Avoid falling into the trap of simply offering a program as similar to the incumbent's as possible at a lower price, and learn how to include risk management strategies other than insurance in your recommendations.

Objection handling. Have a plan for addressing customer concerns, and discover how to unearth the real reason behind a prospect's reluctance to move forward.

Closing and relationship management. Find out why an unsuccessful close may be the first step toward a long-term business relationship and how you can provide value by being an advocate for existing customers.

About IRMI

For over 40 years, International Risk Management Institute, Inc. (IRMI), has been a premier provider of practical and unbiased risk management and insurance information to corporations, law firms, government, and the insurance industry. This information is developed by the most experienced research and editorial team in insurance reference publishing in partnership with a host of industry practitioners who work with us. We take great pride in giving you up-to-date, objective, and practical strategies, tactics, and solutions to help you succeed and prosper in a changing insurance and risk management environment.