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5 Ways to Get Ahead as an Insurance Agent

Insurance Agent, Marketing

Life as an insurance agent is hard. Everyone is after the same demographic of prospects, trying to up-sell as many policies as possible, and trying to maintain their current client base. Below is a checklist of tasks that could help you stay ahead of your competition:

1. Mine a territory that no one has tapped into yet – Stay up to date on new developments in expanding cities. Obtain a weekly/monthly list of new movers from a list provider, or you can do your own research on developing areas through a city’s website. An example is North Canton, Ohio’s Department of Permits and Development:

2. Obtain an expiration list highlighting prospects that have renewals coming up – Most insurance policies only last one year, so agents have an annual opportunity to make offers to switch your customers. To combat this, try to get clients to sign longer contracts. This way when other insurance agents try to steal your clients by sending offers when they think the buying decision process has begun, they will have missed the mark.

3. Sell bundled packages – Once you sell a homeowner’s insurance policy, you can package a deal to provide auto and life insurance as well. Having a one-stop shop is convenient to prospects: one bill, one company. This is similar to cable companies offering bundled services which allow consumers to save money by receiving phone, internet, and cable through one company rather than multiple providers.

4. Anticipate changes in family status – For example, a newborn in the family will spur discussion about life insurance; a 14-year-old turning 15 will likely mean serious conversations about auto insurance. While this information is unavailable, you can make educated guesses regarding the family status of your prospects (e.g., homeowners under 30 will have a higher probability of having a newborn than older prospects). For targeting 15-year-olds who will begin driving soon, consider purchasing advertising space in a local high school’s newsletter.

5. Use your own math. If you knew how much someone was paying for insurance, you could tailor a marketing package highlighting a lower price, additional features, etc. You can accomplish this by performing your own math and determining the approximate insurance amount based on how long the owner has been in the house. Combine this with your knowledge of what a comparable rate would be at your firm and you might be able to highlight a lower rate.

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