A short summary of your insurance agency’s products and services is called an elevator pitch. Your agency’s unique value proposition should be included. It must be presented in the elevator ride time of 30-60 seconds. It can be more difficult than most agents realize. This should be written, vetted and rehearsed and timed. Your insurance agency’s marketing strategy and prospecting efforts will be dominated by the elevator pitch.
Asking agents and agency executives to share their agency’s elevator pitch is a great exercise. You shouldn’t be surprised to see that the pitch can vary from one person to another. Is the pitch clear and concise? Is it clear about the agency’s expertise and products? The pitches did they even sound alike?
A few years back, I had the opportunity to meet with the senior management and executive team of a small business that employed less than 100 people. Each of the twelve people I met asked me to give me an elevator pitch about their company. Some were completely taken by surprise. Others were taken by surprise and sat thinking, unable to articulate an elevator pitch or describe their value proposition. There were many pitches that I heard.
Agency elevator pitches are a valuable digital asset. These pitches should be carefully vetted and scripted. They should also be practiced and preached. It is an asset because it is essential to the marketing of any agency. Every member of an insurance agency should be able, from receptionist to agent to customer service representative and executive team, to deliver their elevator pitch professionally and promptly.
A well-articulated and repeatable value proposition is the foundation of all your sales and marketing efforts. It should be a microcosm in your elevator pitch. You should not be able to communicate your value proposition in 30 seconds or more, and you should rehearse the idea before sharing it with others in your agency. After you have completed your value proposition, create a 30- to 60-second elevator pitch. You can practice makes perfect. Repeat both of these steps in your monthly sales meetings. It’s important that you note that your elevator pitch may differ depending on the target niche (e.g., P&C or Group Benefits).
These are some best practices for your elevator pitch about insurance.
- Keep it short – 30 seconds is better than 60 seconds (although you may not have 60 seconds).
- Empathy is key – You can say, for example, “We only work with New York contractors”, “We work with trucking companies that have 5 to 50 power units” and “We specialize in groups with 50 to 150 participants.”
- Verticalize – A vertical pitch makes it easier to distinguish your pitch and allows you to more clearly articulate your unique pitch. We insure restaurants that address their unique risks.
- Be different. Everyone says “save money” or “great service”. What are your top three unique distinguishing factors?
- Transfer enthusiasm! It takes belief to make them believe it.
- Close with a call for action – What’s the next step?
Let’s take a look at a sample pitch. It would last between 30 and 40 seconds, depending on the cadence.
Since over 50 years, we have been helping trucking companies with all their insurance and risk-related needs. Our agency has trucking experts in all areas, including specialty cargo, hazmat, group health, certificate fulfillment, HOS and owner operator services. We are able to offer creative coverages at the most competitive rates and protect our clients’ bottom lines due to our industry knowledge and extensive market access. Trucking insurance is one your most significant expenditures. Our creative coverage approach will meet your needs. We would be happy to meet with you for a 15-minute meeting to discuss your needs.
You might use industry jargon in your elevator pitch to convince potential clients of your expertise. It might also highlight your most valuable products and services, top distinguishing factors, or service-centric approach. No matter what your final elevator pitch contains, practice makes perfect. It should glide off your tongue easily. You only have 30-60 seconds to impress your prospect before they walk out of the elevator. If you miss this crucial moment, your chance may end up being lost forever.