Women have carved out an important role in today’s insurance industry. The perspective that women bring to the industry has helped drive product and marketing innovations to better fit the needs of all clients.
So how does a woman gain a high degree of success and continue to grow in this constantly changing, competitive business? Broker World asked several extremely successful female producers about (1) how to approach the sale of insurance to women, (2) important products to consider for female clients, and (3) what recommendations they have for building a successful career in the insurance business. Following are their responses.
Dorothy Conway, CLU, ChFC, The Conway Group, Inc.
Sales Approach to Women. There are several things I would advise. Most important, do not expect that another female will purchase insurance from you because you are female-and do not assume a male will not buy from you because you are female.
Over the years I have had many female agents tell me they think women should purchase insurance from them because they are female. In reality, women will purchase insurance from you because you are knowledgeable, you take time to listen to their needs before you present a solution, and you follow up on the process.
Many times during interviews, questions were asked of me that probably would not have been asked of a male insurance sales person. However, once I took the time to answer and prove that I deserved to be listened to, those clients soon became the most loyal.
Advice to New Agents. Designations, while not easy to obtain, willwill earn you more respect from others with degreees, e.g., CPAs, attorneys, physicians, etc.
Know your product, and know what your product can do for your client. Understanding the tax codes is also very important.
If a question is asked of you that you do not know the answer to-do not make up a response. Tell the client that you do not have the answer at that moment, but that you will get back to him-then get back to him as soon as possible.
Be professional. Always remember clients want you interested in them-they are not interested in your entire life story-just your sales credentials.
Elizabeth Ashmore, Ashmore & Associates Insurance Agency, LLC
Sales Approach to Women. In reality, a sales approach to females should not differ from males. The basics are the basics–reputation, technical product knowledge, and follow through are important. After that any presentation should be slightly adjusted for the priorities and personality of the prospect or client. I find myself relating to prospects more as a fellow small business owner, which helps establish a common ground.
Admittedly, I felt more comfortable dealing with women prospects in my early years in the business. There was a common ground, since most women have dealt with the challenges of being a working mom and starting from ground zero in your twenties with toddlers. Needless to say, today, with more than 30 years of experience, more gray hair, and having dealt with agency growth, my approach and conversations have definitely changed.
There is a second part of this issue. I do not sense that the majority of women expect a different approach anymore. They don’t want games; instead, they want good data, good recommendations and a clear picture of support systems. They want to learn everything they need to make a solid, educated decision.
Product Needs. The most important insurance product for women is long term care insurance. Having experienced the situations surrounding aging parents, I now recognize the potential of this becoming the largest financial hole a woman could impose on her children.
Advice to New Agents. As far as advice for females entering the insurance business, I can’t stress enough to take really good care of yourself– physically, mentally, spiritually, and professionally. One of my first managers told me, “Don’t worry about how the watch works.” This advice does not work in today’s professional environment and hurts us all. Assume it is your job to know more than anyone else. As Winston Churchill said, “Never give up.” Insurance is a great career–full of demands but full of opportunities and flexibility.
Jean Garner, J. Garner & Associates, Inc.
Sales Approach to Women. The sales approach to females is not much different than the sales approach to males-the most important part of the sale is listening to why your client wants to talk to you about a particular product in the first place. Those are the needs and concerns that need to be addressed. A male client is more concerned with what will happen to his family if he were to die, whereas a female is more concerned about who would take care of her family if she were to become severely ill or disabled. Occupations also come into play, but again, not necessarily dependent on gender. Engineers are more technical and want to know the entire policy language where a marketer or salesperson is okay with just knowing the highlights of a product.
Product Needs. There are two very important insurance products women should always have–disability and long term care insurance. Both are necessary to protect a client’s lifestyle and assets if she were to become disabled. Since women generally living longer and most households have two incomes, it is important-whether they have a family or not-to be able to cover expenses as a result of a disability or long term care event. If your clients do not protect these two areas, their care will become someone else’s problem.
Advice to New Agents. Find a niche or product that you are passionate about and become an expert in that area. Be proactive in becoming a continuing education provider in your area of expertise and participate in your local associations and trade shows while taking along advertisement items such as your trade show banner and more, to increase the visibility of your brand. Get as much exposure as possible as an expert in your field. Participate in networking groups and partner with insurance professionals in other areas of insurance so that you can refer cases or split cases in each other’s areas of expertise. Referrals are your best advertisement and source of new business.
Lynda Baccoli, W. S. Vogel Agency, Inc.
Sales Approach to Women. Giving examples and story telling is part of a good skill set when selling to women. A more emotional approach, as opposed to statistical, should be used when selling to females.
Product Needs. Although the percentage of people in nursing homes is shrinking, 69 percent of the population is female. Therefore, leaning toward longevity products would be good for women-e.g., long term care products, immediate and deferred annuities, etc. The new life products with LTC riders are great for younger women.
Myra Palmer, The Palmer Agency
Sales Approach to Women. 1, Establish trust, listen to her, understand her needs and what motivates her. Both men and women focus on facts, but women tend to focus in on details. Women make decisions on a wider range of emotions than men. A woman generally appreciates her questions and objections to be answered in a straightforward manner. A woman will, most likely, want and ask for references especially from other women with whom you have established a working relationship.
Product Needs. A woman’s product needs depend on her lifestyle. If she is a single physician with a successful practice, disability insurance with a strong “own occupation” definition might be the most important product to her. On the other hand, a married women with children, who has chosen to put her professional career on hold, is going to be more focused on a product that protects her children and family assets. Since statistics reveal women typically outlive men, long term care insurance is an important addition to a female’s financial plan.
Advice to New Agents. Build mentoring relationships with other successful women in the insurance industry.
