Steps involved in selling process for insurance industry

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hi guys this is dr sanjay tolani and in today's video we will be talking about the four ways to sell insurance and hopefully by the end of this video you will pick up a good idea on how to approach your prospects [Music] tomorrow [Music] here's what we'll be covering in today's video learning point one understanding the differences between product selling and concept selling learning point two how to sell life insurance using the ddd framework learning point three how to sell a retirement plan learning point four how to sell income protection learning point five how to sell education planning ready let's get started by the way don't forget to subscribe to the channel and click the bell icon for notifications to get the latest video updates so i can share more tips and strategies with you to increase your overall sales before we move on i want to quickly explain my style of selling insurance to help you gain better clarity you see when i first started selling insurance the method i was taught was the product selling method which is firstly present your products next tell your clients why they need the product and finally try to convince them to buy so the process was product explain why they need the product and then sign later on i found out that this method was too salesy and that's why i started to design the concept selling method which i've been trying to share in the past two years this method works like this first you start off with a concept to explain to your clients why they need insurance only when they acknowledge that insurance is important do you start to introduce your products what you're going to see today is what i call concept presentations concept presentation is when you start off a presentation explaining to your clients or prospects why they need financial planning using examples on analogies and throughout today's video i will be sharing with you more about it now here's a quick disclaimer only later in my career i started to realize there are other forms of concept selling like concept upselling concept objection and concept closing i haven't had the chance to share all these strategies because i was too caught up with servicing my own clients recently so i intend to share all these in the upcoming concept creation workshop so if you're coming you're in for a treat now let's get back to focusing on the concept presentation and teach you how you can apply it immediately what you're going to see next are four concept presentations that have worked well for me in the past few years and if you can properly present them confidently i'm sure it will help you open up more conversations with your clients look closely at how i present note that i focus on why you need insurance and not on my own products this concept is great for selling life insurance so let's get started learning it hey guys i just came out of a meeting where i was able to close a very large life insurance case and i wanted to share this concept with you it's a very simple concept and this is this was a five-minute conversation that i had with my client he is someone who loves buying property right and when we talk about buying property it's always about the three l's of property which is location location location but when you're looking at the value of assets there are three reasons why the value of assets go down that's a ddd which is death divorce and desperation now why am i sharing this with you a lot of people focus on the location location location when they're buying assets but what they don't realize is when someone passes away the value of assets go down when someone goes through a divorce the value of assets go down and when you're desperate for cash the value of assets go down i just walked out of this meeting and i have to share this concept with you because this concept might just be that one thing that would allow you to get to the next level now i'm spending a lot of time who i will be conducting a course specifically on how to create your own concepts a simple concept like this will probably help you get the largest case of the year so if you truly want to make a big difference in your business and move to the next level try to focus on building the right concepts for yourself use this concept and give me your feedback on how your clients responded when you shared the 3ds of drop of asset values death divorce and desperation you'll be surprised how effective this conversation works best for luck this concept is great for retirement planning and sometimes can be used for introducing life insurance too so let's get started it's very important to do retirement planning for two very important reasons number one you don't want to be working forever number two you should have the option to retire whenever you like you see we have moved into an era which is what we call the hybrid retirement era we want a steady flow of income that keeps coming to us even during our 30s 40s and 50s so that we can spend more time doing things we love to do rather than having to wait till the age of 65 so traditional retirement has changed now this is something that a lot of people don't understand they build a tree and a tree is strong based on its roots the stronger the roots the stronger the tree in the world of finance your roots is your income and your tree is an asset [Music] if you lose your assets it does not matter as long as the roots remain the roots will build the assets again but if you lose your roots you will lose your assets and that's the concept of retirement planning is understanding i need income to never stop as soon as your income stops the assets lose value so if my roots are gone the tallest of freeze will fall down so you want to make sure you have got guaranteed income coming to you for the rest of your life and that is retirement planning if you haven't done your retirement planning speak to a financial advisor who can guide you on how to build a steady flow of income you should have certain formulas these formulas guide you on that that's what we've covered in the book 28 000. it tells you 20 of whatever you earn you've got to put it away for retirement planning do that it's a religious requirement religious in your own financial planning if you don't trust your own finances your money doesn't work for you so everyone says make your money work for you the strategy is building a guaranteed flow of income building an income stream that lasts you forever because as long as the roots are sustaining the assets will grow the roots have to be protected so spend some time with the financial advisor and do what you got to do plan your retirement the sooner you start the better it becomes my father's presentation okay the reason why this is called my father's presentation is because this was taught to me by my father in the early days of my career while it looks simple it's a super effective framework to introduce why you need income protection so let's get started this is another three minutes what is the product income protection mr client everyone falls in four categories luxury comfortable hand to mouth and charity let's assume there is a family which is comfortable now this family is comfortable because this is what we call man at work someone is working to make sure that this family stays comfortable but if this man at work is removed this family will immediately start to fall down and it could go down straight to charity from family members so to hold this family over here i need to immediately put a pump of money because there's no man at work there should be money at work and the simplest way to do that is have five times your annual income as income protection [Music] do you have any questions no all right great sign here education planning concept this is a simple three-minute concept which explains why you need to get educational saving plans i know it sounds too simple to be true but it is what it is so let's get started mr client you have two options option number one you save money till your child becomes 18 and you earn interest option number two is when your child becomes 18 you borrow the money and then you pay interest which one would you prefer [Music] which one would you prefer earn interest okay fantastic sign here because what's the formula what's the formula [Music] three to five percent of your whatever you want simple there are only two options either you save money and earn interest or borrow money and pay interest finished is there a third option no how long did this presentation take [Music] i told you 30 seconds you didn't even believe me but guys let's say after this the client says i take option two as an example you will meet some crazy people and they'll say sanjay option two i said fantastic i'll see you next year so far we have covered four concepts and i strongly encourage you to test it out to know if it works for you and your target audiences i totally understand that while i love sharing my concepts i would not be around forever to be teaching advisors my newly created concepts and i always receive messages from advisors asking me dr sanjay how can i create such unique concepts like you for my clients i love your concepts but i want to stand out and create my own concepts so i feel different your concepts are great but how can i tweak them for my own market and the list goes on that's why i've decided to organize a concept creation workshop to teach you how you can create your own financial concepts wouldn't it be great if you had the ability to create your own financial concepts and use them to enhance your presentation objection handling and upselling time and time again it has been shown that introducing concepts alongside your presentation is one of the fastest ways to instill trust and confidence among your clients hi my name is dr sanjay tolani and in 2020 alone i successfully did more than 200 mdrt but very few people know that before i got where i am today i used to struggle with selling insurance in fact when i first started selling insurance in 2003 i went through the first few months converting less clients than i could count on my fingers this is after having already approached hundreds of clients and exhausting a bulk of my warm leads you see i was stocked to memorize scripts and use fixed product templates but soon i started to lose many clients because many of them found my sales explanation to be too long and complicated this got me wondering if our insurance scripts presentations and sales process could be made simpler and easier that's when i decided to embark on a mission flying all over the world trying to learn the secrets behind what separated the top financial advisors from the rest of us what i found out is that almost all top advisors in our profession have one similar unique ability they can create concepts that are simple and relevant all of them were masters of adapting the needs of their clients translating them into concepts which their clients could immediately grasp to convince them that it was what they needed exactly at that moment i remember absorbing and learning from them everything i could before trying it out on my own the result i closed more clients in one week than i did in three months there was no turning back this method was a game changer i went on to spend the next decade formulating and testing many different concepts over a wide range of products and client bases achieving a great deal of success from them many of you have probably heard some of these concepts i've created from my concept presentation playbook or my youtube videos on how to sell insurance videos i still use them to this very day but what i haven't had the chance to share is the process of creating these concepts i already know what you're going to ask dr sanjay why do i need to create new concepts can't i just take the concepts that i've learned from you sure that might work when you're starting out the concepts i have provided have proven to be very effective if used correctly but in this day and age as the market evolves you need to adapt with it different customers have different needs and requirements in fact do you know that i have more than 100 different concepts that i use on a day-to-day basis there is no one-size-shoe fit that's why i have decided to come up with the concept creation workshop to teach you you can also create your own concepts and harness the power of strong financial concepts to help you improve your sales here is what you can expect from this workshop in part one of the workshop we will be running through the basics and theory of creating concepts you will learn the different framework and method i use to create my winning concepts and how you can follow a simple step-by-step method to create your very own concepts for yourself i will share with you my seven new rules of concept creation and reveal a series of my newly created concepts for your references hopefully by the end of part one you will gain clarity and be able to create your own version of concepts too in part two of the workshop we will focus on practical application of concepts in insurance sales i will demonstrate how to use concepts and presentation objection and upselling you will learn how to apply concepts in different scenarios and different client bases and how you can eventually create a library of your own concepts for yourself in part three of the workshop i want to focus on fine-tuning your concept delivery by teaching you soft skill basics think about it what is the point of having great concepts if you can't deliver it effectively that's why you will be taught soft skills for online conferencing for example how do you lead a conversation to a product presentation in a zoom call and soft skills for offline meetings lastly we will end off this whole class with a q a and role play where i will be selecting a few attendees to show us their new concepts and guiding them on the spot on how they can make it better this process will allow you to gain better clarity concept creation is something i wish i knew when i started this career because it could have saved me so much more time and hassle think of it like a creative writing workshop for financial advisors you will not see immediate results but like dollar cost averaging if you can invest time to learn and appreciate it you will be able to harness its strength in the long term if you have been in the family long enough you know we never cover the same topic twice so please remember to register for the concept creation workshop early because seats are usually sold out in a few days see you at the upcoming concept creation workshop you