Sell more creditor insurance:
Tired of not selling enough Creditor
If you answered yes, then I have a challenge for you. Before I
share a very simple yet practical solution with you, let’s make
sure you are qualified to apply the techniques covered in this
- First of all, do you have a sense of humor and want to increase
- Do you see value in the products you offer to your
- Are you convinced that people who carry debt, could benefit
from having creditor protection for their loans?
- Do you ever wish that some customers would let you finish
explaining your product benefits before giving you their
- Finally, are you tired of hearing from your customers that they
already have enough insurance, or are covered through
Well, if you answered yes to any of the questions, then
congratulations! I believe that you are definitely qualified to try
So, let's begin by taking a closer look at what doesn't seem to be
working. The traditional way of presenting Creditor Insurance goes
something like this (over simplified): "Mr. & Mrs. Jones, do
you normally insure your loans?"
Or, "Did you want
the life and disability insurance on your loan?"
typical customer responses include variations of the following:
“How much is it? Do I have to take it? Not interested, I am
already covered through work!”
The real issue that I have with the traditional presentation is
that it happens to be in direct contrast to what common sense
dictates. Let me explain what I mean. We sell Creditor Insurance or
Loan Insurance and the customer must have a loan in order for them
to have a chance to purchase your product. The loan is something
that requires you, the Financial Services Manager, to arrange for
them. Since that has not yet happened, it is impossible for them to
already have your product. Think about that for a moment please!
Remember, as long as the customer thinks you are trying to sell
them something they already have and pay for, they will most likely
say no to whatever you have to offer.
Please consider the flow of your Service Contract presentation for
a moment and this will make perfect sense. Isn’t it true that you
first discuss the difference between what is and is not covered on
the vehicle before you offer the upgrade? If the customer has a
question about the powertrain or comprehensive factory coverage, it
is dealt with before any new product upgrade has been introduced.
This makes it easier to avoid confusion and the customer sees that
the new plan you are offering is an upgrade or an enhancement as
opposed to a duplication of their existing coverage. This method
has worked for over 30 years in many industries so, why not use it
to sell more Creditor Insurance with much less resistance from your
I am willing to bet there is not one experienced or inexperienced
Finance Manager who would think of selling Service Contracts
without first discussing the existing coverage on the new vehicle.
Yet, when it comes to reviewing a customer's existing insurance
coverage, we have been doing the opposite. I don’t know why this
has gone on for so long but, it is time for a change. Every
successful salesperson knows that before you can make a change, the
first step is to accept that the current system just doesn't work.
So, if you are still reading along with me, hopefully that means
you agree and are ready to try something radically different yet,
incredibly simple at the same time. Please remember that with this
change comes improved results, better CSI and more income.
Now, when I said earlier that you may need a sense of humour, I
wasn’t kidding. We are going to look no further than the character
George Costanza from the Seinfeld show. The episode I draw the
analogy from is the one where George decides that 'doing the
is his best chance for success in his troubled life.
Nothing ever seems to go right for George until he decides to go
against his instincts for the first time and it actually produces a
If we apply this strategy to selling Creditor Insurance, instead of
showing your product and then waiting for the customer to tell you
they already have enough insurance, why not discuss their existing
coverage first? This allows you to show the difference between
what they have and what they need.
It also helps to
eliminate the notion that you are attempting to duplicate their
existing coverage. Once the customer realizes what you are talking
about, they become more willing to engage in a dialogue with you
and eventually they will purchase your protection.
So, here is a simple challenge for you. For the next 30 days,
commit yourself to using the same flow with Creditor Insurance as
you do with Service Contracts. Explain or discuss the coverage they
already have and then show how yours will complement, supplement,
or enhance it. You be the one to bring up their coverage in a
positive light instead of them bringing it up as a negative
I guarantee you will have more fun selling the products and
definitely have more success.
Tune in next time when we will go through a specific step by step
model with word tracks to help you sell even more.
If you have any questions, please feel free to write to us at
National Corporate Training Manager, SAL Group
Industrial Alliance Insurance and Financial Services Inc.