Insurance is a highly competitive industry that demands tremendous effort and patience for a newbie to succeed.
Over 90% of new agents quit the insurance business within the first year.
In this article, we walk you through the essential tips to attract more clients for your insurance business and increase your business book.
5 Killer Insurance Tips to Win New Clients
Below are the five tips to help your brand thrive in the insurance sector.
1. Prospect Daily
Prospecting can be challenging. More than 40% of insurance professionals say it’s the most difficult part of their job. But on the contrary, most agents ignore the importance of it. Research shows that leading sellers spend at least 6 hours per week researching their potential prospects.
So, to attract qualified leads for your insurance policies, set a time to prospect daily. Regardless of your activities, prospecting daily will help you bring the success you need.
Here are a few things you should do daily when prospecting:
- Generate leads
- Read local news, especially the business section and engagement announcements
- Give out business cards
- Create ideal prospect profiles
- Actively work on the call list
- Send customized emails
- Ask for referrals
2. Find a Specific Niche
Insurance sales can be daunting, especially if you have freshly started your career in it. Instead of learning a fraction about every kind of insurance, choose a specific niche and become a specialist in it.
Insurance agents who specialize in niches always have a competitive edge over others. They tend to capitalize more on their targeted referrals and increase retention rates. Finding a specific niche helps you grow faster in the insurance industry.
You can understand the issues your prospects face in a much more professional manner. Furthermore, it helps you find the best techniques to address your client’s concerns and provide adequate solutions, including customized insurance coverage.
3. Build Networks in the Community
Building connections with the right people at the right time is vital to any business’s success. Networking helps you bring new clients into the fold. However, going to similar recurring events may not be worth it as you catch up with the same individuals without adding new connections to your circle.
Rock the boat by attending events outside your insurance industry or niche to meet prospects, such as:
- Charity events
- Trade shows
- Meetup groups
- Local fairs
- Business seminars
- School-board meetings
In addition, you should volunteer with prominent nonprofits in the community, as it’s a perfect way to build solid and reliable connections. Besides, it also helps you:
- Engage employees
- Strengthen the brand reputation
- Attract more agents
Community networks greatly assist in developing your brand into a go-to company for communities whenever people mention insurance. Networking activity also helps employees strengthen their bonds and improve relationships.
4. Forge Relationships with Other Businesses or Professionals
Professional connections help you attract more clients. Establish mutually beneficial lead-sharing relationships with other business professionals who are not your direct competitors but cater to the same client base as yours.
Based on the insurance policies you sell, the professional can be:
- Mortgage brokers
- Real-estate agents
- Financial planners
- Car dealers
- Auto financing professionals
If you build healthy relationships with other professionals in your industry or niche, your prospective customers will begin to appreciate the efforts of pointing them to experts who can provide what they need.
In exchange, other businesses and professionals recommend your insurance services to their clients – a win-win for both.
5. Nurture Leads and Increase Sales
Everyone requires insurance at some point. Even if your leads aren’t ready to purchase the policy, nurturing will help you build a strong relationship with your prospects, eventually turning them into potential customers.
Not every pitch leads to sales; you must work for it by nurturing it. Don’t believe us? Believe the stats:
- Nearly 80% of new leads don’t translate into sales;
- According to one report, nurtured leads produce a 20% boost in sales opportunities than non-nurtured leads; and
- Lead nurturing helps businesses generate 50% more sales-ready leads at 33% lower costs.
Building better relationships with leads and taking them through customer journeys can create lifelong ‘loyal’ customers, increased conversions, and more sales.
Here’s how to get started with lead nurturing:
- Write compelling blogs and articles demonstrating your expertise and skill on various subjects like annuities, life insurance, health insurance, automobile insurance, and more;
- Make compelling educational videos that explain different policies in a fun way;
- Create unique webinars showing potential customers how a reliable insurance policy can solve their pain points;
- Send recurring emails with helpful risk management techniques and tips; and
- Connect your prospects on various social media networks such as Facebook, LinkedIn, etc., and share valuable content to attract more customers and increase your customer base.
Don’t forget to leverage email marketing. It helps you increase brand awareness, promote business news, encourage interactions and get more sales conversions.
Believe it or not, if you regularly send newsletters with valuable advice and tips to your prospects, sales will eventually follow. The key to success: become a well-known, friendly expert, and the business (sales) will come.
Consult Our Expert Agents for the Best Insurance Policy
While generating leads is essential for you and your business, ensuring your company is protected and secured with proper insurance policies is equally crucial. Our expert agents at John M Glover (JMG) Insurance agency can help you find the right policies that best meet your business requirements.
For more information, visit our website or contact us directly!