LIFE
The Barometer That Can Forecast Sales Opportunities Tucked within the Insurance Barometer study are insights that can help you get inside the prospect’s head and lead their buying decision. By Lloyd Lofton
I
always have been interested in consumers’ perceptions, attitudes and financial concerns — you know, how they think and act when making buying decisions. How can we learn these things about consumers, and why would it matter? What would it mean to our business if we could predict what problems our prospects are most interested in solving, how they make their buying decisions, where they prefer to make these purchases, and why they make the investment in their lives and the lives of their families? The 2017 LIMRA, Life Happens Insurance Barometer Study might provide us some insights. I have been using their annual survey since the first one came out in 2011. They begin with a broad overview, then drill down into some specific consumer buying behaviors. Each year, I get something different out of the report and find I can incorporate some of the nuggets of insight into my marketing plan, business model and vision to grow my business.
I thought I would share some insight that jumped out to me. One issue we often hear about is “the most common financial concern is the ability to afford a comfortable retirement.” This is particularly interesting given all the news coverage about tax cuts, health care, state tax deductions, jobs, homeownership and other socioeconomic issues that have a direct impact on people’s perception of the quality of retirement they must look forward to — or not. I found one conclusion they made in the survey to be of particular interest, given what I hear from my peers about this topic. You know how you get a lead, marketing piece or inquiry about one topic (product), and you can develop tunnel vision to the point where you talk to the prospect about only that particular product? Well, a conclusion they made on this topic opens an ancillary issue that we might start including in the client conversation.
More Room for Life Insurance
The conclusion was “Estate/legacy concerns and health care concerns have decreased, suggesting there is more room for life insurance in the minds of consumers.” Did you get that? Consumers’ concern about estate/legacy and health care matters has decreased, so life insurance may be something to discuss with prospects
when talking about other concerns. In this 2017 Insurance Barometer Study were some buying behaviors we might pay attention to, some behaviors that might be indicators of other products consumers have an interest in. Respondents of the survey indicated their other concerns include “long-term care, financial security of dependents, credit card debt and having a comfortable retirement.” What this means to me is that maybe the initial qualification conversation (and it should be a conversation, not an interrogation) should center on the things that matter most to people. This is not just a list of what features a product has, but a conversation of what prospects are concerned about. You know, make sure you ask questions not to reply; instead, ask questions to “understand.” Eight in 10 respondents say that a married person with one or more young children needs life insurance. How many of your prospects or clients have children, yet you never bring up life insurance for the kids because you are there on a particular “market” lead? If for no other reason May 2018 » InsuranceNewsNet Magazine
33