Transcription
So guys, in this video, I'm going to share with you um the topic that I discussed with my team this morning that will ensure that you stop getting chargebacks. The number one way to stop getting chargebacks as a life insurance agent, and number two, I'm going to share with you the secrets that I learned on how to solve placement.
A lot of agents sell policies, and the clients don't make their first payment, and agents end up going broke. They don't start making money; they're like, "Why is my bank account not growing?" It's because they don't know how to actually place a policy. And in this video, I'm going to share with you guys the in-depth analysis that I did, and if you implement it in your business, it will help you make more money, place more policies, and allow you to actually win as a life insurance agent. Everyone says, "Well, life insurance agents fail because they have bad leads." No, it's because they don't know actually how to place good business, and this is going to solve that problem for you.
So the first thing that I want to give to you guys is real data that I dove into. I actually studied my team's production and I looked at all the policies that did not go in effect and why did they not place? And then at the end of this video, I'm going to give you guys the eight simple steps. Make sure you watch this! If you follow this in your sales process, it's the secret that I use to make sure that when I write business, I get paid on the business and my bank account grows. Okay, so let's jump into it.
First thing I want to start with is why do policies not place? You can see in the data here; you're going to see that clients will, will, will text in and say, "Well, they found a better policy," or another policy. A client that I analyzed um said that she canceled the policy; doesn't have the money, and she didn't have the financial—she had financial issues, so she didn't want to keep the policy. Another client um, who actually the agent did everything appropriately, just couldn't afford it because she ended up going to the hospital. Another, another client um had bank account issues and she didn't have any money, so she was broke; didn't have the money, but you still sold a policy. Another client was basically given the ability to do the approval close. So you want to avoid this. If you're a life insurance agent, do not do the approval closes, or "Let's just see if we can get you qualified." If you don't want your bank account to grow, then sell like that. But if you actually want to make money, don't sell like that. It's so, so important.
Another reason is that a client couldn't afford it. They sold a policy, and then she texted in saying that um, policy, you know, she wants to change the policy; they need to cancel the policy before it even goes in effect. So if you're struggling and you're selling business and it's falling off before you even get paid, here's why you need to fix this. Okay, and some of the notes that I took, some of these policies were in good, were, were in good like price ranges. They were all $68, they were all $72, $102, $13, $99, $104, $140, $1, $75. So this is business that people are losing because they're not following the process. So I did an analysis that I want to share with you guys that if you use this process, it'll help you make more money, guaranteed as a life insurance agent. But basically, you need to ensure affordability. If you're selling final expense, if you're selling, you know, final expense life insurance, a product to people who don't have a lot of money, you got to make sure that they can afford the policy. So here's what happens.
So we have a process; the F-step process is going to be broken down to you guys in this video, and I want to share with you the checklist that I built that will help you make sure when you sell a policy, they make the payment. The first thing that you have to make sure is that number one, the client confirms the choice and they afford—they can confirm that it's affordable. Okay, a lot of agents make the mistake is that they get the client, Miss Betty, to pick an option, the $10,000 option for $65, and they go right into doing the application. Instead, step one of making sure that you have a great placement is making sure that when she picks the $10,000 for $65, is that she is also confirming that it's affordable and comfortable. So the question that you want to ask is, "Okay, Miss Betty, now is this $6,000 option for $64 per month, is this going to be comfortable and affordable for you every single month and not taking food off your table?" If Miss Betty says, "Yes, absolutely, oh for sure," and that means that she's going to be paying. But if she's like, "I'm not sure," or "No, she's not," or "I'm not really sure, probably not," then don't move into the application. The goal is to make money off these policies and to help people, and you're not helping someone if you're getting a policy that they cannot afford. So First Step One is confirm affordability before moving into the application.
Step number two to ensure placement is clearly explain the process. Okay, "Here's how our process works; we have A, B, C, D, and E. I'm going to explain this to you." So after they pick the option, after you confirm the affordability, you're going to explain how this process works. "Miss Betty, point A is, you know, just going to make sure that price is going to be comfortable and affordable for you. Again, what we're going to do is then fill out an application, point B, put your names on here, do the quick HIP authorization, and then we're going to go ahead and do the prescription check to see if you're eligible for this plan. Now, if you're eligible on this plan, who do you want to have as your beneficiary?" And they give you the beneficiaries, and then after your beneficiaries, Miss Betty, um, the company does require that we put away to pay for this policy, what day they want your, your payment to come out, and then they're actually establishing or setting the start date. So you're explaining what the full application process is before you move into the application because the reason that people cancel is they're like, "Oh wait, I thought I was just getting approved, or I thought I was just getting qualified. Why do I need all this?"
But the most important step here is to ensure step number three is that the client picks the first payment date before, before you move into the application. You have to establish the date that the bank drafts their premium. So the client is going to say, "Oh, let's do the first or the third." Okay, this will also allow for you to remove any objections that come up with any, "Well, I thought I didn't have to pay for it today," or um, "You know, I can't pay for it for another three months." So you want to make sure that you establish a clear date on when your client's going to pay for the policy so that when you go in the application, guess what? They understand; they understand that they have to pay for something. Okay, this will weed out the approval close; this will weed out the "Let's just get you qualified." That is all garbage; don't do it unless you want chargebacks. Okay, step number three, sorry, number four, let's go to number four here, that is give two routing numbers. This is gold, guys.
So step two, step number four is give two routing numbers. One of the reasons that people were canceling is because they were just going ahead and just reading bank information off the top of their head, which is terrible. You need to give your prospect two routing numbers so that they can confirm the routing and account information. So how this process works, if you're taking notes, let's say Miss Betty banks with Wells Fargo, you're going to say, "Miss Betty, um, who do you bank with?" She's going to tell you Wells Fargo. Then you're going to go to Google, type in Wells Fargo Bank in Texas, then you're going to see a routing number pops up, 0512267. Okay, you are then going to give her two—you're going to give her the wrong one first and then the right one. Okay, "Miss Betty, show—so here your—I got two routing numbers; you got to let me know which one actually is correct. I got one that's 052217 or 052218, which one is correct?" Then if she doesn't know it, she'll go up, she'll get her account number and she'll route a number, and then she'll confirm it with you. But don't take people's word of mouth for their routing account number as face value. These people will just give you bad information, and if you don't have the right routing account number, guess what happens when the policy starts, starts to go in effect and it's the wrong routing or account number? It comes back as NTO, not taking payment, and you don't get paid on the policy, and this person now no longer has coverage. So you are literally shooting yourself in the foot. Use this strategy; give two routing numbers, break that down, and get them to confirm with real information.
Okay, when it comes to real information, I want to share with you number five is you want to confirm banking information with the mobile banking app. Okay, a lot of times when you ask them, "What is your routing and account number?" they'll just spit it to you off the top of their head, or they'll give it to you off of like an old checkbook. You don't want that; you want bulletproof evidence that this is the right information. If you have to call into the bank to get the right information, then do that. Okay, this is the stuff that works that'll allow you to make money. Okay, so make sure that you're always getting the mobile banking app information because the mobile banking app, there is no wrong information. With checks, Miss Betty, who's 75, who has trouble seeing and hearing, reading off a checkbook, she might add in the wrong numbers, or she might mistake a six for a five, and all these small little mistakes can ruin your opportunity to place a policy, to get paid. Okay, so making sure that you're doing it off the mobile banking app is crucial. Okay, then we're going to go into number six. Number six is good stuff. So now we have the routing and account number; you have to double confirm the routing and account number. Okay, and how do you do that is you just read them back. Okay, "Miss Betty, I want you to confirm is this routing and account number correct? I got your routing is 122754, and then your account number is 1313131, is that right?" And they're going to say yes or no. If they're like, "I'm not sure," get them to read it to you again; get them to go through it again. Guys, again, the goal is to not skimp through this process; the goal is to get accurate information so that you can sell a good policy, the business goes in force, and that you don't get chargebacks, and this is what you have to do.
Step number seven, it's getting juicy, guys; it's getting juicy, is "Click before you submit." Now, this is something that you don't know what it is; I'm going to explain this concept to you. "Click before you submit" is important. What this means is that it's a made-up—it's a made-up statement; I'm going to do it with you. You can write this; you can steal my script; write it down. Okay, so after you submit the—after you get them approved, to get their bank information, there's one last button. Let's say you sign the application; the prospect signs the application. Now there's one last button to submit the application. Once you hit submit, that policy is going in force. Okay, but instead of clicking that submit button, saying "Go on your day," you want to pause. So, "Miss Betty, before I click this submit button," this is what you want to say: "Miss Betty, before I click this submit button, I just ask that you can make two promises to me. Number one, can you promise that this payment of $55 for the 10,000 coverage on the 1st of April, that this policy will go into effect, will you make sure that that $54 is in your account?" So you're going to say, "Yes." Secondly, "Miss Betty, can you make a promise to me that moving forward on every first, first of the month that you will have this $54 in your bank account to make sure that your policy is in effect, to make sure that your daughter Samantha has enough, has the coverage in place to protect her? Can you make sure this—can you make those two promises to me?" She's then going to say yes. If she says no or has concerns about money, do not submit the policy. This is a red flag. Okay, so this "Click before you submit" is basically funneling good candidates and bad candidates; they're making commitments to you; they're making sure the money's there, making sure they're going to have it in the future, and your guys are making these commitments to secure and lock down your policies.
Okay, last thing that you guys can steal is what's called a wrap-up. We train our team on this, and you can do it; it's called a commitment and a wrap-up, and also ask for referral. So after you submit that policy, the last step is to continue to make more promises and help set expectations. What this looks like is number one is explaining, "Miss Betty, congratulations, you've gotten approved for your $10,000 at life insurance here at uh, Aetna. Congratulations! How does that make you feel?" "Oh, that makes me feel great!" Now, before you go, I have more promises to you. "Can you promise me that if you know anything happens with your policy that you will call me?" You're going to say yes. Another promise: "Can you make sure that if anybody calls you about life insurance or tells you they have a better policy, can you pick up the phone and can you call me?" "Yes, I can, Peter." Next, "I want to share with you the process; you're going to get a policy in 14 to 25 days. Be on the lookout; if you don't get your policy, let us know. Also know that the $64 will be coming out of your account every single month on the 1st. You have any issues with that?" "No, you don't." And then you wrap the policy; you solidify the sale; you get to know that you're going to be their agent for life, and you tie down the policy. Okay, and you do it with energy; you do it with them making commitments, and you do it with, you know, that last thing. This is the last time you're going to speak to them; make a statement that you're going to take care of them, that they can't get a better policy, and that you're going to serve them like no other agent. And lastly, we always want to ask for referrals. It adds the opportunity to sell more business, to lower your acquisition cost. Also, if people are willing to give referrals, that means they're also think that you did a good job; they're willing to recommend you to a friend, so they're probably going to want to, you know, value your service and want to be a good client, and it's just one of those things; if you don't ask for referrals, you won't get referrals. So spend time every single sales call; if you spent the money to acquire a client, try to lower your acquisition by getting referrals and helping more people and use that opportunity. Most people suck at referrals because they don't even ask.
If I promise you guys, if you do this and you just set clear expectations, okay, clear—let me write this down with you—clear expectations, okay, clear expectations throughout the whole call, okay, meaning that they know when the payment's coming out, they know how much it's going to be, they know what coverage you're getting, they know your name, your credentials, they know what bank address it's going to be coming from, they know clearly what account number, what routing number, they clearly know what's going to happen; there is no wool over the eyes; there is no mismatch of expectations; they understand that they're paying for a policy that they have to keep for the rest of their life, and you set clear expectations, your placement will go, go right through the roof. You will finally start making money as an agent; you'll not hate this business as much, and most importantly, you will win. But the problem is people just try to—they don't feel confident in handling objections; they don't have the confidence in, you know, being honest with people, and they're trying to like get one sly over on their client just to get a commission check at the end of the day. If you don't sell business that is solid, good, and strong, you will go out of business. So this is your message to sell great business, and you'll thank me later. Love you all! If you want more like this, let me know. See you the next one; keep pushing; let's keep rocking; cheers!