Best Cold Calling Playbook for Insurance Agents

Cold calling is like the heavyweight champion of lead generation and sales in the insurance game. Despite the rise of digital marketing and automated outreach, nothing beats the old-school charm of a phone call and direct communications in building trust and converting prospects into clients.

Check this out: making just a dozen cold calls daily can boost your leads by 25%. And here’s a real eye-opener: Mailshake reports that 78% of decision-makers have said yes to meetings or events thanks to a cold call. So, it’s evident that the promising results of cold calling shine through when executed effectively.

However, success in cold calling insurance is not just about picking up the phone and dialing random numbers. It requires a strategic approach, preparation, and the right set of skills.

Source: GIPHY

 

Using the best practices and tips for creating insurance cold calling scripts in this article, you can improve your chances of forming genuine connections and skyrocket your insurance sales.

 

Understanding the Importance of Cold Calling

Cold calling has stood the test of time as a cornerstone of a successful sales strategy. Before the rise of the internet and digital marketing, it was the go-to approach for reaching new customers. Armed with phone books and directories, salespeople would dial up prospects, delivering their pitch with tenacity. This hands-on method, though labor-intensive, allowed businesses to connect directly with leads.

In contrast to cold calling, warm calling involves reaching out to prospects who have already shown interest in your product or service. These leads might have engaged with your company through website visits, email inquiries, or social media interactions.

The main difference between cold and warm calling is whether the prospect has shown prior interest in your product or service.

While both cold calling and warm calling have pros and cons, incorporating a strategic approach to cold calling can significantly enhance your outreach efforts if you focus on research, personalization, clear value propositions, and effective training.

Thanks to technology, cold calling sales processes are now more efficient. Auto-dialers, CRM systems, and advanced analytics have made them more targeted and data-driven. Yet, the essence remains the same: starting a conversation with potential customers to spark interest and boost sales.

Here are the cold-calling statistics for 2024:

   ➥ On average, it requires three cold call attempts to connect with a lead (Cognism’s 2024 State of Cold Calling Report).

   ➥ It typically takes two to three touches to engage a prospect, with 42% of top performers and 24% of other salespeople achieving success (RAIN GroupTop Performance in Sales Prospecting Benchmark Report).

   ➥ The average success rate for cold calls in 2024 is 4.82%, measured by the number of meetings booked from these conversations (Cognism’s 2024 State of Cold Calling Report).

   ➥ There’s a 75% likelihood of reaching the prospect on the first attempt (Cognism’s 2024 State of Cold Calling Report).

   ➥ The connection rate is 16.6% (Cognism’s 2024 State of Cold Calling Report), with cell numbers yielding the highest response rates.

Digital marketing, social media, and online ads are great for lead generation, but cold calling has unique benefits that digital methods can’t match. Phonexa’s Call Logic enhances these advantages by providing a powerful suite of tools, including call analytics, interactive voice response, predictive modeling, and call tracking.

Call Logic streamlines workflows and optimizes real-time campaigns, giving you deep insights into the customer journey and automating call routing. With phone calls still a vital lead source, Phonexa’s solutions ensure efficient call routing and lead distribution based on specific attributes.

Whether you’re focusing on cold calling, lead distribution, or affiliate campaigns, Phonexa’s eight powerful solutions have got you covered.

Direct Communication

The main benefit of cold calling for insurance marketers is an immediate, personal touchpoint. Unlike emails or ads, a phone call allows for real-time interaction, enabling agents to address questions and concerns on the spot.

Engaging prospects in real-time allows insurance agents to directly communicate and analyze behavior, improving call routing with call tracking software. This personalized approach is more effective than written outreach.

Building Relationships

Through conversation, agents can build rapport and trust with potential clients, laying the foundation for long-term relationships. Cold calls provide immediate feedback, offering valuable insights into the prospect’s interests and concerns. This quick back-and-forth helps agents refine their approach and address objections more effectively.

Targeted Outreach

Modern CRM tools help insurance agents target top-tier leads efficiently, keeping their efforts sharp. Cold calling scripts allow agents to tailor their pitch on the spot, making interactions more meaningful and effective compared to automated emails or ads.

Cost-Effectiveness

Cold calling stands out as a budget-friendly marketing option. It demands minimal tech and resources, making it viable for small agencies and solo agents. The potential payoff is huge when calls bring in new clients and boost sales.

Scalability

Cold calling can be easily scaled up or down based on the agent’s capacity and goals. With the aid of technology, agents can efficiently manage large volumes of calls, ensuring a steady pipeline of potential clients.

Mastering Cold Calling: Key Statistics

Three hundred twenty-one industry experts were surveyed collaboratively between Cognism and three other companies to gauge cold-calling performance. Here are key statistics shaping B2B marketing strategies, essential for insurance marketers to boost client acquisition and sales effectiveness:

   ➥ Businesses prefer voice calls to resolve customer issues (41%), close sales (29%), and schedule appointments (35%) (Hiya State of the Call 2022).

   ➥ C-level and VP buyers across industries prefer phone calls, with 57% preferring them, followed by directors (51%) and managers (47%) (RAIN Group Top Performance in Sales Prospecting Benchmark Report).

   ➥ Technology buyers (54%) show a higher preference for cold calls compared to financial services buyers (40%) and purchasing decision-makers in professional services (50%) (RAIN Group).

   ➥ 37% of Chief Strategy Officers are gearing up to explore new growth channels in 2022 (2022 Chief Strategy Officer Survey).

   ➥ According to Cognism’s 2024 State of Cold Calling Report, CEOs respond most to business calls.

   ➥ Buyers, both familiar and unfamiliar, exhibit receptivity to cold calls, with approximately 7 out of 10 accepting calls from new providers and 8 out of 10 from known ones (RAIN GroupTop Performance in Sales Prospecting Benchmark Report).

To optimize cold calling, focus on effective preparation, building rapport, handling objections, follow-up strategies, and script customization. Want to learn more about insurance scripts? Discover more with 15+ cold calling scripts for insurance agents, and enhance your efforts with Call Logic from Phonexa. It’s inbound call tracking software for sustainable operations, accurate ROI tracking, improved performance, and deeper insights into leads and calls.

15+ Insurance Cold Calling Scripts Proven to Work

It’s all about structure — a solid script for insurance must include three parts: an introduction, qualifying questions, and the close. Combining these elements gives you a flexible script that can be adapted for any insurance cold call. As the saying goes, “Strike while the iron is hot,” and ensure your pitch hits the mark.

Introduction	Start by introducing yourself to make the prospect feel at ease. Highlight potential benefits to keep them interested.
Qualifying questions	Inquire about the prospect’s needs and challenges with open-ended questions, steering clear of yes/no queries to gain nuanced insights.
The close	Your goal is only sometimes to close the sale on the first call. Instead, focus on securing a follow-up dialogue as a manageable outcome, outlining clear next steps while expressing gratitude for their time.

Insurance cold calling scripts follow a basic structure but vary based on the type of insurance, special offers, and the prospect’s situation. Here are seven examples:

The elevator pitch	“Our life insurance plans save families 15-20% on annual costs. Interested in learning more?”
Life insurance with a free quote offer	“Hi, Sarah. We’re offering free life insurance quotes in your area. Interested?”
Commercial insurance with existing plan	“Hi, Jonn. This is Lora from HelpInsurance. Can we review your current workplace insurance for better coverage or rates?”
Auto insurance when the prospect is in a hurry	“Hi, Bob. We’re offering competitive auto insurance quotes. Can I email you more details?”
Mortgage protection with existing coverage	“Hi, Alex. This is Jordan from SecureLife Insurance. Congrats on your new property! Can I review your mortgage protection policy to save you money?”
Income protection insurance	“Hi, Jamie. This is Taylor from Guardian Insurance. Income protection insurance ensures you receive income during unexpected illness or injury. Interested in learning more?”
Health insurance when age is a factor	For young prospects: “Hi, this is Kate from InsuranceHelper. I can help you find affordable health insurance as someone in your mid-20s. Interested?” For seniors: “Hi, this is Jordan from InsuranceHelper. I specialize in affordable health insurance for people over 55. Are you interested?”

The following cold calling scripts for insurance are tailored to meet the prospect’s needs and ensure an effective call. Check them out:

Auto Insurance Scripts

1. Sample Script for a Strong Introduction:

   ➥ Agent: “Hi John, this is Sarah from SafeGuard Insurance. Many drivers are overpaying for auto insurance without realizing it. Our company specializes in finding tailored solutions to save you money, John. Would you be open to a quick discussion to see if I can help you maximize your savings? Are you available to discuss this now?”

2. Sample Script for Building Rapport:

    ➥ Agent: “Hi Emily, I noticed you drive a Toyota Camry. How has your experience been with it? I understand that you want to ensure great coverage for your new SUV without breaking the bank. Let’s explore some options together that might work best for you.”

3. Handling the “Not Interested” Objection:

   ➥ Agent: “I completely understand, Mark. Many of my clients initially felt the same way, but after discovering they could save $500 a year by switching, they were pleasantly surprised. SafeGuard Insurance is committed to providing personalized solutions tailored to your needs. If you change your mind, know I’m just a phone call away.”

Income Protection Insurance Scripts

1. Sample Script for a Strong Introduction:

   ➥ Agent: “Hi Emma, this is Jack from Shield Insurance. Have you thought about how you would pay the bills if you could not work due to an illness or injury? Income protection gives you a safety net and peace of mind. Can we discuss this further?”

2. Overcoming the “I’m Healthy and Don’t Need It” Objection:

   ➥ Agent: “I hear you, Daniel — no one thinks they’ll need it. But did you know that 1 in 4 people become disabled during their working years? Having a policy in place is like wearing a seatbelt — you hope you never need it, but it’s there just in case.”

3. Closing Script:

   ➥ Agent: “Let’s protect your income so you have one less thing to worry about, Sarah. I can get you a quote in 10 minutes, and at this age, you can lock in a low rate. When is a good time for a quick call?”

Life Insurance Scripts

1. Rapport Building Script:

   ➥ Agent: “Hi Michael, tell me a bit about your family. Do you have young kids? Are you hoping to help them with college someday?”

2. Highlighting the Value:

   ➥ Agent: “It sounds like you have a great life with your family here, Michael. With a life insurance policy, you can ensure they stay in the house, and your kids still go to college, even if something unexpected happens to you.”

3. Handling the “I Already Have Life Insurance Through Work” Objection:

   ➥ Agent: “While that group policy is a nice benefit, it often isn’t enough, especially as your income and family grow. With your own policy, you can get the right amount of coverage, take it with you if you change jobs, and even access living benefits if needed.”

Health Insurance Scripts

1. Promotional Call Script:

   ➥ Agent: “Hi Jessica, I wanted to inform you about a special program for local businesses to get discounted employee health insurance rates. It’s only available for the next two weeks, and I thought it could be a great fit for your company.”

2. Handling the “It’s Too Expensive” Objection:

    ➥ Agent: “I completely get that. But when you look at what health insurance can save you if you have a major medical event, it’s an important investment. And there are many different plans available. If I could find an option that fits your budget, would you be open to it?”

3. Closing Script:

   ➥ Agent: “It sounds like having good health coverage is really important for you and your family, Jessica. Why don’t I assemble 2-3 personalized plan options, and we can quickly review them together? I want to make sure you have the best protection in place.”

Retirement Planning Insurance Scripts

1. Piquing Curiosity Script:

   ➥ Agent: “Hi Alex, do you know the three secrets to never running out of money in retirement? I just compiled a free guide explaining these strategies, including how insurance products can provide guaranteed lifetime income. I’d be happy to send you a copy.”

2. Overcoming the “I Have Plenty of Time to Plan for Retirement” Objection:

    ➥ Agent: “I hear you, Emily. Retirement feels far away. But did you know that to retire at age 65 with 80% of your income, you need to save 15% starting at age 25, but if you wait until 35, you must save 27%? The sooner you start planning, the easier it is. Let’s just have a no-pressure conversation about your goals.”

Voicemail and Follow-up Scripts

1. Effective Voicemail Script:

   ➥ Agent: “Hi Samantha, this is Brian from Shield Insurance. I was calling to share how we’re helping local families save an average of $1500 a year on their insurance while getting better coverage. Please call me back at 555-123-4567 – I’d love to see how much you could save. Talk to you soon!”

2. Follow-up After No Response:

   ➥ Agent: “Hi Michael, I left you a voicemail last week about ways to help you strengthen your retirement plan. I know you’re busy, so I wanted to email you quickly. I’ve attached a free retirement planning checkparagraph that you might find helpful. Let me know if you have any questions! I’m here to help.”

3. Additional Follow-up Message:

   ➥ Agent: “Hi, Emma. I just wanted to touch base again after sending you the retirement planning checkparagraph. Have you had a chance to review it? Feel free to reach out if you need any assistance or have questions. I look forward to hearing from you soon!”

These insurance sales scripts are designed to be direct, concise, and engaging, helping marketers connect with potential clients and effectively address their insurance needs.

Incorporating call tracking and distribution software further enhances customer satisfaction and maximizes conversion rates. It efficiently manages incoming calls and facilitates prompt responses. Phonexa’s Call Logic features include call analytics for data-driven decision-making and customizable IVR for the best queue system and personalized customer journeys.

Unlock the full potential of your leads with our other solution, LMS Sync, your golden ticket for efficient lead management. By incorporating cutting-edge call tracking and distribution software, it manages incoming calls and facilitates prompt responses, thus creating a seamless experience for businesses and their customers.

Managing all efforts becomes seamless with a single intuitive dashboard as part of a multi-channel marketing suite.

Build your plan or book a demo to harness the potential of Phonexa’s advanced solutions.

Enhancing Customer Satisfaction through Advanced Call Tracking Systems

Engaging customers via preferred communication channels, especially with effective cold calling scripts, boosts lead generation.

Explore how Phonexa can enhance your call tracking and performance marketing endeavors. Unlock a cost-effective solution for only $100 per month, encompassing a range of state-of-the-art solutions:

LMS Sync	Top-notch lead management system
Call Logic	Efficient call tracking and analytics platform
Cloud PBX	Reliable cloud phone system
Lynx	Advanced click tracking software
E-Delivery	Powerful email marketing tool
HitMetrix	Excellent user behavior analytics and CRO software
Opt-Intel	Effective email suppression list management solution
Books360	Flexible accounting software with integrated invoice generation

 

Cold Calling: A Time-Tested Strategy for Insurance Sales Success

In conclusion, while cold calling has evolved with technological advancements, its core value in sales remains significant, particularly for insurance agents. The ability to directly connect with prospects, receive immediate feedback, and build personal relationships makes insurance cold calling an indispensable strategy in the niche.

Through strategic scripts and modern tools like Phonexa’s Call Logic, insurance agents can harness the timeless effectiveness of cold calling to forge genuine connections, drive lead generation, and, ultimately, achieve sales success.

Build your plan to generate more qualified calls and leads, or book a demo to explore the platform more deeply.

Frequently Asked Questions

What is cold calling?

Cold calling is reaching out to potential customers who have yet to express interest in your products or services previously. Insurance cold calling involves contacting individuals or businesses to offer insurance policies.

Why is cold calling important for insurance agents?

Cold calling allows insurance agents to directly communicate with potential clients, build relationships, and expand their customer base. Pre-made insurance scripts can generate leads, make sales, and grow the business.

What should be included in a cold calling script?

A cold calling script template should include a strong introduction, a clear value proposition, a section for building rapport, responses to common objections, and a compelling call to action. The cold call template should also sound natural and conversational.

How many cold calls should I make per day?

The number of cold calls can vary based on individual goals and available time. A common recommendation is to make between 50 and 100 calls per day, but it’s important to balance quantity with the quality of each interaction.