Strengthening your insurance sales team
Casey Cunningham, founder & CEO of Xinnix, explains how insurers can drive their sales teams toward greatness, even in a tough market.
According to research from Verisk and the American Property Casualty Insurance Association, the P&C industry saw significant financial worsening in 2022 compared to a year prior, with net underwriting losses hitting $26.9 billion in 2022 – more than six times the $3.8 billion loss in 2021, making it the largest underwriting loss the industry has experienced since 2011. The research also found net income fell by nearly 34% from 2021 to 2022, and incurred losses and loss adjustment expenses grew 14.1% in that same time frame.
It’s no wonder P&C insurers are struggling — battling a hard market and record-setting numbers of billion-dollar disasters – and it can be especially difficult for insurance sales teams to know how to best continue to bring in new, quality business while premiums are rising across the board.
For this episode of Insurance Speak, we were joined by Casey Cunningham, CEO and Founder of sales and leadership performance company, XINNIX, to discuss how insurers can take their sales teams to the next level and give them the tools they need to be successful.
“At a high level. I see quite often that we’re so transactional,” Cunningham explained. “We’re still looking at a product … as opposed to a relationship and building trust long-term. The reality is, what we’re selling and what we’re providing is value-add, and we have to go away from the transactional and realize that we’re gaining new friends, new relationships … So if you go away from transactional, which I think is the biggest challenge in the industry today, and really go into the relationships solution selling, consultative selling where you’re listening to the needs and making sure that you match the product specifically to their needs, then you win every time and that’s where referrals come in.”
To hear our entire conversation with Cunningham about how to take your insurance sales team to the next level, listen to the full podcast episode above or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.