How to Wedge Out the Current Agent and Boost Your Sales
The Power of the Wedge: Transform Your Sales Strategy
Imagine this: you’re sitting with a client who has an overpriced policy with a competitor. They’ve mentioned wanting more coverage but are tight on budget. You've showcased your superior policy, offering more coverage for the same price, and promised to handle everything. It’s just you and the prospect. What could go wrong?
You forgot the invisible third party: the current agent or company. If you don’t address this from the start, even if you make the sale, the previous agent will reappear, potentially causing a chargeback.
Understanding Human Nature: The Fear of Change
People generally fear change. Even if it sounds beneficial, no one wants to confront their current agent and say, “You’re fired.” Most avoid conflict at all costs. Knowing this, how do you deal with it? Change your mindset: stop selling and start winning. Salespeople present value and hope the client buys. Winners close the deal by overcoming obstacles.
The Two Big Problems in Sales
Prospect Deception: Prospects might not be entirely truthful. Accept it, but aim to make them open up.
The Lurking Competitor: Even if there’s no existing policy, potential competition exists in the form of cheap alternatives. Addressing these early on is crucial.
Becoming a Winner: Dealing with the Current Agent
The biggest hurdle is the current agent. Remember, no two objects can occupy the same space at the same time. The prospect will mentally give their current agent a chance to stay. This is why Final Expense is often a one-call close; clients are professional procrastinators, and change is exceptionally hard for them.
The Prospect’s Natural Resistance
Prospects prefer doing nothing. Your first instinct might be to push by attacking the competition or degrading the client’s choice. However, this approach backfires. Nobody likes being told they made a poor decision, and pride will make them defensive.
Establishing Honest Dialogue
To drive a wedge, you need an open, honest conversation. Identify their pain points—why did they respond to your lead? What problem do they have that’s unresolved? Use this pain to create a wedge between the prospect and their current agent. Finding this pain point is essential for closing the deal.
Real-World Application: Driving the Wedge
Let’s say a client sent in a card requesting information on Final Expense plans. Their concern is insufficient coverage, but they can’t afford more. You discover they have a three-year-old policy with Senior Heritage, a Captive Carrier. They like their agent and have even referred friends. They’re paying $100/month for $10,000 but can’t afford more.
You know you can offer $15,000 for the same premium and get them some cash back. But instead of attacking, follow these steps:
Praise Their Decision: Commend them for covering their funeral expenses.
Acknowledge Senior Heritage: Recognize it as a good company, but explain you’re independent and can find the best deal.
Ask Leading Questions: “If you called your agent now and asked for $5,000 more insurance for free, what would they say?”
This approach lets the prospect realize the limitations of their current policy without feeling attacked.
Closing the Sale and Ensuring It Sticks
Once you’ve identified their pain point and shown your superior policy:
Health Qualifications: Confirm what you can offer.
Assure a Seamless Transition: Explain that you’ll handle everything, including contacting Senior Heritage.
For example: “Great news, Mrs. Jones, you qualify for $15,000 coverage for the same payment. We’ll take care of switching your policy to Mutual of Omaha and getting you the $200 cash back.”
Preparing for the Agent’s Return
Finally, prepare the client for the current agent’s reaction:
“Mrs. Jones, doesn’t it feel good to get extra insurance for free without spending more? When your Senior Heritage agent hears about this, they might call or visit. They’ll try to keep you, but you can always give them my number and I’ll handle it.”
Example Wedges
Term Policy: “I’m sure your agent explained this policy ends at 80 and you’ll have no coverage, right?”
Universal Life: “Did your agent review your policy annually to avoid issues?”
These questions make clients realize the shortcomings of their current policy without directly attacking the agent.
By using these techniques, you can successfully drive a wedge between the prospect and their current agent, closing more sales and boosting your success.
Josh Jones is an expert in the Final Expense market. Together with his business partner, Brandon Smotherman, they run Agent Autopilot, an AI Appointment Setting Automation CRM, focusing on a No Dial ACA System.
