Effective product knowledge training is essential for new insurance sales agents. Here are 5 ways for your training to be the best.

When it comes to sales, product knowledge is critical. An insurance sales representative who understands the policies they offer inside and out can have more engaging conversations with customers and ultimately close more sales. That’s one reason that effective product knowledge training tips are so vital. Your team needs to better understand their products, so they can relay that information to prospects and customers.

Complete product knowledge will help your team sell more policies and generate more revenue for your business! And it’s good customer service. The better your agents can explain the different insurance products, the more informed and confident your clients feel in their decision to work with you. 

product knowledge training

Discover 5 Insurance Product Knowledge Training Tips to Help Your Agents Thrive

1. Understand Features and Benefits

The first step to product knowledge training is understanding the features and benefits of an insurance policy from the customer’s point of view. Knowing how the policy will benefit them specifically, regarding cost savings or coverage, is key to getting customers interested. Understanding customers’ questions about a product also helps you anticipate their needs before they even ask.

2. Customer Testimonials 

One of the most helpful resources for product knowledge training is real customer testimonials. By hearing directly from customers, insurance agents can gain insight into how policies work in the real world and how customers benefit from them. Testimonials also help insurance agents understand customers’ questions. You can see their thoughts and feelings during your company’s entire journey. If they are available, we recommend reading all customer testimonials.

If you’re a district manager, think about having your sales teams capture new customer testimonials from the previous year. It may be extra work, but they are worth their weight in gold.

3. Creating a Hub of Data

Sales managers should make it a priority to create a centralized system for sales training and company information. Such a hub would ensure that all sales reps are knowledgeable about the insurance products they are selling and give them the resources they need to have successful conversations with customers. A unified resource center can also streamline the onboarding process for new reps and provide access to honest customer feedback, helping them better understand how policies work in the real world. 

A centralized hub makes it easier for sales managers to monitor rep performance, track learning progress, and identify any weak spots in product knowledge or training. This data is especially important as customer expectations continue to rise and companies look for innovative ways to stay ahead of their competition. Finally, by creating this system of resources and data, sales managers can drive better results from their teams.

4. Create Specialized Training Plans

If you’re a district manager, could your sales managers create customized sales training for their new reps? A few of them could, but most would face an organizational mess. Having a product knowledge training platform can get new sales team members up to speed in no time. Many online tools offer product knowledge training for sales teams, from webinars with experts in the field to interactive quizzes that test understanding of concepts. In addition, having a unified onboarding curriculum is a thing to behold!

5. Role Playing as Product Knowledge Training Tool

We also recommend giving your team access to sample customer conversations so they can better understand how customers think about policies before making a decision. Role-playing is another effective way for sales reps to practice their product knowledge and build confidence when speaking with customers. By having other members of your team act out common customer scenarios and questions, you will help your new reps get comfortable on sales calls.

Putting Your Knowledge Into Action

Product knowledge training takes your insurance business to the next level. It can be a true paradigm shift for smaller insurance businesses. Of course, documenting processes and organizing information doesn’t happen overnight, but it’s worth the investment. This model of information accessibility and sales force training structure can help you manage and future-proof your teams.

Product knowledge training is one of many ways to make a difference for your sales teams. High-quality leads can also make a huge difference. At HBW Leads, we offer qualified exclusive phone leads to sales teams that want to take their sales to the next level. Since they’re exclusive to you and your team, you’ll never have to worry about beating a competitor to the call. Our leads are also interested in your insurance, so they are the perfect tool for new reps who’ve never closed a phone sale before. So start sending more quotes today with HBW Leads! 

HBW Leads will provide you with exclusive, warm qualified leads, and you’ll send out more quotes in no time! Sign up for HBW Leads today!