7 Sales Contest Ideas for Insurance Agents
7 minutes read
The day-to-day activities of an insurance sales agent are not easy. It involves constant hustling, networking, and, rejection before a sale is made. Also, it’s a pretty time-consuming process in the insurance market to find potential customers, get a meeting with them and get them to make a purchase.
If you are a sales manager at an insurance company, you will be well aware of the fact that it is difficult to maintain the same energy and enthusiasm throughout this sales process and especially during the weekends. So, how can you ensure that your sales agents are always motivated to give their best and achieve higher?
Creating a sales incentive program for them and conducting some interesting sales contests is the best way to get there. Below are 7 such interesting sales contest ideas for the insurance industry that managers can use to motivate agents and increase their performance. You’ll see the goal for each one, as well as how they work.
1. Refer a friend Drive
Goal: The goal here is to encourage your sales agents to reach out to the clients and try getting referrals from them.
Duration: 3 weeks
Winners: The agent who gets the highest number of referrals
Prize: A huge financial incentive
Want ideas on other kinds of incentives that you can offer your team? Check out these 23 Sales incentive ideas to keep your sales team motivated.
Contest Theme: Run this contest for 3 weeks and encourage your agents to reach out to as many clients as they can and ask them to refer their family/friends to get the insurance. Track the number of referral contacts that each agent gets on a live leaderboard. The agent that gets the highest number of referral contacts by the end of the contest period wins the contest.
2. Meetings Blitz sales contest
Goal: To get your agents to book meetings with as many potential leads as they can.
Duration: 3 days
Winners: The agent that books more meetings than everybody else by the end of the contest period wins the contest.
Prize: A huge amount amazon gift card
Contest Theme: Run this contest for 3 days and encourage all your agents to book as many meetings as they can with the leads in the pipeline. Track their progress on a live leaderboard. The agent who gets the highest number of meetings booked by the end of the contest period wins the contest.
3. Self vs Self
Goal: To let your agents compete with their own past performance for personal bests.
Duration: One month
Winners: The agent who substantially improves on a given metric over his past performance
Prize: Movie tickets for the weekend and dinner reservation at the best luxury dining restaurant
Contest Theme: This contest is particularly crucial for an insurance company as the insurance agents need to be constantly self-motivated and raise the bar for themselves. Have the agents work with their managers to choose key opportunities for improvement. Then, set benchmarks for the contest and track their progress over prior performance on a live leaderboard. The agent who has a substantial improvement in his performance when compared to his previous record wins the contest. This contest also helps in increasing the sense of personal ownership that an agent has over his or her performance.
4. Money Chamber
Goal: The goal of this contest is to fill the pipeline with new leads
Duration: One week
Winners: All the agents who achieve the target for lead generation or more than the target
Prize: A money chamber
Contest Theme: Did you know that an actual money chamber is available for purchase or rental? That’s right. Also, a money chamber contest will be pretty exciting for your agents as it involves catching flying money inside a chamber in a given time.
Run this contest for one week and ask your agents to fill the pipeline with as many new leads as they can during the contest period. Track the progress of each agent on a live leaderboard. Choose the top 10 agents who have hit or exceeded the lead generation target. Now, these agents get to stand in the Money Chamber and grab as much money as they can within 1 minute. This contest will create a compelling, public spectacle that your team will love to watch (and take part in).
5. Insurance Whiz
Goal: The goal here is to promote the sales of a particular type of insurance for a certain period of time. Let’s take health insurance for this contest here. But, you can extend this contest to promote the sales of various other types of insurances like– life insurance, property insurance, fire insurance, liability insurance, etc.,
Duration: 2 months
Winners: The sales agent who sells more units of health insurance than others in the team.
Prize: Financial incentive plus a t-shirt that says “Insurance Whiz” and has a picture of the winner printed on it.
Contest Theme: Run this contest for 3 months and encourage all your agents to actively increase the sales of health insurance. Track the number of units of health insurance sold by each agent on a live leaderboard. Declare the agent who sells the highest number of units by the end of the contest as the winner and give him a good cash prize and a cool “Insurance Whiz” t-shirt.
6. Holmes & Watson
Goal: Named after the famous detective pair, this contest also works with pairs. The goal of this contest is to get your agents to close the best sale while promoting peer-to-peer coaching among agents and improving their bond.
Duration: One day
Teams: Pair up a senior agent and a junior agent to form a team. Make such pairs with all your agents. This way you will be able to improve the bonding among your agents and provide a comfortable environment for your new agents to learn from her seniors.
Winners: The pair that closes the biggest sale in terms of revenue
Prize: The winning pair gets a huge cash bonus each and they will be entered into the annual president’s club trip. Refer to our incentives article to know more about the “President’s club” prize.
Contest Theme: Choose a pleasant, bright sunny day for this contest and pair up all your sales agents randomly– one senior agent with one junior agent. Have your agents pick chits from a glass bowl to make pairs. Then assign one potential customer to each pair. Then, have them all visit their potential customers and try to make a sale. The pair that makes the biggest sale (in terms of revenue) wins the contest.
7. Weekend Warrior
Goal: The goal of this contest is to encourage your agents to actively sell during the weekends and get insurance applications from the customers.
Duration: 3 weeks
Winners: The agent that consistently gets applications from the customers through all the weekends during the contest period.
Prize: The winner gets the next weekend off. Also, sponsor a short family weekend trip to a nearby good location for the winner.
Contest Theme: Run this contest for 3 weeks and encourage your agents to visit the potential customers during the weekend and get as many applications as they can from the customers. Track the number of applications that each agent brings in on a live leaderboard. The winner of this contest will be the agent who consistently gets applications from the customers through all the weekends during the contest period.
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Published on Fri Jan 10 2020