I've written on a number of subjects over the years, but little about presenting. It's time I did, because I can confidently say from dealing with the 450 agencies in my two regions that the presentation is often the weakest link in the sales chain. The average national close rate in commercial insurance runs 25% to 35%. Put another way, that's a 65% to 75% failure rate.

If we're not closing three-quarters of the time, it's clear we need to re-examine our methods. A shaky presentation is painful for both buyer and presenter, so let's review the nine steps for making a professional insurance presentation:
1. Know why you're presenting. You know the coverage and pricing of the expiring program. You have identified concerns and problems, and you understand their financial value to the prospect. You have prioritized these concerns according to the buyer's value system. Now, your purpose is not to reproduce what they already have by providing a “test quote,” setting yourself up for failure and strengthening the relationship with their current agent. Many Dynamics of Selling graduates enjoy a 70% close rate. Here's their secret: They tell their prospects, “I am here because I have solutions to your problems.”
2. Cultivate the necessary rapport to close the deal. Top producers understand that you don't need to quote an account for two or three years to build that “mystical” relationship necessary for closing–but you do need to build it. It may be harsh to say, but many producers flounder around like village idiots because they have no “rules of engagement” to govern the presentation process (more on this below). If you haven't developed at least as good a rapport with the prospect as their incumbent agent, you probably won't win–so move on. Build relationships first, and then take your shot. Never present until you have an edge on your competition.
3. Develop a presentation specific to the buyer's issues. Too many agencies have a proposal “template,” and they fill in the blanks with limits, deductibles and coverages. It's a generic presentation and it comes off like one: colorless, lifeless and, worst of all, purposeless. In the Dynamics of Selling world, we present only solutions to the buyer's problems. If they don't have any problems, they don't need you. Present according to the buyer's specific issues and priorities. There's no basis for a relationship and closing a sale unless you do.
4. Rehearse, rehearse, rehearse! The proposal may be your only opportunity to take center stage and talk. You have a limited amount of time to hold buyers' attention and motivate them to make a change. Remember, most people make buying decisions based on emotion. Until now, you've spent 85% of your time with the buyer qualifying and quantifying. When it's finally your turn to talk, the last thing you want to do is stumble, fumble and stutter through the presentation. Rehearse it a thousand times before you're face-to-face with the prospect. Have it down absolutely cold.
Let's put it this way: Only practice the presentations that are important enough to close. Get the idea?
5. Anticipate the objections. There's something every producer learns in his or her first 24 months: All objections should be treated the same, even though they're raised in different ways. Therefore, create a list of the top 25 to 35 objections and formulate answers to each one. Rehearse those answers, so they'll deftly roll off your tongue as you stand there in the heat of battle. This confidence separates the men from the boys in the producer world. Top salespeople “hard wire” responses to these objections and deliver them with ease.
6. Know your agency's rules of engagement. There are five key questions to ask regarding any potential sale, and you must answer them before you engage in any other sales activity. These questions will help you determine whether you have common ground with your prospect. They are:
o Who is the competition and what is their relationship with the buyer?
o Are there ways to enhance the program or solve the buyer's specific pains and issues?
o What are the monetary values of the buyer's problems? (Add those to the premium they're paying to demonstrate the total value of the solution you're offering, so you're not competing on price in a soft market.)
o What is the buyer's value system? Do they value relationships, professionalism, service, local community involvement or simply a good price? Also, can you realistically compete against the current relationship, coverage or pricing?
o What are the rules of the game? Specifically, what will it take to compel the buyer to change relationships? Is there anything standing in the way of making a move?
Once these key questions are addressed, then and only then do we move toward a presentation.
7. Cover post-sales activities during the presentation. Who's going to fire the incumbent agent? When do you update driver and auto lists? What kind of a service and visitation schedule will there be? Who will service the new account in your agency? These are important considerations for the buyer. Whatever the level of dissatisfaction with the incumbent agent, he or she is a known commodity and you're not. Make the buyer comfortable with the decision to switch to your agency by building a smooth and logical transition. Don't forget to take along a list of not more than 10 names of satisfied clients who can vouch for your service and professionalism as part of the close.
8. Make not only a first impression but also a lasting impression. During any encounter with a prospect, be mindful of the six Dynamics of Selling rules for the first impression:
1. Be punctual and honor the time commitment you've agreed to.
2. Dress the part. Different cultures and parts of the country have different standards and expectations. Be sure you know the dress code and don't be afraid to ask if you don't.
3. Match pressure on the handshake. A firm handshake is best; neither bone-crushing nor a dead fish.
4. Eye contact is golden. Eyes are the opening to the soul, and eye contact usually indicates genuineness, honesty and sincerity.
5. Body language speaks loudly. Stand and sit up straight, and lose those nervous little tics of clicking the pen, bouncing your foot, etc.
6. Know exactly what you're going to say in your introduction. Be concise and well-rehearsed. A bad first impression can create a lifelong dislike for you, your product and your agency. Take the time to prepare.
9. Make sure the proposal you're delivering looks professional. Given today's technology, presentations are expected to be multicolor. Did you tailor the presentation to include the prospect's name where appropriate? Is their building pictured on the property page, are their workers listed on the comp page, are their autos listed on the vehicle page? Is the presentation printed on quality paper and bound professionally?
At the end of the day, the only proprietary product an independent agent has to offer is his or her own presentation. Other agents have access to your carriers, your policy forms, etc. The more your presentation addresses the buyer's issues and mirrors their value system, the greater the chance of changing their mind. Preparation is everything: When you cut preparation time, you directly diminish your closing ratio. Prepare thoroughly and rehearse diligently, and you'll enjoy a 70%+ closing rate too.
Good luck and good selling!
Tom Barrett is president of the Midwest and Southeast regions of SIAA Inc. Using the Dynamics of Selling process, SIAA expects to write over $300 million in new business in 2007. Mr. Barrett also serves on the national faculty for Dynamics of Selling and Dynamics of Company Agency Relations. For more information on these programs, call (800) 633-2165 or visit www.TheNationalAlliance.com