Are you looking to expand your insurance business? While there are many ways to go about it — from refining your prospecting methods to expanding your product offerings — simply presenting your product in a different way can help you grow the size of your target market, drive more prospects to your practice, and make it substantially easier to help people.

Repositioning your products in a new way will look different for everyone, but it always helps to study insurance producers who have successfully achieved growth in this way. We spoke with Larry McClean, President of First Financial Education Centers and owner of the registered trademark, Your Family Bank, to learn about how he created a new educational presentation that allowed him to write $1.4M in Target Life Premium within the first year of implementing his system and now helps him personally earn as a producer a gross annual revenue of $25M. Keep reading to learn more about Larry’s story and get some helpful tips you can use to reposition your own insurance business.

Tips for Repositioning Insurance Products

1. Solve a Needed Problem

During the Great Recession in 2008, it was clear that Larry needed to find a new source of income. Around that time he studied the concept of infinite banking in the book by Nelson Nash, and he noted that while the book had been available since 2000, no one had yet built a marketing and sales system around the concept.

Larry proceeded to create a presentation that didn’t target high net worth individuals — traditionally considered the Holy Grail of clients for producers — but, rather, middle America. That’s because he understood very well one of the greatest challenges for this segment of the population — debt.

Larry built an entire system under the name “Your Family Bank” with the purpose of helping others get out of debt. As a testament to how well he grasped this pain point, after his first presentation to 19 couples, 17 of them reached out to Larry for an appointment to talk about their debt and how to eliminate it using the tools they had just learned.

Before he implemented his new system, Larry’s client base previously hovered between the ages of 60 to 70. While he could still help this demographic, Your Family Bank expanded his pool of prospects exponentially. “I went from a pond of prospects to an ocean of prospects,” he says.

The most important deciding factor in crafting a system that will take off is whether or not it fills a need for your clients. The demographic you focus on — whether it’s small businesses or seniors — contains its own unique pain points. As long as you focus on your clients’ needs, your system is more likely to be successfully received.

2. Follow Your Passion and Purpose

At the same time, while it’s critical to position your business around solving the challenges of your target audience, you can only go so far unless your heart is in alignment. This is why it’s important to choose a problem you feel passionate about solving for others.

Perhaps there’s even a financial problem you solved for yourself — like getting out of debt when you were a single mom. Or paying off your college loans early. Not only will passion help you develop a more workable solution, but your enthusiasm and personal investment in the system will be evident to your clients. 

Alternatively, you may elect to target a specific demographic with your system, such as school teachers or female entrepreneurs, whose work is particularly meaningful to you. Like anyone, producers who are guided by a higher sense of purpose, are more likely to achieve success.

3. Position Your System Effectively

While a solid system for getting out of debt sounds like something nearly everyone would be interested in, it’s still important to know how to position your system effectively. After all, without proper marketing, no one will know your solution exists.

While crafting a quick elevator pitch is always handy when people ask you what you do, consider asking prospects an intriguing question or two that will generate interest. For example, Larry found that the two following questions had far more impact than anything he could think to say about his system:

• Are you one hundred percent sure you’re going to have a great retirement or do you have some doubt?

• What if I could show you how to get out of debt in nine years or less, including your mortgage, without spending any additional money than you’re currently spending?

4. Don’t Sell the Product — Sell the Outcome

The most effective systems don’t focus on the products but the desired outcome — whether that’s saving for retirement, making one’s business secure, saving for college, or getting out of debt. Whatever angle you take with your system, focus on the pains your clients are experiencing rather than the insurance you’re selling. After all, the product is merely a means to achieving an end.

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