Rejection is part of the deal when you decide to become an insurance agent. Not everyone is going to buy what you’re selling. And not every potential customer is going to be nice when turning down your insurance policies.
Getting a “no” when they expected a “yes” is almost traumatic for some insurance agents. This usually happens with new or inexperienced insurance agents. It is crucial to learn how to handle rejection professionally; otherwise, it may put you off your chosen career path.
If you’ve been struggling with customer rejection, keep reading to discover how to manage these situations.
Why Do Customers Reject Insurance Offers?
Even in 2024, there will still be people who don’t believe that insurance coverage is necessary. When you engage with them, they will tell you in no uncertain terms why they don’t need insurance. It is important not to argue with them. Instead of getting involved in verbal altercations, allow people to air their views and move on.
Sometimes, even if you fully describe an insurance product, a potential customer won’t see its value. They may believe they will never need that product or find the premiums too high to justify the payoff. Again, it is not your job to point out flaws in their argument. Your job as an insurance agent is to highlight the benefits of the product you sell, explain complex terms, and assist customers with claims. If people don’t see the value, then they don’t see it. There is no point in trying to change what they think of insurance.
Moreover, some people don’t trust insurance agents from the start. In these situations, you would have to build a rapport with potential customers and earn their trust. This takes a lot of time and effort but usually ends positively.
There are also situations where people cannot afford insurance or are not ready to commit to a monthly premium. You can follow up with them if they request it and stay in touch by sending promotional offers and new product information.
How Does Rejection Affect Insurance Agents?
Rejection may lead to feelings of inadequacy and discouragement. For newer agents, it may even lead to anxiety if they work on a commission-only basis. If you’ve had a string of rejections and are stressed about reaching your targets, you must be aware of the impact these feelings can have on your sales performance and motivation.
How To Deal With Rejection
It is not always easy to bounce back from professional rejection, especially when the deal seems done at one point. However, if you view rejection as a chance to learn from possible mistakes, it won’t sting as much.
Take an objective look at the situation. Could you have done or said things differently? Is your approach too strong? Do you have enough product knowledge? These are all factors to consider when communicating with more potential clients.
It is also crucial to remember that some things are just beyond your control. You can have a perfect meeting, prepare a fantastic presentation, and still get a no. Your preparation is within your control, but the outcome is not. Your presentation style and product offering won’t appeal to everyone. If you run into a brick wall, it is time to focus on your next client.
Lastly, don’t get caught up in the negativity of rejection. Take it on the chin, and then continue celebrating your smaller wins. Each time you get a customer inquiry after a meeting, it is a win. Every interaction with a customer is a win, for that matter. If people contact you, it means you make a positive impact.
Turn the Frown Upside Down
No one likes rejection, but you don’t have to dwell on it. Instead, put a positive spin on things by using rejection as an opportunity to improve your skills.
For example, if you get an abrupt no after a good meeting, ask your prospect to send you feedback. You can do this in person or by sending an email after the meeting. Chances are that the person will give you the information you need to improve your approach in the future.
Don’t give up on your prospects either. Just because you got a no doesn’t mean your prospect will not need insurance down the line. Stay in touch and contact them a few weeks later to see if their needs have changed.
Look for new opportunities to close more sales. Attend industry meetings and functions where you can network and meet new people.
Rejection is part of the sales process, but you do not have to lose hope when it happens. Use these strategies to build the resilience you need to handle rejection, improve your approach, and move on. You do not have to let bad experiences define your way forward. Instead, stay positive and keep working on finding the right prospects.