Filling the sales pipeline with prospects is a critical activity for any insurance producer. You can then discuss their insurance program with them. Notice that I didn’t say “to whom can you sell insurance?” Your unique position allows you to make a positive impact on people’s lives. It is not uncommon for people to be uninsured.
Over the last ten years, lead generation has seen dramatic changes. These are some areas that were once the backbone of producers but may no longer be worth your time.
Lead purchase. For what you get, this information is now extremely costly. It is no longer possible to recommend the quality of information available.
Direct mail. Direct mail’s effectiveness is limited if it doesn’t have compelling “call-to-action” proposals or can tailor the information to each prospect. Postcards that are too large tend to be more noticed than letters. You will need to mail the same prospect multiple times in order to gain any traction.
Cold calling. While this is effective for commercial prospects, it’s a waste of time for personal line accounts. It is important to adhere to “do not contact” requirements.
These tactics are more appealing in this information age, where many people prefer to research online.
Make an online presence. What can people find out about you if they search for you? To build a reputation for being an expert, you can write articles or speak at local Rotary clubs and Homeowner Associations.
Use your consulting skills. Many of us have expertise or degrees in other areas than insurance. Give tips to prospects who work in companies where you are knowledgeable. Prospects are open to receiving good information and will want to do business with someone who “speaks their language”.
Provide value-added services. Everyone should keep a “personal inventory” for the unlikely event that something happens to it. However, very few people ever do. Even people in the insurance industry rarely do it. You can make a video of yourself walking around the client’s house, opening drawers and closets. This will help them recover much more money than if they didn’t have it. In the event that they don’t have a safe deposit box, fireproof safe or safe deposit box, offer to keep it.
Create a list of prospects. Select prospects that you are interested in doing business with. Learn more about them on their website. Bring useful information to their business with you and your contact information.
Take care of your clients. For your business to grow, strong retention is key. Your client retention rate of 80% is not enough to grow your business. You are losing 20% annually and your entire book every five years. Particularly clients with spheres or clients that generate a certain level of revenue, contact them. To find out if they are satisfied with your service, send them surveys. They will recommend you to others if they trust you and like you.
Produces add so much value to this equation. Insurance is complex, has its own language, and prospects’ insurance programs, which I see regularly, are often poorly designed. It is not the goal of your prospect to get “cheaper” insurance. It is important to insure people properly to protect their assets, and their specific situation. You can make a great career choice and feel good about your chosen profession if you do the right things for everyone.
