medical sales representative job description (1)

Report on Selling and Sales Promotion

1 Prepared by Breaking Dawn

REPORT

ON

SELLING AND SALES PROMOTION

SUBMISS ION DATEO c t o b e r 2 4 , 2 0 1 1


Table Of content

Description Page Number

1.0 Personal Selling 6-9

2.0 Medical Sales Representative 10-20

3.0 Insurance Salesperson 21-28

4.0 conclusion 28



24th October, 2011

To,

Shahin Ahmed Chowdhury

Lecturer

Department of Marketing

Faculty of Business Studies

University of Dhaka

Subject: Submission of the Report on medical sales representative and sales person in insurance.

Dear Sir:

Here is the report as you have assigned. The report deals with the different procedures,

qualities, duties of salespeople and promotional programs. The issues include different level

of analysis & findings. The study team tried to prepare the report in such a way so that this

report reflects the insurance salespeople and medical reps. Thanks for your sincere co-

operation throughout the duration of the study. If you need further clarification on any issues,

please summon us any time at your convenience.

We, therefore, would like to request you to accept our report and oblige thereby.

Sincerely yours,

_____________ _______________

Afsana Ahmed Md. Minar Uddin

Roll:155 Roll:25

_________________ _________________ _______________

Wajahat Noor Radia Chowdhury Quazi Mahfuza Rahman

Roll:159 Roll: 133 Roll: 145



EXECUTIVE SUMMARY

A promotional strategy and tools used in pharmaceutical company and insurance company

are being prepared in attempts to interpret in-depth study. Personal selling is categorised as a

promotional method in which a salesperson builds relationships with a customer that results

in both parties obtaining value. Many small businesses are able to use personal selling to

maximum effect as they have the time to build relationships with their individual customers

and get a thorough understanding of their individual needs. This report helps us to understand

mainly the patterns of works a medical representative and sales people of insurance have to

perform. This report also gave us opportunity to have complete idea about Promotional

strategy and tools.



1.0 Personal selling

Sales force is directly responsible for generating sales revenue. Personal sales are the

deliverance of a specially designed message to a prospect consumer by a seller; usually it

comes in different forms such as:

Face-to-face communication

Personal letters

A personal telephone conversation.

Unlike advertising, a personal sales message can be more specifically targeted to individual

prospects and easily altered if the desired behavior does not occur. However Personal selling

is far more expensive than advertising and is generally used only when its high costs can be

necessary. For example, the marketing of a complicated computer system may require the use

of personal selling or the introduction of a new product to consumers. Ideally, personal

selling should be supported by advertising to support its impact. Personal selling is one part

of companies promotion mix, beside the advertising, sales promotion, and public relations,

Where advertising is whichever form of paid sales presentation that is not done face-to-

face. In general, if a product has a high-end component value and requires a manifestation of

its benefits, it would be appropriate for personal sales. There are different types of personal

sales persons. Such as:

Driver-salesperson

An inside order taker

An outside order taker

A missionary sales person

A sales engineer


http://www.123helpme.com/search.asp?text=sales

http://www.123helpme.com/search.asp?text=new+product


In personal selling, the salesperson and the business obtain value from a sale through the

financial return they receive when a customer makes a purchase. The customer's value is

realised through the benefits that they obtain from consuming the product or service that they

purchase. The objective of the salesperson shouldn't be to simply make a sale, but to make a

sale that benefits both the business and the customer.

Some of the advantages that personal selling provides to small businesses are:

reduced costs compared to other marketing tools such as advertising

pricing and benefits can be negotiated and discussed

ongoing buyer/seller relationships can be established

you can offer complex or custom products and services

The selling process is made up of a number of different stages including:

Prospecting

Making initial contact

Making a sales pitch or presentation and making an offer

Objection handling and negotiation

Closing the sale and follow-up

1.1 The 8 Step Personal Selling Processes

Personal selling is the most expensive form of advertising and to be effective one should use

a step by step process to gain the most benefit. Personal selling can adjust the manner in

which facts are communicated and can consider factors such as culture and behaviour in the

approach. They can ask questions to discover the specific need of the customer and can get

feedback and adjust the presentation as it progresses.



The Personal Selling Process

The personal selling process is a consecutive series of activities conducted by the salesperson,

the lead to a prospect taking the desired action of buying a product or service and finish with

a follow-up contact to ensure purchase satisfaction.

Step One: Prospecting - the first step in the personal selling process

The process of looking for and checking leads is called prospecting or determining which

firms or individuals could become customers.

Up to 20% of a firm's customer base can be lost for reasons such as transfer, death,

retirement, takeovers, dissatisfaction with the company and competition. A steadily growing

list of qualified prospects is important for reaching the sales targets.

Qualifying a prospect: It only becomes a prospect if it is determined that the person or

company can benefit from the service or product offered. A qualified prospect has a need, can

benefit from the product and has the authority to make the decision.

Step Two: The Pre-approach

This stage involves the collecting of as much relevant information as possible prior to the

sales presentation. The pre-approach investigation is carried out on new customers but also

on regular customers. Systematic collection of information requires a decision about

applicability, usefulness and how to organise the information for easy access and effective

use.

Step Three: The Approach

The salesperson should always focus on the benefits for the customer. This is done by using

the product's features and advantages. This is known as the FAB technique (Features,

Advantages and Benefits).

Features: Refers to the physical characteristics such as size, taste etc.

Advantages: Refers to the performance provided by the physical characteristics eg it does not

stain.



Benefits: Refers to the benefits for the prospect. Eg. Saves you 20% on replacement cost.

Step Four: The Sales Presentation

After the prospects interest has been grasped, the sales presentation is delivered. This

involves a "persuasive vocal and visual explanation of a business proposition". It should be

done in a relaxed atmosphere to encourage the prospect to share information in order to

establish requirements. Some small talk may be necessary to reduce tension but the purpose

always remains business.

Step Five: The Trial Close

The trial close is a part of the presentation and is an important step in the selling process.

Known as a temperature question - technique to establish the attitude of the prospect towards

the presentation and the product.

Step Six: Handling Objection

Handling Objections are often indications of interest by the prospect and should not be

viewed with misgiving by salespeople. The prospect is in fact requesting additional

information to help him to justify a decision to buy. The prospect may not be fully convinced

and the issues raised are thus very important. It also assists the salesperson to establish

exactly what is on the prospect's mind.

Step Seven: Closing the Sale

This is the last part of the presentation. Many salespeople fear the closing of a sale. Closing a

sale is only the confirmation of an understanding. Fear will disappear if the salesperson truly

believes that the prospect will enjoy benefits after the purchase of the product.

Step Eight: The Follow-up

The sale does not complete the selling process. Follow-up activities are very important and

are useful for the establishment of long-term business relationships. It is important to check if

the products have been received in good condition, to establish the customer is satisfied etc.



2.0 Medical Sales Representative

A missionary salesperson is someone who works as a manufacturer's representative and visits

the manufacturer's customers and takes care of details. A detail person's primary

responsibility is to promote goodwill by making sure that the manufacturer's customer is

happy with the product. His primary job is to increase business from current and potential

customers by providing them with product information and other personal selling assistance.

We have assigned to do our medical sales representative interview with the Renata limited.

So here we are giving a overview of Renata limited and their promotional strategies.

In our research about Renata’s missionary salesperson we found out that a missionary

salesperson of Renata Limited needs to have the following qualities:

Prospecting and qualifying: involve locating potential customers and finding out if

they are in a spot to buy. Prospecting, or lead-generation, can be as simple as asking

current customers for names of associates who may also be interested. Often Renata

Limited provides leads, but a really successful salesperson will also be able to

generate his own leads.

Approach: involves researching the prospective customer—often another company

(hospital) or doctors. The salesperson may read up on the company, talk to other

vendors, or study the overall industry. It is essential for a salesperson of Renata to

make a positive first impression while introducing him. It’s very important that the

missionary salesperson listen carefully to the prospect client and respond correctly.

Efficient in preparing sales presentations.

Ability to identify product needs.

Handling objections: Almost every customer will present objections to making a

purchase. A good salesperson is not nervous by these objections and handles them in

a positive and confident manner.

Sale—closing: some new salespeople are so reluctant to be perceived as aggressive

that they never try to close the sale. The customer may become annoyed and decide



not to purchase just for that reason. Customers must be given the opportunity to

purchase.

He should be responsible and be able to provide service anytime the prospects want.

He should possess good sense of humor to get attention of prospects.

He must be punctual

Efficient in collecting Sale—follow up.

2.1 Company Overview

Renata Limited shares the vision of being everywhere in the near future, which is related to

its present businesses. We call it related diversification. In its business level strategy,

differentiation is what they focus on. Tremendous ranges of product-mix and supportive field

the functional level these decisions are translated into practice, activity based accounting or

better inventory control system. Overall they seek for any of the following or the

amalgamation of these virtues: Quality, Innovation, Efficiency and Customer responsiveness.

2.2 Various Promotional Strategies used by Renata Ltd

Renata uses the following promotional strategies:

Direct Marketing

Renata expended 10% of total sales for promotional activities which falls under the category

of direct Marketing.



Sales Promotion

Sales promotion is one of the four aspects of promotional mix. (The other three parts of the

promotional mix are advertising, personal selling, and publicity/public relations.) Media and

non-media marketing communication are employed for a pre-determined, limited time to

increase consumer demand, stimulate market demand or improve product availability.

Examples include:

contests

point of purchase displays

rebate (marketing)

free travel, such as free flights

Sales promotions can be directed at the customer, sales staff, or distribution channel members

(such as retailers). Sales promotions targeted at the consumer are called consumer sales

promotions. Sales promotions targeted at retailers and wholesale are called trade sales

promotions. Some sale promotions, particularly ones with unusual methods, are considered

gimmick by many. Renata follows some sales promotion techniques which are as follows:

Price deal: A temporary reduction in the price for drug houses

Loyal Reward Program: for PSO, DSM, RSM

Cents-off deal: Price reduction is a percentage marked on the product

Price-pack deal: offer a certain percentage more of the product for the same price

Coupons: coupons have become a standard mechanism for sales promotions.

Loss leader: the price of a popular product is temporarily reduced in order to stimulate

other profitable sales

Gift, Literature

Conduct cycle program , document competitor analysis



Public relations

Renata also does some sorts of public relation. Public relations (or PR) are a field concerned

with maintaining public image for high-profile people, commercial businesses and

organizations, non-profit associations or programs. Public relations (PR) concerns

professions working in public message shaping for the functions of communication,

community relations, crisis management, customer relations, employee relations, government

affairs, industry relations, investor relations, media relations, mediation, publicity, speech-

writing, and visitor relations. Others define it as the practice of managing communication

between an organization and its publics. Public relations provides an organization or

individual exposure to their audiences using topics of public interest and news items that

provide a third-party endorsement and do not direct payment. Common activities include

speaking at conferences, working with the media, crisis communications, social media

engagement, and employee communication. It is something that is not tangible; this is what

sets it apart from advertising.

PR can be used to build rapport with employees, customers, investors, voters, or the general

public. Almost any organization that has a stake in how it is portrayed in the public arena

employs some level of public relations. There are a number of related disciplines falling

under the banner of Corporate Communications, such as Analyst Relations, Media Relations,

Investor Relations, Internal Communications and Labor Relations. PR professionals focus on

building relationships that help to establish rapport with publics. Public Relations

professionals must know how to write clearly, speak clearly, and think analytically. These

skills are necessary because in the field of PR there is constant communication between

professionals and their publics.

Personal Selling

A personal selling strategy works best for a complex, technical, unique, customized product

with a poorly informed client. That’s why our multimillion-dollar electronic imaging product

is perfect. It’s so complex and technical you need a trained, informed person to explain it to

its highly specialized customer. It’s likely to have to be customized for each individual sale,



and its client doesn’t have the time to read up on all the different ones on the market and why

yours is better (and is thus uninformed).

To address all of these unique needs, you have to design your personal selling strategy to

have three key elements: a knowledgeable salesperson or sales team, an understanding of

your client, and a sales structure designed to give the salesperson enough power to make an

irregular sale but still get rewarded for it.

The salesperson is the key to your personal sales strategy. So when you’re recruiting

salespeople, you should be willing to recruit the best and expect to pay them a premium.

There are two routes you can follow: You can hire someone with a good sales background

and teach them about the science (or product); or you can hire someone with a good scientific

background and teach them about sales. Usually, the choice you make will depend on how

complicated your product is and who your customers are. An electronic imaging product is

likely to be pretty technical, and your customer will likely be a doctor or a scientist, so you’ll

want a scientist to be your salesperson, both for credibility reasons and to give the customer

what they’re looking for. If the person buying your product is a hospital administrator, you

might think about hiring someone with sales experience instead, because the administrator

will be used to buying from no technical people and will likely be more bottom-line oriented.

Remember, also, that the salesperson is more than just a sales agent: They’re a research and

development tool. Their interactions with customers give you more information about what

modifications need to be done to your product than any other source. They’re market

intelligence (because they know what other products are being sold, and why) as well as a

way of making your own product more customer-oriented.

The Client Throughout the marketing section, we’ve used the phrase “Know your client.” It’s

just as important here as anywhere else. By understanding what your client needs in a

product, you can better give the salesperson the tools they can use to fulfill that need. By

understanding what a customer wants in a salesperson, you can tune your sales team to be

just that. Do they want a half-hour presentation or just a 12-second pitch? A customized

product they help design (and maybe write a paper on) or a ready-to-use product, in their lab,

tomorrow? Or maybe the purchaser isn’t the user at all: A hospital administrator makes the



purchase decision, and a doctor uses the machine. Understanding this will help keep you from

wasting salesperson time on selling the machine to the doctor, who’s not authorized to buy it

anyway.

Direct marketing

Direct marketing to patients as follows:

Since the late 1970s, direct-to-patient marketing of prescription drugs has become important.

Many patients will inquire about, or even demand to receive, a medication they have seen

advertised on television. In the United States, recent years have seen an increase in mass

media advertisements for pharmaceuticals. Expenditures on direct-to-consumer (DTC

pharmaceutical advertising) have more than quintupled in the last seven years since the FDA

changed the guidelines, from $700 million in 1997 to more than $4.2 billion in 2005,

according to the United States GAO (Government Accountability Office, 2006).

Various roles played by MPOs to enhance the sale

Marketing strategies are tailored after training into account competitor activities. You are one

of the best persons to inform the Marketing Department about competitor’s activities.

Submit a short report on competitor activities. There is no need to write in long sentences,

instead, just highlight the main points.

Prepare Tour Program:

Preparing a tour program helps identify specific geographic areas where your team members

would be working as well as coordinate with van delivery schedules.

Make a broad outline of the areas that a PSO would cover on each day using the prescribed

format.

Conduct Cycle Meeting:

The cycle meeting is important for three reasons:



First, it provides a forum for you to assess the progress of your team in

relation to other members in your region.

Second, because of the presence of your RSM and Product Managers, you can

improve your understanding on corporate strategy.

Third, the planning that your do at this meeting helps your RSM carry out his/

her own planning.

Set sales objective by taking three key figures for each Priority Products. These are:

Monthly target as provided by Head Office

Previous week’s deficits

Add your personal target to exceed the Budget

Coach the PSO/Sr. PSO/ PSM based on training needs identified during the weekly meetings.

Your sessions would typically include counseling, knowledge updates, detailing practice, etc.

Administer an examination on Product knowledge and Plan of Action (POA) as prepared by

Product Managers.

Developing Promotion Strategy

Renata Limited used developing promotion strategies as:



2.3 Medical Sales Representative Job Description

Medical sales representatives (widely referred to as reps) are a key link between medical and

pharmaceutical companies and healthcare professionals. They sell their company's products,

which include medicines, prescription drugs and medical equipment, to a variety of

customers including general practices, primary care trusts (PCTs), hospitals and pharmacies.

They also work strategically to increase the awareness and use of their company's

pharmaceutical and medical products.

Medical sales reps are usually based in a specific geographical location and specialise in a

particular product or medical area. They may also make presentations and organise group

events for healthcare professionals, as well as working with contacts on a one-to-one basis.

Typical work activities

In any setting, the process of selling involves contacting potential customers, identifying their

needs, persuading them that your products or services (rather than those of competitors) can

best satisfy those needs; closing the sale by agreeing the terms and conditions; and providing

an after-sales service. Medical sales representatives do all of this and more.



Tasks often include:

arranging appointments with doctors, pharmacists and hospital medical teams, which

may include pre-arranged appointments or regular 'cold' calling;

making presentations to doctors, practice staff and nurses in GP surgeries, hospital

doctors and pharmacists in the retail sector. Presentations may take place in medical

settings during the day, or may be conducted in the evenings at a local hotel or

conference venue;

organising conferences for doctors and other medical staff;

building and maintaining positive working relationships with medical staff and

supporting administrative staff;

managing budgets (for catering, outside speakers, conferences, hospitality, etc.);

keeping detailed records of all contacts;

reaching (and if possible exceeding) annual sales targets;

planning work schedules and weekly and monthly timetables. This may involve

working with the area sales team or discussing future targets with the area sales

manager. Generally, medical sales executives have their own regional area of

responsibility and plan how and when to target health professions;

regularly attending company meetings, technical data presentations and briefings;

keeping up-to-date with the latest clinical data supplied by the company, and

interpreting, presenting and discussing this data with health professionals during

presentations;

monitoring competitor activity and competitors' products;

maintaining knowledge of new developments in The National Health Service (NHS) ,

anticipating potential negative and positive impacts on the business and adapting

strategy accordingly;

developing strategies for increasing opportunities to meet and talk to contacts in the

medical and healthcare sector;

staying informed about the activities of health services in a particular area.


http://www.nhs.uk/


2.4 Medical Sales Representative Responsibilities and Duties

Check hospitals and health care facilities.

Present on sales to multiple decision makers

Develop and nurture client relationships

Set up strong relationships with key decision makers

Manage current business and present new products

Function as sales representative to hospitals and surgery centers

Function as primary sales contact and account manager or multiple institutions

Monitor and maintain marketing efforts directed at institutional clients

Develop and encourage effective promotional offers and sales campaigns

Develop marketing materials like case studies and product brochures

Sell medical products within hospital accounts and surgery centers

Handle diverse customer base within medical industry or hospital

Create new business within assigned territory

Market a line of medical device products into multiple levels of hospitals

Modify sales presentations content by studying sales outlet type

2.5 Interviewed Information of a sales representative of Renata

Limited

Each salesperson of Renata Ltd goes through a training program before starting their

fieldwork. The duration of such training program is 1 month. Renata also provides yearly

training program for making an efficient sales force. The training program covers the

following area:

Induction training

Field training

Refresher training

Special skill development training

Communication training

If a person is interviewing for a salesperson’s job in Renata Ltd he must be efficient in

understanding buying signals of prospects. Sometimes doctors do not communicate directly

rather they send signals such as talk about need of certain products. The salesperson of



Renata Ltd grabs the opportunity and gets buying signals. However, salespersons of Renata

are well dressed and are very acute in doing research about market drives. They regularly

pursue consumers and usually serve two spots a day. A certain salesperson of Renata has to

cover Dhaka Medical College area as well as Green road area’s hospitals the same day.

Renata’s salespersons have to do post call analysis every day. The more efficient they are the

better the chance they have for getting a promotion.

The process of selling is very dynamic. The prospect makes salesperson decide about which

technique to adopt. It varies from consumer to consumer. The salesperson must be very quick

to understand the norms of the customer and what he wants in order to convince the buyer.

Otherwise other sellers of the same brand stand in line for a shot at convincing the buyer. So

the competition is very high for the salesperson. The process starts with approaching the

doctor and initiating a conversation. The salesperson must utilize every second of his time to

convince the doctor. After describing product features and quality to the doctor he must try to

seal the deal quickly. If that is not an option he needs to be persuasive and keep pushing.

However, after sales follow up is another job of the salesperson as it helps the brand to

understand demand of sold products and scope for new products. At the end of each day a

salesperson of Renata Ltd needs to report to his immediate senior by phone call and also go

to the office and give daily report of sales approaches.

At Renata Ltd starting salary of a new salesperson varies from BDT 20,000-22,000. As he

works for the company it monitors his progress and based on his dedication towards selling

his monthly salary is raised. The salesperson is provided with monthly allowances such as

travel allowance and medical reimbursement.

As we interrogated the salespersons about their satisfactory level in job life they replied

affirmatively that they are happy with incentives and allowances of Renata Ltd. However,

they added “In our life it is not job for life, it is life for job.” In the end these words describe

it all. How they have to be on the edge all the time to make a sale as the representative of the

company.



3.0 Salespeople of Insurance

An insurance salesperson sells insurance policies. Some insurance salespeople sell just one

type of insurance, while others may sell several types. For example, one insurance

salesperson may sell life insurance only while others may sell life, disability, and property

insurance. Some insurance salespeople work for a single insurance company and only sell

that company's insurance products. Others are independent salespeople and sell insurance

offered by many different companies.

An insurance salesperson that chooses to sell life insurance helps people care for their loved

ones after death. These policies pay money to named beneficiaries when the policyholder

dies. Health insurance is another product an insurance salesperson may sell. These policies

are intended to help pay for medical care when necessary. Some insurance agents also sell

dental insurance, which helps meet the costs of dental care, and disability coverage, which

provides benefits if the policyholder becomes disabled.

Some insurance salespeople also sell property insurance, including policies that cover losses

caused by fires, theft, and other damaging events that can affect a home or business. An

insurance salesperson may also sell car insurance, helping people to stay covered in the event

of a vehicle accident. He may sell insurance that covers product liability claims or

malpractice suits as well. An insurance salesperson may sell insurance to individuals and to

businesses, or he may specialize in selling to a single type of client. In some cases, an

insurance sales agent may even sell mutual funds and annuities.

Besides selling different types of insurance, an insurance salesperson may perform other

tasks as well. He may offer advice concerning the minimization of risk, and he may even

offer financial planning services. Insurance salespeople also keep client records and generate

insurance-related reports. When necessary, a person in this field may remind clients that their

payments are due. If a client has been in an accident or experienced some type of loss, an

insurance salesperson may also advise him on how to submit his claim.

The requirements for becoming a salesperson may vary from place to place. Often,

companies that employ insurance salespeople prefer those who have earned college degrees.


http://www.wisegeek.com/what-is-liability.htm

http://www.wisegeek.com/how-can-i-find-reasonably-priced-dental-insurance.htm

http://www.wisegeek.com/what-is-an-insurance-agent.htm

http://www.wisegeek.com/what-is-property-insurance.htm

http://www.wisegeek.com/what-is-property-insurance.htm

http://www.wisegeek.com/what-is-life-insurance.htm

http://www.wisegeekedu.com/what-does-a-salesperson-do.htm


An individual may secure a job with only a high school diploma or its equivalent if he has a

talent for sales or related experience, however. In many places, a person must pass an

insurance licensing exam in order to sell insurance with a company or as an independent

agent.

3.1 Qualities of insurance salesperson

If you have ever contemplated becoming an insurance agent or wondered whether this career

path could be right for you, then there are several qualities that you will need to possess, at

least to some degree. All good insurance agents share some of the following core qualities in

one way or another.

People Skills

1. Puts the needs of the client first - An agent who is only out to earn a commission,

regardless of the needs of the client, is not likely to last long in the business. Agents

and brokers who listen carefully to what their clients and prospects say will be able to

earn their trust, which is the hardest part of their job. Those who are willing to put

their clients into a product that pays a lower commission because it better fits their

needs are much more likely to be successful.

2. Good customer service - Customers who are able to get a hold of their agents when

they need them are much more likely to stay happy and reassured. A timely response

to inquiries and phone calls is a must, and you must be able to do what you say you

will do, when you say you will do it - or at least have a good reason as to why you

can't. One of the major complaints of those who buy life insurance policies is that

there is no one around to answer their questions after they have purchased the policy.

3. Emotional intelligence - This includes the ability to listen and empathize with clients

on a deeper level in order to discern what they really want and need. A good agent is

tactful and knows how to help a client see financial reality clearly, even when the

client is dead set against it.



4. Passionate – Successful brokers are passionate about what they do. They enjoy

helping others prepare for the unexpected, so they believe in what they are selling.

Top-level insurance brokers must be on a mission to improve the lives of their current

and prospective clients. Their services can have a huge impact on the lives and

legacies of their clients – and on the lives of clients’ families and loved ones. A new

broker’s ability to convey the crucial nature of this work will have a huge impact on

his/her career.

5. Outgoing and empathetic – Introverts need not apply. Insurance brokers must be

outgoing and able to make prospective clients comfortable during the sales process.

They must be comfortable starting conversations and have genuine interest in their

clients’ peace of mind and financial well-being.

6. Able to handle rejection – Insurance brokers must deal with a lot of rejection,

especially early in their careers. Asking prospective clients to face their own mortality

or morbidity is a challenge. Many prospective clients will procrastinate and try to

postpone meetings, and some may even be verbally abusive. Successful brokers

develop resilience and realize that this rejection is not personal. One interesting

technique used by a former top agent to neutralize his fear of calling prospects was to

put a dollar value on each call. The agent realized that if he was earning $3000 in

commission a week and was making 150 calls each week, each call was worth $20.

To minimize his reluctance, he taped a $20 bill to the phone to signify the value of

each call. This technique doubled his revenue within a year.

7. Availability and Flexibility- As an insurance agent, your job will be to meet the needs

of your clients. Clients' needs are often tied to their own work and family event

schedules. The best insurance agents are typically those that can be reached at odd

hours and can provide appointments to customers at all hours of the day or night,

within reason.

If you are looking for an insurance agent, one of the most frustrating things in the world can

be getting stuck with an agent whose doors open at 8 a.m. and close at 4 p.m. Just like with

real estate agents or financial brokers, ask potential insurance agents what kind of schedule



they normally work in case you need to be able to get a hold of them. Determine whether

their company has a 24-hour helpline or if you will always have to wait until the next day to

get help. Above all, you need an agent who is willing to be flexible to accommodate your

scheduling needs.

Strong Personality

1. High energy level - One of the most important traits of a good insurance agent is that

they appear to be excited and eager at all times. A worn-down or dreary disposition

will immediately rub off on clients and discourage them from buying anything.

2. Persistence - This is perhaps the most vital quality of any good insurance agent. Those

who work in this field absolutely must be able to handle rejection on a daily basis

over the course of their careers, and do it with a smile. Good insurance agents

understand that each "no" only brings them closer to someone who will say "yes."

3. Honesty - Insurance agents who use deception to close business seldom stay with the

same company for very long - and can end up behind bars in some cases. A good

agent knows that telling the truth up front will win them clients' respect and trust and

is likely to lead to repeat business over time.

4. Goal oriented – The insurance industry can be monetarily and personally rewarding,

but it is filled with many long days and challenges. These challenges can be

physically and emotionally wearing unless brokers can set business targets that keep

them on track. The ability to set short-term, mid-term, and long-term goals will keep

energy levels high and help you deal with daily business challenges.

5. Organized – Top-tier insurance brokers have tracking systems to analyze their

production and administrative tasks. They can effectively keep track of when to

contact current and prospective clients. Success in insurance requires persistence.

Systematically keeping in touch with clients lets brokers provide better service and

uncover potential sales opportunities, such as the birth of a child or the purchase of a

new home.



6. Good Listeners – There is an old saying, “God gave us two ears and one mouth

because He wanted us to do twice as much listening as talking.” This adage definitely

applies to the insurance industry. Prospective clients will let you know their areas of

concern, but only if you encourage them by active listening. Remember, areas of

concern are opportunities to render service – and make a sale.

7. Communication Skills- Communication skills are essential to being a top insurance

agent. Agents who can successfully explain policies and policy details to potential

clients are likely to lose these potential customers who may be uneasy about the

agreement they are entering into. If you are a client seeking an insurance agent,

settling for an agent who cannot effectively communicate with you should not be an

option. Effective communicators are those who recognize that each person's

communication needs can be different and adjust their own style of communication so

that they can be understood by many different types of people.

General Knowledge

1. Wide array of products - As the old saying goes, if all you have to work with is a

hammer, and then everything in the world looks like a nail. A good insurance agent

will be able to offer a comprehensive selection of products and services that can meet

any reasonable need a client might have.

2. Technical knowledge - A good insurance agent knows much more than how to sell a

policy. The agent must understand the tax and legal aspects of the products he or she

sells and how they are designed to fit into a client's overall financial situation. Many

agents earn financial planning designations such as the Certified Financial Planner®,

Chartered Financial Counselor or other credential. Some agents practice financial

planning, income tax preparation or some other avenue of financial service as their

primary profession and then write insurance business when it becomes necessary.

These are just some of the qualities that life insurance agents must possess in order to be

successful. The life insurance business can be very challenging and immensely rewarding for

those who are willing to learn the necessary skills to build their business. For more



information on how to become a successful insurance agent, contact the recruiting offices of

a few different agencies or a headhunter who works with insurance agents.

3.2 Role of insurance salespeople

The main role of the insurance agents is to supply detailed information on a policy which will

be able to provide adequate help to the insured at the time of a loss or disaster or any inability

or death. There are various kinds of insurances like life insurance, health insurance, credit

insurance, home insurance, pet insurance, boat insurance and various others. So, it is

important for you to get all the details of insurance before buying it. The insurance agents

guide you in getting the best deal as per you needs. Before getting help from an insurance

agent, make sure that he is a member of insurance agents association PIA. This is because

PIA helps their members to stay informed and educated about the insurance policies and the

new updates on the policies.

Basic function of insurance agents

The following are the basic function they should perform:

Provide you with all the necessary application forms

Submit your application forms to the insurance company

Arrange with you all the medical tests and other associated formalities for buying an

insurance policy

Provide you with reminders about the premium payments and about getting the return

receipts

They are also supposed to help you make necessary changes in the address, and any

other information and so on

Help you with the whole process of the assignment of the policy

Assist you with any kind of loan applications and other associated formalities

The agents are also supposed to help you with reviving the policies that have lapsed



They are supposed to assist you in claiming the various benefits as and when required

Majority of the people who need an insurance policy manages to contact an insurance

company with the help of an insurance agent. The insurance sales agents are also known as

the producers. These agents also provide your ideas on how to avoid or minimize the risks.

So, you can get the help of an insurance agent if you are planning to buy any kind of

insurance.

3.3 Process of working

Make Product Appear “In Demand” or “Hard-to-Get”.

Insurance salespeople always present themselves and their product as “limited,” “scarce,” or

“in demand.” Why? People want what they can’t have. Repeatedly, persuasion researchers

have shown that human beings find more value in things that they have a hard time obtaining.

When customers feel an opportunity is about to be taken away or product is running out, they

want it more. Therefore, present your opportunity as “scarce,” “exclusive” or “in demand.”

Talk Losses, Not Gains.

Persuasion experts know that salespeople who learn to talk losses, not gains, will achieve

optimal results. In other words, rather than telling a prospect what he or she will gain by

using your product, tell them what they are going to lose by not using your product. This

strategy works because the pain of losing something that you already have is more intense

than the pleasure of gaining something you don’t have.

Insurance agents sometimes make the mistake of presenting insurance as a gain. “With this

policy you gain peace of mind,” they say. The better approach is to tell the prospect what

they stand to lose by not buying the product. “Think about all of the things that you currently

have—your new Cadillac, your expensive Asian rug, your beautiful new home . Without this

policy, you are at risk of losing all of those things.”

By talking losses, you effectively disrupt comfort zones and provide customers with the

motivation to act. Paint a picture of what the customer already has but stands to lose. This

approach creates a more motivating message.



Position Yourself as Someone Valued by the “Experts”.

When uncertain about what product to buy, human beings often look to the behavior of

others, especially experts, to determine their own course of action. This is why you often see

advertisements claiming that “four out of five doctors recommend” or, “the fine food experts

since 1969.”

Share their testimonials, advertise awards the business has earned, collect and share

comments of satisfied customers. Convince your customers that you’re the best by showing

them that the experts say that you’re the best.

4.0 Conclusion

Personal selling is categorised as a promotional method in which a salesperson builds

relationships with a customer that results in both parties obtaining value. Many small

businesses are able to use personal selling to maximum effect as they have the time to build

relationships with their individual customers and get a thorough understanding of their

individual needs. Personal selling requires some amount of personal contact between the

buyer and the seller. However, this contact does not necessarily have to occur face to face.

Personal selling can occur on the telephone, via video conferencing or even by utilising

internet chat and messaging. The key is that the buyer and seller need to be able to

communicate clearly and effectively with each other.


medical sales representative job description (1)

Documents