Most independent insurance agents describe their early career as a period of significant long hours and streamlining while building their book of business. For independent agents, finding new clients can be hard work, even for those with experience.
Especially in a time when the economy is more uncertain than ever, it is more important than ever for insurance agencies to acquire new clients to help keep their revenues growing, with recent reports showing that about one-third of agents have encountered existing clients asking for reduced coverage to save money.
Whether you’ve been selling insurance for years or have recently started your own insurance company, you need to bring in new business to increase revenue and replace customers who have lost their policies. Here are five great ways to attract new customers and generate insurance leads.
1. Find your niche
Insurance agents often want to offer everything to everyone, but niche marketing may be a better strategy for increasing insurance sales. Focusing your marketing efforts on one business class can help you:
Gain insight into industry risks. Sometimes the dangers are obvious. But as you gain experience in a particular profession, your ability to assess risk improves.
Gain an edge over your competitors. Clients are more likely to choose an insurance agent who is an expert in their industry.
Improve your standing. Providing clients with the right insurance policy at a reasonable cost is a great way to earn a reputation as the agent of choice in your industry.
Get referrals. As your reputation grows, more clients are likely to send you new leads.
To choose a specialty, start by researching the types of businesses common in your area. It may help to join industry associations, read trade magazines to stay up to date on important issues, and focus your networking efforts on people in the industry.
2. Build a network in your community
You already know that networking is critical to attracting new customers. However, attending the same recurring events may end up putting you in front of all the same people. Meet potential clients by attending events outside of the insurance industry, such as
Networking groups
Trade shows
Local fairs
School board meetings
Charity events
Business Seminars
You can also volunteer with a nonprofit organization in your area. This is a great way to make connections, but it can also:
Attract employees
Enhance your reputation
Attract new agents
Community connections make your business a top choice when someone mentions insurance. Plus, the event will bring your employees together and give everyone a boost.
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3. Daily Outlook
As a new agent, you’ve probably spent a lot of time soliciting business. As your residual income begins to roll in, your sense of urgency may have faded.
No one expects you to spend half a day looking for new business. But prospecting is necessary to keep your organization going. Set aside one hour a day for:
Read the local news media. Pay attention to the business section and also check out the engagement announcements. Both may hold sales opportunities.
Generate leads. Put an email address request feature on your website, such as a newsletter sign-up or a “get a quote” button.
Cold calling isn’t dead, it’s just unpleasant. Scripting and timing are some handy tips that you can use to improve the results of your insurance sales calls.
Give extra business cards. Offer business cards to new clients and ask your existing clients to share your contact information and phone number with other prospects.
Be your own prospect. Make sure your friends, family and existing clients are aware of the types of insurance products and advice you offer.
To increase the return on your leads, be sure to listen to the prospect and address any questions or concerns. Be prepared to explain why they need insurance and how it will save them money in the long run.
4. Collaborate with other professionals
Reach out to professionals who may be interested in similar clients. For example, you may want to build a prospect-sharing relationship with
Real estate brokers
Mortgage brokers
Financial planners
Accountants
If you build relationships with other professionals in your field, your clients will appreciate your ability to direct them to the experts who can provide what they need. It’s also a win-win when other professionals send new clients and prospects to your business.
5. Nurture your prospects
It would be great if every pitch led to a sale, but the insurance industry rarely operates in this manner. That’s why it’s just as important to generate leads as it is to nurture them. Create a system that keeps your agency on top of the game while enhancing the value you place on their business. To do this, you may need to:
Write blogs that showcase your expertise in areas such as life insurance, annuities, health insurance and other insurance needs
Create short educational videos that explain different policies.
Offer webinars that show how insurance can address their concerns.
Send regular emails containing valuable risk management strategies.
Connect with your insurance customers on social media sites such as LinkedIn and post useful content to expand your customer base and get more people to know your insurance company.
Don’t underestimate the power of email marketing. If you send out newsletters full of helpful tips and advice, sales should soon follow. That’s the key to success: become a friendly, well-known expert and new business will come to you.
Use Insureon to Find Quotes from Trusted Carriers
While developing clients for your insurance business and helping them find coverage is one of your top priorities, it’s also important to make sure your own agency is covered by the right insurance policy.
Complete Insureon’s simple online application today to compare business insurance quotes from top U.S. carriers. Once you find the right policy for your small business, you can begin coverage within 24 hours.
