Some experts suggest that advisors are going to be out of a job, as people are now buying everything online, including life insurance. It’s true that we buy more things online than ever. Yet, we’re not running out of business because of that.
When we look into the details of what’s being bought online, it’s usually no-brainer stuff, such as toothpaste. That’s merely transactional because you don’t consult a dentist every time you buy toothpaste.
We only need to worry about clients moving online if we are conducting business like it’s merely transactional. Technology is not going to kill our business. Instead, we should leverage technology to reach out to more people and touch more people’s lives. I always remember that life insurance is all about the people. Focus on the people, not the product.
Using technology to meet people
Daily, I spend at least one hour on social media to look for three to four people who I want to talk to, and then I contact them. Sometimes they’re acquaintances or friends of friends. I always start in the comment section on social media and then slowly move to personal chats. Eventually, I call them.
Some of my favorite questions to create good interactions with prospects are:
- What has been keeping you busy lately?
- How did you start to support a certain football club or charity organization?
- What makes you work so hard?
- We all survived through the pandemic. I’m curious, though, how did it change the way you work or other parts of your life?
- How can I help?
When we ask a question, I always suggest starting with “how,” which is a neutral question that allows people to express themselves freely.
I try to avoid asking questions that start with “why,” because asking that too much sounds like an interrogation or disagreement to our prospect. This will most likely lead to a defensive mode of conversation or rejection.
I started connecting with people by steering away from conducting a transactional business and moving toward a life insurance business with purpose.
Woei Sean Tong, of Shah Alam, Malaysia, is an eight-year MDRT member. This was excerpted from his 2022 MDRT Global Conference presentation “Focus on the People.” You can also read more from him in “Spotting mistakes millennials make when it comes to financial planning.”
For more about technology:
- Read “Using AI for efficiency and expansion” (Available in nine languages)
- Read “Digitalization is the future of the insurance industry”