Insurance Marketing – How to Get a Flood of Referrals From Competitors

Author:

Yes, I did say Competitors. This could be the ultimate strategy for insurance marketing.

My experience as a 24 year veteran in the insurance industry, specializing in commercial Property & Casualty has seen me encounter many referral marketing strategies. None of these strategies have been as rewarding or as successful as the one I’m about to share with you. As I write this, however, I feel a little hesitant. I feel like I’m giving away my “secret sauce” to an insurance company worth a million dollars. This information is the Golden Goose. You will become a successful P&C agent.

Sometimes insurance marketing is quite simple and straightforward if you take the time to plan and then actually implement it. This is a great example of this. It was a cost-effective and simple strategy that could set your phones ablaze with referrals. Since I was not able to witness the benefits of the referral method firsthand, and my phone lit up, I would have been skeptical.

A single referral strategy has brought in a lifetime’s worth of income for an independent agency in southern California that I am familiar with. This is not a small income. It’s a substantial one. This program is possible for your agency if you’re willing to stick with a plan, be honest, and target the right competitors.

ALSO READ  Exclusive Medicare Supplement Leads - How Valuable?

Which Competitors Should You Target?

You’re likely to have worked as an Independent Broker or Agent for a while and know that there are some direct writer agents in almost every state. You have huge opportunities because they have a large agency network. They also drive prospects to their phones with relentless TV marketing campaigns. The good news is that they are unable to write between 30-40% of the information they see each week. What do 90% of these agents do with the leads they receive? Nothing. You may lose your reputation and show the community your limitations by not calling them back. Who has the time to return a call from a phone line full of calls that you don’t have any business answering? It is important to know which direct writers agents are most likely send you a referral, rather than letting the prospect go. There are many reasons and effective ways to focus your attention on one direct writer agency plant over the other. There are thousands of them across almost every state. To make referral gold, you will only need to find a few key partners.

ALSO READ  Ensuring Your Income Is Safely Protected Is Now More Important Than Ever Before

Why would your competitor refer you?

There are many reasons. Once you have decided to generate referrals from competitors, your objective will be to highlight these obvious reasons. They will be able to solve the problem that all insurance agents have. This is the key to making your phones scream. It is possible to master it and communicate it to potential referral partners. Then, you will be able to generate a steady stream of referrals that you never imagined was possible.

Your competitors might be skeptical at first about why they should refer you. Be prepared with convincing proof. A plan that you communicate to potential referral partners will ensure they are protected in their interests will be necessary. Our plan has two key elements that have proven to be extremely successful. These elements are so powerful that our Direct Writer referral partners refer us to their clients, friends, and even other direct writers in the area. It is truly magical. Secret sauce ingredient #3

Five reasons why your competitors may refer you to their clients. Here’s a sample

ALSO READ  Everything you need to know about insuring an electric vehicle

Johnny, their 18-year-old son, just received his second moving violation. Their direct writer company demands that the child be removed from their policy or they will cancel the entire auto account. Your referral partner could lose the auto line as well as the umbrella, home, boat, or rental property if there is no way to effectively insure the young driver. Donny Direct Writer informs his client that he needs to take Johnny off the policy. He also advises him to shop for quotes for Johnny, as we are unable to help you. sorry.” What do you think will happen to this account? Ivan Independent Agent will be able to seize the entire account in less than one NY minute.

The agent who is a direct writer is driven to solve this problem, but he won’t unless he has someone like you. While some agents can solve the problem, others are unable to. The key ingredient in the secret sauce is knowing which agents are desperate to partner with an Independent broker. It is also important to know how to communicate to potential referral partners the five key situations in which they have been exposing clients to danger by not using your services.

ALSO READ  How to Get the Best Rates on Car Insurance in West Virginia

A Million Dollar Referral Recipe is Possible by Combining the Secret Ingredients

This article will provide enough information and strategy for the broker or agent who is looking to create a successful referral program. Once you have identified the five key situations your competitors require you to address, you can create a plan to secure your referral partners’ interests. Finally, you will know how to identify the best Direct Writer agents to target. You will be able to develop a home-run referral strategy that will pay you a steady income for the rest of your life.

All the ingredients to the Secret Sauce? Below is a link to the report: Insurance Marketing Secret Sauce Exposed-How To Get Referrals from Your Competitors.

To your success,

Steve Aylor

You can fill in the blanks to cut down your learning curve. Learn how we created a system that generates referrals daily, weekly and monthly over 42 years.