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Call today: 720.344.0312 Recent LTC Articles RUBY and VIC Can Help You Sell More Life Insurance Publication: Agent’s Sales Journal April/May, 2004 By Wilma G. Anderson Want to close more life insurance sales? Call on RUBY and VIC. RUBY and VIC aren’t characters in a Damon Runyon story. Instead, they’re an easy-to-remember system to keep your sales presentation on track and your closing ratio as close to 100 percent as possible. Often, all you need to close is RUBY. But if you get through these four steps without a sale, cal in her buddy, VIC, to nail it down. Before you start on your RUBY/VIC-guided presentation, do a fact finder. While only securities-licensed agents must do one, every agent should. Without a fact finder, you’re shooting in the dark. It would be like a doctor prescribing medicine without first diagnosing the condition. You may end up proposing a band-aid when the client really needs a tourniquet. Okay, now you’ve completed the fact finder. You’ve learned what the prospects say they’re most concerned about and have probably uncovered needs they’re not aware of. Now, when you come back, you’re really ready to start selling. R = Recommend. Present your proposal. Show the client in writing the amount and type of insurance you recommend from a particular carrier. U = Understand. Watch the client’s face. Does he or she look like they understand what you’re talking about? Does he look perplexed? Don’t use “insurance-speak.” Use simple, plain English, and ask the prospect questions until you’re sure he or she understands your proposal. Few people will buy something they don’t understand – and even if they do, it’s not the right way to start off your relationship. B = Because. This is the “reasons” part of your presentation. Reiterate in your own words what the client has said is important. This is called mirroring. For example, “I understand you want as much of your annuity money to go to your children as possible. The plan I’m recommending will accomplish that because the second-to-die policy will produce a substantial death benefit that can be used to pay taxes that will be due on the death of the second person.” The “because” step is crucial because people buy emotionally but validate logically. In the emotional part, you want to create an internal process so the prospect will want to buy from you; now, the individual’s reasoning kicks in. He or she wants to validate the positive emotions with cold, hard facts and well-developed reasons. Mirroring helps on both the emotional and logical side. Now, the prospect thinks, “the agent really listened to me and answered my questions.” Y = You’re concerned. Show that you understand the prospect’s concerns. I say something like this; “All we need to do at this point is address your concerns and then we’ll get the paperwork started. So let’s start with your concerns. Jim, is there anything I need to clarify for you?” If your soon-to-be client doesn’t have any concerns, you ask for the order and close: “Great! What we need to do to get the paperwork started is a check made payable to Rocksolid Insurance.” Congratulations. Provided the case gets through underwriting, you’ve made a sale – and, perhaps even more important, you’ve made a new client. Overcome Resistance But perhaps the prospect still isn’t ready to pull out the checkbook. If the prospect says, “I’m not ready to do anything,“ call in VIC. The VIC technique can save many sales that seem like lost causes. V = Verify. Go back. Make sure that you’ve analyzed the prospect’s needs and desires accurately. Verify the nature of the stumbling block. I use this language: “You have some reason for hesitating. Can you help me understand what it is?” You need to verify what the real issue is. By asking this question, you continue to make this a collaborative sale. I = Isolate. Based on the client’s response, you can now isolate the problem with laser clarity. What is the real barrier? Let’s say the client says he’s concerned about the insurance company’s stability and ahs shared with you that several of their friends bought policies from companies that weren’t there anymore. This might be a good response: “Mrs. Jones, thank you for sharing that with me. Many of my clients have felt the same way and found that they feel much better buying a policy from Rocksolid Insurance, which is the company I am showing to you.” When you isolate a client’s concern like this, the “feel, felt, found” response will help you to close this sale. Now you can ask, “If you weren’t concerned with the company’s stability, would you be able to go ahead? Is this the only thing that you’re concerned about?” Especially if you’re dealing with older prospects, you may hear objections like, “I don’t really trust these insurance companies. They don’t pay as much as they say. How do I know I will be treated right? What if the company goes out of business or is bought by another insurance company? My friend thought his policy was worth a lot but when he went to cash it in, it wasn’t worth anything.” C = Cushion. Here’s where you respond to and clear up irrational objections and misconceptions. I often say, “Many of my clients felt the same way you do,” and then gently explain why they were mistaken. That way, you avoid getting backed into the deadly “yes, but” corner with the prospect. For instance, their friend probably bought a term insurance policy and didn’t realize it had no cash value. Of course, you can’t comment on their friend’s policy because you haven’t seen it. Nor do you want to hint that the friend is clueless. So go back to your proposal and show that the policy you’re proposing provides a death benefit and guaranteed cash value. Show how your plan is different. Consider the client’s viewpoint. The insurance policy has many pages of intimidating fine print. They want to be sure that they’re not making a mistake. When you cushion, you put their mind at ease. Now that you’ve provided a cushion of comfort, ask for the order again. You’ll be surprised how often you’ll succeed! Click here to return to list

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