If you saw a quarter on the side walk, I hope you would pick it up. That is what selling travel insurance is like.
As a licensed life and health insurance advisor in the province of Ontario you have the capability to sell Travel Insurance. Whether they don't know how, don't know they can or just don't do it, many insurance advisors do not sell travel. You should. for the following reasons
1. Its a easy foot in the door.
2. Its low effort and will not distract you from high value activities.
Travel insurance is far more transactional than any other type of plan. There isn't much personal information involved, and for most travelers there are no medical questions. This means you do not have to be apprehensive selling to your friends. They should be buying coverage if they are going to Mexico - especially at $40- and why not help you out. Win - win scenario.
The pitch is very simple. If you hear anyone talking about a trip they want to take, ask them if they have travel insurance.
Yes > Great happy to know you are covered.
No > Ok. I sell travel insurance and can help you out.
Because it is so low touch and a topic that is infinitely more approachable and relatable than life insurance everyone becomes a prospect.
The processing of a Travel policy takes under 15 minutes. For the majority of buyers all you need is date of birth, travel dates, contact informaiton, and payment information. Do it once have most of their info save -do not save their credit card informaiton- so the next time is even easier. If they buy from you three times, they will buy from you forever. After a year or two you could have a stable of 20 - 30 loyal travel customers dropping you free money sporadically.
Travel will never get you rich, but it is the easiest form of insurance to sell and it keeps you active and talking to people when you do not have enough people to talk to.
The commission on a Single Trip Travel sale from one of the Canadian majors- the green one- is 15 or 30% depending on the customers age. For a young person taking a 7 day trip a travel policy costs around $40. The commission is about $6. Again this will never get you rich, but it will get you volume, it will get you practice, and it will get you talking to people. Seldom do people travel by themselves. Whether the trip is with family or friends, 1 travel sale can quickly turn into 3 or 4. Six bucks isn't a lot but $24 is dinner.
Here is a pro tip:
If you were entrepreneurial you could partner with an immigration lawyer or immigration consultant firm. Canada being a country that has depended on immigration to grow for decades now has a large section of the population that has parents abroad. Because of the risks to the healthcare system involved with bringing over uninsured older people for extended periods of time. This program is called the SuperVisa the Canadian government made emergency medical health insurance a requirement to move the risk away from tax payers.
Because this is a mandated product it creates an opportunity. Reach out to immigration lawyers to build referal networks. They need someone who cam process the business quickly. This type of plan sold through the green brand generates 35% commision and can cost well over a thousand dollars. If you find a few centers of influence you can create $350 in revenue in one phone call.
Travel insurance is often overlooked, but it is low effort and easy to sell. Good practice, an effortless value add, and can help keep your business going.
Photo by Eva Darron on Unsplash
