Tuesday, September 27, 2016

Why Aflac Agents Are Throwing So Much Money Away

Ladies and Gents of Aflac, first let me say that you are some of the most fearless, hardest working people in the insurance business.  I really like being around you all and I respect you.  If you have made it through the first couple of years and are making a good living then you’ve dealt with enough rejection to make a lesser person suicidal.  It also means that you have a gift.  You understand people and you know what motivates them.

Recently, I did some work with an owner of a local company that has about 50 employees.  As I was asking about their benefits, he mentioned that he had an Aflac agent who had been servicing the company for a couple of years in addition to the group health broker.  The company owner seemed to like both the health insurance broker and the Aflac agent.  There were a couple of employees who had made claims and received benefits, which definitely makes the risk feel more real to those who were not participating in any of the Aflac plans.  This meant that the agent was able to get back in there and enroll more employees the next time he was through the door.

The business owner, who is generally more accessible and friendly than many of his peers in business had even sat down with the Aflac guy, though he told me that “they really didn’t have what I needed.”  

So let me get right to the point.  What he did need was a simple review of his current personal insurance, some legacy planning suggestions and some help in identifying a business income risk due to loss of key people.  All of this took me very little time to accomplish and the result was great client satisfaction and much more commission than was earned by the Aflac guy….about $44,000 to be exact.  I am not telling you this to brag.  I consider myself lucky that the Aflac agent did not have the tools to get this done.  He certainly had the relationship, which is the hardest part.

So if this was so easy to accomplish, then why didn’t the Aflac agent do it?  There are 3 simple answers to this question.

  1. He did not understand the potential.  In a 50 person company, the Aflac agent usually only focuses on the rank and file employees and what they will buy.  Each employee may be a potential of $200 in commission.  Get 15 people to buy from you and you’ve had a great day.  What you’re missing is that the earnings potential is easily 10 times that amount if you understand where to look.

  1. He did not know the next few questions to ask.  And this is simply because he never learned the next few questions.  Aflac agents are independent, which means they can sell other company's’ insurance products.  But, how would it benefit Aflac to train their sales force to sell something that Aflac doesn’t have?

  1. No marketplace for the higher end buyers.  Contracts with the right carriers are easy to get.  Wholesalers are falling over themselves to give away brokerage contracts that give you access to the whole world of Life and Disability carriers.  They are not all created equal.  Some come pretty much bare bones, while others come with a ton of great service.

You may be asking… Why would he reveal all this?  The reason is that the life insurance industry is so under-served that I decided to build a new consulting program, just for Independent Aflac Agents.  

We have already built 2 successful platforms for Wealth Managers and Property and Casualty agents.  Even though this is more specifically targeted, I already know this platform has the most revenue potential of the three.  This is because of a proprietary formula we use to measure measure income potential.  Aflac agents consistently score a higher number. The average lost potential revenue is well over $100,000 per agent.

Use this link http://www.meetme.so/insuranceprofessor1 to sign up for a spot on my calendar. We will have 20 minute call where I will tell you how the formula works. I will also reveal some of the strategies my clients are using with great success.

P.S.  This program is for experienced agents only.  We ask that you have a minimum of 1 year experience before signing up for the call.

P.P.S.  One of the first questions I am often asked is, “Do you still sell insurance?”  The answer is YES and I do not plan to stop.  Here is why.  Most sales coaches, trainers, consultants gave up a career in sales to teach.  The problem is that trends change.  What worked 5 years ago may not work today.  I stay in the business because I like it and so I can keep my material fresh and current.

Kind Regards,

Justin Stainback
Insurance Professor

Thursday, September 15, 2016

Don’t Be Like Chester Copperpot

Don’t Be Like Chester Copperpot

Who the hell is Chester Copperpot?  Come on.  You’ve seen “The Goonies” if you were watching HBO back in the 80’s when this was the intro to all the prime time movies they played…  https://www.youtube.com/watch?v=i1NKoMNy5bY
And shame on you if you have not seen “The Goonies.”  Rent it on Amazon.  Watch it with your kids, for Heaven’s sake.  Watch it again if it’s been a while.


Chester Copperpot preceded Goonies in the hunt for One Eyed Willie’s treasure.  He was motivated and confident.  He had some knowledge, skill and experience.  He generally knew where the treasure was.  He also had a tool (Copper Bones, which was the skull shaped key).  He was crushed in a booby trap, but even if he had made it further, he wouldn’t have gotten the treasure.  Remember the musical notes on the back of the treasure map that he didn’t have?  

The mistake Chester Copperpot made is that he overestimated the amount of knowledge he had, or he underestimated the amount of knowledge it would take to get the rich stuff.

Too many people are satisfied with the tired old sales practices of the past. They make lazy excuses for not getting sales made or blame it on some numbers rule that someone else told you.  Here’s the numbers rule I learned at my first job in life insurance.  I was told that I had to speak with 10 people to set 3 meetings to make 1 sale.  Today I know that talking to 10 people to make 1 sale would be an epic failure.

Have you ever lost a sale or didn’t make something happen that you wanted to happen and you didn’t know why?  I can tell you the reason.  About 95% of the time it’s because you didn’t have the knowledge and the tools you needed.  The question you should always ask after a disappointment is “Could anyone have done it?”  I am talking about the best person in the world or even someone with a few months more experience than you.  If the answer is yes, then it’s your fault and you need to fix it. When Is Your Best Really Your Best?

Things move really fast now.  Technology and trends move lightning fast.  People get information differently now than ever before.  This means that consumers buy differently now, but sales training has not kept pace.  If the sale is the treasure, then you have to be equipped with the right knowledge and tools to get it.  Don’t be like Chester Copperpot.  Spend time learning, get the rich stuff and then do the truffle shuffle.


Friday, September 2, 2016

Selling to People Who Don't Like You

Selling to People Who Don’t Like You

So you think you could never have a job in sales because you feel like the customer will not like you.  You have a point.  I hate salespeople too.  They won’t leave you alone when you’re just looking.  They ask you stupid questions that you know they already have the answers to.  They lie, they brag, they drive BMW’s and they won’t stop talking about their stupid overpriced product that you don’t need.  

I can tell you that you do not have to subjugate your own personality to “act” like a salesman.  Selling is easy and it can be learned.  Here are a few things you need to know.

  1. Sell what you believe in.  What turns most scrupulous people off from selling is being forced to sell something they don’t believe in.  Even as a teenager, working as a waiter, it was much easier serving people my favorites from the menu.  It was also easy to tell customers to avoid the well aged chicken salmonella salad.
  2. Forget the product, focus on the need.  Some people can understand the merit of an object, but only as it relates to what it means to their own life.  People don’t choose a dishwasher because 200 degrees is the proper water temperature to sanitize dishes and because it matches the fridge and makes the color of the counter tops pop.  They buy dishwashers because dishwashers save time.  That’s time that can be used for playing with the kids or watching more Netflix.  
  3. Listen.  Don’t just pretend to listen.  You need to actually absorb what the client is saying.  And NEVER interrupt.  Ask good open ended questions.  Sprinkle in some questions that are off topic too…. “What do you like to do for fun?”
  4. Pull back the curtain.  Educate your clients.  Tell them what the “salesmen” are afraid to tell.  Tell them how the company profits, tell them how commissions are paid.  Explain why the price is what it is.
  5. Make it your own.  Scripts are for Indian tech support and people with no personality.  Talk to people they way you normally talk.  The client can tell that it’s the real you.  

If done properly, you won’t lose any friends because you’re trying to sell them something.  Actually, you should be making new friends as you go.  People can tell when you’re being sincere.  If someone decides they don’t like you because you try to sell them something, you shouldn’t waste concern on what that person thinks.

Justin Stainback