8 Ways To Create Urgency in Insurance Sales

Insurance sales can be a challenging profession. You’re constantly having to convince people to part with their hard-earned money for a product that they may never need. And on top of that, you’re up against some stiff competition.

One of the best ways to stand out from the crowd and increase your sales is to create a sense of urgency. Urgency in insurance sales can be an especially powerful motivator. It’s what gets people to take action, even when they don’t really want to.

What Is Urgency in Sales?

Urgency is the feeling that you need to take action now. It’s a sense of time running out. And it’s often accompanied by a fear of missing out (FOMO).

When you create urgency in your sales pitch, you’re essentially trying to tap into those feelings. You’re trying to make your prospect feel like they need to buy your product now, before it’s too late.

There are many different ways to apply urgency to your sales pitch. We’re going to be focusing on some of the best ways to apply urgency for those that sell insurance products.

How to Create Urgency While Selling Insurance

1. Use Scarcity

One of the best ways to create urgency is by using scarcity. Scarcity is the idea that there’s a limited supply of something. When people believe that something is in scarce supply, they’re more likely to act quickly to get it.

In insurance sales, scarcity can be created in a few different ways. You could highlight that your policy has a limited number of spots available. You could also highlight that your company is only offering a limited-time discount.

2. Use deadlines

Another way to create urgency is by using deadlines. This is similar to scarcity, but it’s more specific. With deadlines, you’re giving people a specific date or time by which they need to take action.

For example, you could tell your prospect that they need to sign up for your insurance policy by a certain date in order to qualify for certain pricing or discounts. Or you could tell them that your policy has a limited number of spots available and they need to act fast before they’re all gone.

3. Use social proof (References)

Social proof, or references, is another effective way to create urgency. Social proof is the idea that people are more likely to take action if they see that others are doing it.

In insurance sales, you can use social proof by highlighting how popular your policy is. You can also highlight how many people have signed up for it or how quickly it’s filling up.

If you sell locally, or go cold canvassing, you can highlight local businesses who’ve purchased insurance from you, or neighborhoods that you’ve done business with.

4. Use testimonials

Testimonials are another form of social proof that can be used to create urgency. Testimonials are essentially positive reviews from past customers. They’re a great way to show potential customers that your product is popular and that it works.

When using testimonials, be sure to highlight the most relevant parts. For example, if you’re selling health insurance, you could highlight a testimonial from someone who was able to get coverage for a pre-existing condition.

5. Fear of missing out (FOMO)

Fear of missing out, or FOMO, is another powerful way to create urgency. And probably the most powerful urgency strategy in insurance sales, because it’s true and potentially, very painful.

Let’s say you sell life insurance. What happens if there is an untimely death and the policyholder didn’t have life insurance? The family is left to deal with the financial burden. This is a real fear that people have. And it’s a very powerful motivator.

When using FOMO, be sure to focus on the consequences of not taking action. For example, if someone doesn’t sign up for your life insurance policy, they need to understand their loved ones will be left on their own financially.

It can be a very touchy and emotional subject, and some decide to stay away completely from this. But the reality is – emotions sell, and so does FOMO.

6. Offer a freebie

Another way to create urgency is by offering a freebie. This is a great strategy for those that sell health insurance. You can offer a free health screening or a free fitness class.

The key to this strategy is to make sure the freebie is relevant to your product. For example, if you sell life insurance, offering a free health screening probably doesn’t make much sense.

It’s up to you to figure out if this is something worth trying for your type of product. I understand, however, for some it won’t really move the needle.

7. Urgency phrases

There are certain phrases that you can use to create a sense of urgency in your sales pitch. Phrases like, “act now,” “limited time only,” and “while supplies last” are all effective at creating urgency.

Figure out ways to creatively apply these to your product and you’ll be adding urgency without having to create complex situations that can backfire, or having to start offering freebies.

8. Create a sense of exclusivity

Another way to create urgency is by creating a sense of exclusivity. This is the idea that your product is only available to a select few. And if they don’t act now, they’ll miss their chance.

This is a great way to create urgency for high-end products. For example, if you sell life insurance policies that are only available to those that are wealthy, you can highlight that in your sales pitch.

Is Urgency Ethical in Insurance Sales?

The answer to this question is complicated, but it doesn’t have to be. On the one hand, urgency can be a powerful sales tool. It can motivate people to take action and sign up for your insurance policy.

On the other hand, some people argue that applying urgency can be unethical. They say that it’s a way to pressure people into making a decision before they’re ready.

And for others, it’s a bit of a blurred line.

The reality is actually a lot clearer. In fact, it’s pretty black and white.

It should go without saying, that using techniques such as scarcity, deadlines, or even FOMO, should absolutely be VALID and TRUE. The moment you start using false pretenses to create urgency is the moment you’ve crossed the line into unethical territory.

However, if these things are true and you’re just highlighting them in your sales pitch, then there’s nothing wrong with using urgency as a sales tool.

The bottom line is this:

If you want to use urgency ethically in insurance sales, make sure that everything you’re saying is true. If it’s not, don’t say it. It’s that simple.

Conclusion

When used correctly, urgency can be a powerful sales tool. It’s a great way to motivate people to take action and sign up for your much-needed insurance policy.

In all sales fields, you’ll need to learn how to effectively apply urgency in order to be successful. This is especially true in insurance sales.