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Segment overview

Using insights for effective selling�March 2024

In this deck:

Why use segments?
Deep dives: top-3 segments by volume

Premium Protectors
Budget clients
Older clients

Segment cheat sheet 1-pager

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Customize to the customer

Mirroring is a classic sales technique that builds rapport by mimicking select characteristics of potential clients in order to build trust fast.

Your goal:

Adjust your approach* based on who you’re speaking to.
Accelerate this process by using a general understanding of characteristics the person on the other end of the line might have.

Mirroring will help you:

Put clients at ease
Break down barriers
Facilitate more meaningful conversations

*Each person is, ultimately, unique and these segment generalities are meant as a starting point, not a script. Try to use this info to get a head start, then use what you learn on the call to customize to the customer.

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But why bother?

No one segment makes up even 1/3 of volume at OFC.

Top-performing agents already do this.

Improving segment performance brings up profitability

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Deep dives: Top 3 segments by volume

Premium Protectors�Budget�Older

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Premium Protector clients

24% of app volume at OFC

48% of Premium at IF

How you can help them

Project experience + professionalism

Lead with reality vs. expectations

Meet them where they are

Lay out options

Be prepared to explain and field questions

Strategically lend driver’s seat

Who they are Under 55 years old Higher-income, married, usually dual-earners Most have kids or plan to Homeowners, often big mortgages Professionals, usually directors/senior leaders Value their time highly They feel (& like feeling) smart and capable
Where they are with life insurance Most have some coverage through work While smart, uninformed about process Visit sites like Pg to understand options High-intent, but they feel time is on their side Motivated by a sense of responsibility Tend to max 401(k) and have diverse portfolio
Considerations, pain points, and blockers Longer and more involved search than others Likely to thoroughly explain roadblock challenges early Like being in control / hands-on May procrastinate trying to optimize decision Want a seamless, fast process

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Applied learning: a Premium Protector SDR Call

Jess Mena

Project experience + professionalism

Lead with reality vs. expectations

Rapport: meet them where they are

Lay out options

Explain and field questions

Strategically lend driver’s seat

00:20: Project experience + professionalism Followed up with customer over the phone after he emailed questions
01:15: Explain and field questions Explains question by leaning into hypothetical example where client would be able to change coverage amount within policy term at issue age
01:30: Strategically lend driver’s seat Reassures customer as customer rehashes what’s been shared; responds with “correct” to make customer feel that they understand policy details
01:49: Lay out options Provides another hypothetical example to demonstrate how reducing policy by half would drop premium - customer is happy to know
03:05: Lead with reality vs. expectations Offers to go over successive policy details vs. renewing existing policy on phone but also send an email detailing the math so that they can review with spouse (Rapport: meet them where they are)
04:05: Strategically lend driver’s seat Patient with client as he gets his computer out to repeat back everything he’s heard;
05:45: Project experience + professionalism walks through specific hypothetical figures shared earlier in the call + upsells by encouraging concurrent/successive policies vs. renewing for extended coverage; gives monthly hypotheticals for total costs
07:05: Rapport: meet them where they are Customer apologizes for his OCD and Jess relates; they share a laugh
09:20: Closes by reassuring that moving forward with a bigger policy now and then reducing later without re-evaluation is a good option, and that he and his spouse are completely in control

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Budget clients

How you can help them

Meet them where they are

Be confident, not pushy; they’re skeptical

Lay out options

Advise based on data

Surprise and delight whenever possible

29% of app volume at OFC

24% of Premium at IF

Who they are Under 55 years old Same life stage (kids, mortgage) as PPs Cash flow more constrained More likely to smoke or have health issues
Where they are with life insurance About half are first-time buyers May be weighing whether LI is right for them Less likely than PPs to have financial advisor Less likely to have diversified assets Come to site like Pg to understand options
Considerations, pain points, and blockers Weighing costs vs. more immediate expenses Looking for lowest possible price Disclosing personal information a barrier Skeptical of the industry Not used to working with financial pros For those with adverse health, sticker shock

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Applied learning: a Budget Conscious SDR Call

02:09: Meet them where they are Reassures customer in understanding concern around monthly premium; mentioned due diligence in checking for alternatives
03:10: Lay out options Educates customer on whole life vs. extending policy with carrier after customer expresses concern about what happens once coverage term expires
03:30: Advise based on data discloses that there are pros and cons to whole life vs. term life; follows up by advising term life based off of needs customer previously shared with sales agent
05:23: Be confident, not pushy Ends with rehashing policy details and reassures policy is best possible option

Albert Reyes

Meet them where they are

Be confident, not pushy

Advise based on data

Outline options

Surprise and delight

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Older clients

How you can help them

Share compassion for pricing and process challenges

Drive next steps

Be respectful, deferential, and personable

Offer flexibility

Underscore support along the way

Surprise and delight whenever possible

23% of app volume at OFC

20% of Premium at IF

Who they are Over 55 years old Established financially Lower mortgage balances Less likely to support children Higher savings More health issues
Where they are with life insurance Repeat, experienced shoppers Very price-focused May be having sticker shock Deciding whether life insurance is right for them
Considerations, pain points, and blockers Previously low rates now high for them Focused on getting best price Skeptical of insurance companies Skeptical of third parties / added fees More likely to have longer UW process

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Applied learning: a 55+ SDR call

Tara Ostrander

Compassion for pricing and process

Drive next steps

Respectful, deferential and personable

Offer flexibility

Underscore support

Surprise and delight

01:00: Respectful, deferential and personable Wishes husband a happy belated birthday after customer shares spouse details
01:47: Compassion for pricing and process Understands why customer is frustrated due to scheduling oversight from previous agent RE: spouse’s app + app completion reminder emails; communicates that changing date internally will lead to more unwanted notifications and opts to leave file untouched, but makes internal note that app will not be complete by designated date
02:00: Offer flexibility Tells customer that it’s okay if spouse needs more time - “When he’s ready, he can pick right back up from where he left off. It’s really no problem at all”
02:38: Compassion for pricing and process Gives credence to customer’s confusion about carrier’s online questionnaire and preference to complete on the phone
03:09: Underscore support Redirects customer to dedicated carrier helpline that should’ve been sent to customer’s email; offers to resend email so that it’s easy for customer to find
03:20: Compassion for pricing and process Dilutes confusion between carrier’s automated calls and Pg comms
03:45: Drive next steps Begins closing by outlining action plan for customer to call carrier on day that customer is available; clarifies that customer needs to call carrier helpline, not Pg
03:58: Underscore support Puts note in customer’s file for day customer will revisit questionnaire over the phone so that Pg would be on standby if customer needs more assistance

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Recap

Customize to the customer to build trust fast and put clients at ease
Adjust your approach based on who you’re speaking to
You can help Premium Protector clients by ...

Projecting knowledge & experience.
Strategically lend driver’s seat.

You can help Budget clients by…

Meeting them where they are.
Advising based on data.

You can help Older clients by…

Showing compassion for pricing and process challenges
Underscoring support along the way.
See also Isaiah’s excellent resource on improving 55+ conversion

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	Segment overview	Try to…
Premium Protectors 25% of volume at OFC �48% of premium at IF	Under 55, married, high income earners. They value their time highly, and put a premium on an easy, streamlined process that asks little of them. Their intent is high, but they don’t feel it’s urgent; they’re motivated by a sense of responsibility (mortgage, kids), rather than fear of illness or death. They feel smart, but not informed, and are used to being in charge in the workplace.	Project experience, professionalism, and confidence: they resonate with a knowledgeable presence and soft skills. Lead with explaining the “why” behind premium adjustments post-underwriting. Lay out options to evoke transparency. Drive a recommendation and be prepared to explain your rationale and field follow-up questions. Strategically seek out opportunities to lend your driver’s seat to them - make them feel like they are in control.
Budget 29% of volume at OFC 24% of premium at IF�	Under 55, married, middle and lower income earners. They have more demands on their budget/cash flow, and may be weighing whether life insurance is right for their goals given their total financial picture. Motivated by life stage (mortgage, kids) and want to find lowest possible price.	Meet them where they are: sympathize with sticker shock. Confidently convey policy facts to echo professionalism but don’t be pushy, as they are skeptical of being bamboozled. Preemptively outline options with hypothetical coverage examples without being prompted. Share data-driven advice. Find ways to surprise and delight whenever possible.
Older 24% of volume at OFC 20% of premium at IF	Over 55, any marital status, any income. Older shoppers are more experienced, confident, and swift to act than younger ones. They are less likely to be first-time buyers and more likely to be experiencing sticker shock as their new prices at this age will be much higher than their prior coverage. They may not be convinced life insurance is right for their goals given their total financial picture and the higher price point.	Have compassion for higher-than-expected prices and process challenges. Be respectful, deferential and personable while communicating. Clearly drive next steps. Offer process flexibility. Underscore support for them along the way, even post-carrier handoff. Find ways to surprise and delight whenever possible. Also: use Isaiah’s excellent resource on improving 55+ and FE conversion
Unmarried Premium Protectors 8% of volume at OFC 6% of premium at IF	Under 55, not married, high income earners. They are more likely than other segments to get advice from financial professionals, and are somewhat less likely to have children than their married counterparts.	Adjust based on information shared: they may be in a somewhat different life stage than the Premium Protector, but are likely otherwise similar. Project a knowledgeable presence + soft skills. Be prepared to explain your rationale and field follow-up questions.
Unmarried Budget 12% of volume at OFC 3% of premium at IF	Under 55, not married, middle and lower income earners. They’re more likely than other segments to have a misunderstanding of what life insurance can and can’t do for them: 3x more likely than Premium Protectors to say they’re interested in getting life insurance to ‘build long-term cash value.’ They may be evaluating whether life insurance is the right product for their financial goals.	Have the heart of a teacher. Be confident, but don’t condescend. It’s important to guide them without making them feel run over. Guide them to a needs based conversation and be consultative.