Top 5 New Year's Resolutions for Insurance Agents

Fran Majidi January 5, 2024
New Year's Resolutions for Insurance Agents

Resolution #1: Call Existing Clients

Making contact with clients regarding renewals is what December means to most agents. Right up to Christmas, you should be having conversations to ensure customer loyalty and satisfaction.

But what about the rest of the year?

Make it a resolution to keep in closer contact with clients. More than ever, with customers able to compare rates at any time, you need to become a trusted ally who is on top of mind. Ask important questions. What issues has the client had? Were any claims filed? Was the process smooth or was the client frustrated? These sorts of issues can easily cause an existing client to jump ship if you don’t act fast to resolve them.

Reward your clients whenever possible, even if it’s with a small gift card. Every bit helps these days, and we show you how to do it cheaply! If a client has not filed any claims, can you reward that person with a discount?

Be thorough when you call, and don’t do it just to knock one more person off your to-call list. Really engage your customer and see how you can improve this client’s experience to ensure that they stay with you. Have their needs changed since you last spoke? Do they plan to buy a new car or new home? Are they remodeling? Downsizing? Make sure you’re asking the right questions so you can protect that client before someone else does. And don’t forget to ask, How’s grandma doing?

Resolution #2: Grow Your Virtual Network

Digital distribution is becoming the preferred method of finding car insurance, health insurance, home insurance and even life insurance. You can’t change this fact, and the trend is only increasing in popularity. Instead of fighting the market trend, why not benefit from it? Push away outdated biases against buying leads, which have helped thousands of insurance agencies stay afloat during this pandemic. That fact alone should tell you something very important: they work.

You may not like spending money on something that’s not guaranteed. We feel you, but you’ve got to take ownership of the leads provided to you and really hustle for each lead’s business. Otherwise, yes, buying leads will be a waste of money. So, if you’re prepared to jump on each contact with an immediate phone call and you’re prepared to organize your day so that when live transfers of shoppers are sent to you, you are ready to sell, you should buy leads.

Buying leads is probably the most cost-efficient form of marketing there is. You have one cost for each lead but that one lead serves multiple purposes. Not only can you sell that lead a policy, but that lead may open a new territory for you that you have not explored due to distance. That lead may also be a referral. That lead may need more than one type of insurance.

Studies show that the greater territory you cover, the more sales you make. Expanding into other states sounds like a lot of work, but it’s not so hard. We have tips on how to get a non-resident insurance license in other states. Once you do, you can meet shoppers from the comforts of home by buying good leads from a reputable source like SmartFinancial.

Resolution #3 Refine Your Elevator Pitch

First impressions are everything when you’re competing with the next guy. If you’re not hooking people and getting hung up on with no end in sight, consider your approach. Don’t just wing it. Think of it as a science. What pieces of information will win over a customer? Write them down. Charm isn’t a vital piece of information, but it may be the dressing to the main course. But first, consider squeezing in as many selling points about working with you into your elevator pitch.

Practice the pitch with close, honest friends who will give you constructive criticism. Don’t ramble fast and hard either. Keep it steady but memorize what things you must convey to win that client’s time. Because that’s all you want is to keep that person on the phone until they get a quote. You also want that person to trust you enough to take your advice once the quote has been delivered.

Edit and refine your elevator pitch until you’re sure it’s the best you can do to put an honest foot forward, show your expertise and your willingness to be an ally in protecting your client.

Resolution #4 Listen Differently

You may think you’re a good listener, but if you’re listening while considering what you should say next, you’re not actively listening. As a client tells you about changes in their life, you should be asking vital questions that will point to other potential insurance solutions than the one they were considering. You have to be the expert in the room, but you’re only as good as what you can cull from the client so as to sell. Listen deeply and ask questions to get as much information as possible.

Resolution #5 Invest in a Management System

Find a management system that you find easy to use. Ask your lead provider which they recommend if you don’t know where to start. A proper CRM will ensure timely follow-ups and create structure so you’re more organized. All your vital information about clients will be in here, so little tasks don’t fall by the wayside. Every task related to client is important. With the right management system you’ll be sure to follow through on all your responsibilities in a timely and efficient manner. We wish you a successful 2023. And we’re always here to help you grow.