Tired of not selling enough Creditor Insurance?
If you answered yes, then I have a challenge for you. Before I share a very simple yet practical solution with you, let’s make sure you are qualified to apply the techniques covered in this article.

• First of all, do you have a sense of humor and want to increase your earnings?
• Do you see value in the products you offer to your customers?
• Are you convinced that people who carry debt, could benefit from having creditor protection for their loans?
• Do you ever wish that some customers would let you finish explaining your product benefits before giving you their objection?
• Finally, are you tired of hearing from your customers that they already have enough insurance, or are covered through work?

Well, if you answered yes to any of the questions, then congratulations! I believe that you are definitely qualified to try something new. So, let’s begin by taking a closer look at what doesn’t seem to be working. The traditional way of presenting Creditor Insurance goes something like this (over simplified): “Mr. & Mrs. Jones, do you normally insure your loans?”  Or, “Did you want the life and disability insurance on your loan?” The typical customer responses include variations of the following: “How much is it?  Do I have to take it? Not interested, I am already covered through work!”
The real issue that I have with the traditional presentation is that it happens to be in direct contrast to what common sense dictates. Let me explain what I mean. We sell Creditor Insurance or Loan Insurance and the customer must have a loan in order for them to have a chance to purchase your product. The loan is something that requires you, the Financial Services Manager, to arrange for them.  Since that has not yet happened, it is impossible for them to already have your product. Think about that for a moment please! Remember, as long as the customer thinks you are trying to sell them something they already have and pay for, they will most likely say no to whatever you have to offer.
Please consider the flow of your Service Contract presentation for a moment and this will make perfect sense. Isn’t it true that you first discuss the difference between what is and is not covered on the vehicle before you offer the upgrade? If the customer has a question about the powertrain or comprehensive factory coverage, it is dealt with before any new product upgrade has been introduced. This makes it easier to avoid confusion and the customer sees that the new plan you are offering is an upgrade or an enhancement as opposed to a duplication of their existing coverage. This method has worked for over 30 years in many industries so, why not use it to sell more Creditor Insurance with much less resistance from your customers?
I am willing to bet there is not one experienced or inexperienced Finance Manager who would think of selling Service Contracts without first discussing the existing coverage on the new vehicle. Yet, when it comes to reviewing a customer’s existing insurance coverage, we have been doing the opposite. I don’t know why this has gone on for so long but, it is time for a change. Every successful salesperson knows that before you can make a change, the first step is to accept that the current system just doesn’t work. So, if you are still reading along with me, hopefully that means you agree and are ready to try something radically different yet, incredibly simple at the same time. Please remember that with this change comes improved results, better CSI and more income.
Now, when I said earlier that you may need a sense of humour, I wasn’t kidding.  We are going to look no further than the character George Costanza from the Seinfeld show. The episode I draw the analogy from is the one where George decides that ‘doing the opposite’ is his best chance for success in his troubled life. Nothing ever seems to go right for George until he decides to go against his instincts for the first time and it actually produces a positive result.
If we apply this strategy to selling Creditor Insurance, instead of showing your product and then waiting for the customer to tell you they already have enough insurance, why not discuss their existing coverage first? This allows you to show the difference between what they have and what they need. It also helps to eliminate the notion that you are attempting to duplicate their existing coverage. Once the customer realizes what you are talking about, they become more willing to engage in a dialogue with you and eventually they will purchase your protection.
So, here is a simple challenge for you. For the next 30 days, commit yourself to using the same flow with Creditor Insurance as you do with Service Contracts. Explain or discuss the coverage they already have and then show how yours will complement, supplement, or enhance it. You be the one to bring up their coverage in a positive light instead of them bringing it up as a negative roadblock.
I guarantee you will have more fun selling the products and definitely have more success.
Tune in next time when we will go through a specific step by step model with word tracks to help you sell even more.
If you have any questions, please feel free to write to us at saltraining@inalco.com .
Gordon Swail National Corporate Training Manager, SAL Group Industrial Alliance Insurance and Financial Services Inc.