When an individual or business wants to buy a policy, they could turn to any number of insurance agencies. If you run an insurance agency, it’s important to stand out. That way, prospects will immediately focus on your agency and what it has to offer rather than go somewhere else.

The key to making this happen is to ensure your insurance agency is unique compared to others. From a client’s viewpoint, their main focus is on obtaining excellent coverage at an affordable price. While that’s part of succeeding, you want to prove to them that your insurance agency adds value beyond that. Here are some tips for how to make your insurance agency more valuable to clients.

Talk to Your Clients

While that might sound like a given, surprisingly, many insurance agency owners and agents fail to do this very thing. As a good rule of thumb, whenever you talk with a client, whether in person, over the phone, or even via email, ask questions. The more information you can gather, the better you can serve them.

Remember, a conversation is two-sided. So, along with talking, make sure you spend time listening—really listening. Keep a notepad nearby or have your computer open so you can jot down notes from each conversation.

Also, any time you meet with a current or prospective client in person, stay aware of your body language and the tone of your voice. You want people to feel comfortable sharing information with you. So, give them your full attention and remain engaged at all times.

Maintain Accurate Client Records

From a client’s perspective, there’s nothing more frustrating than providing the same information to an agent over and over again. Remember the notes you took? Well, you can enter those, as well as a wealth of other valuable information, into your insurance agency management system. That way, you’re always prepared when speaking with the same client.

By having the information, you’ll quickly build a tight bond with your clients. They’ll realize that you listened and care enough to remember key information about them and their policy needs.

Beat Clients to the Punch

Another great way for your insurance agency to add value is to contact clients with new information about better coverage or savings before they reach out to you. Taking the initiative in this industry is a key to success. With the detailed notes that you took from your first meeting with a client, you’ll know the things to look for later on that could benefit them.

Make Your Services Convenient

In all fairness, buying an insurance policy isn’t like shopping for a new car. After all, people need insurance protection, making this a required purchase. In comparison, buying a new vehicle is exciting and fun. However, you can enhance the insurance buying experience by making your services more convenient.

For instance, offer your clients flexible hours. That way, they can visit your office early in the morning or later at night. Better yet, go to them. Because people must have insurance for many things, make the process of getting coverage easy. Existing clients and prospects will both appreciate your efforts and thereby choose your agency over another.

Educate Clients

Believe it or not, most people want to learn about insurance so they can make well-informed decisions. The problem is that many insurance agents use jargon that clients don’t understand. Take time to teach your clients about the different types of policies based on their specific needs using language they can relate to.

Unfortunately, some insurance agency owners and agents feel that giving clients too much knowledge equates to giving them too much power. That’s not accurate at all. You want your clients to understand the products you sell and why you recommend the things you do.

Multiple studies on this very topic show that educated clients have more trust in a business than those without an understanding of services. As stated, it’s important to build a strong business relationship with your clients, and this is one more way to accomplish that.

Make the Insurance Buying Experience Positive

Seriously, the more positive the experience, the more your clients will depend on you for insurance. This often includes small things, like ensuring that you can accommodate their schedule or that you’re setup to communicate with them using their preferred method (face-to-face, Zoom, phone, text, email, etc.). Make the entire experience about them, focusing the conversation on the benefits to themselves, their family, and their livelihood.

Summing It Up

For your agency to add value, you need to look at everything from the client’s position. What would they appreciate being added to their insurance buying experience? This will give you an entirely new perspective of the things you need to change.

When it comes to insurance, everything seems pretty straightforward. Agencies like yours sell policies of various types to both individuals and businesses. So, that makes it appear as though the premiums paid by policyholders are your only revenue stream. Right? Well, no. There are many additional opportunities for agencies to generate revenue.

Especially today, just about all industries deal with fierce competition. That includes the insurance sector. Especially after 2020, an increasing number of people recognize how important it is to have the correct type and amount of coverage.

On the one hand, that helps boost insurance sales. On the other hand, it’s not the only option available for growing your business. If you own an independent insurance agency, here’s your chance to learn about the various revenue streams and how you can maximize them.

Commissions

For independent insurance agencies, commissions are a big part of generating revenue. However, the revenue will increase not only as you build your client base but also if you opt to work with an aggregator.

By banding together with other independent agencies, you gain more access to markets and insurance carriers. Since this allows you to provide more options, it too will help grow your client base. As a result, hit ratios will increase, which bolsters both sales and commissions. So, to maximize this particular revenue stream, consider an aggregator.

Incentives Based on Growth

Here’s another way to boost profits. It’s common for all types of companies to use incentives as a way to increase sales, including those in the insurance industry. If you create a good plan, you can use growth incentives as another revenue stream.

For this, you need to establish an incentive that’s based on new business, as well as overall book growth. Keep in mind that insurance carriers typically only offer this to agencies that meet specific criteria for profitability and size and those that secure business with them.

Profit-sharing

This is another type of incentive that insurance carriers can give out, sharing a portion of their profits with agencies that meet certain requirements. The amount you can receive depends on several factors, including the insurance carrier contract. In most instances, this involves a combination of growth and loss ratios. Just remember that you’ll likely experience some fluctuation. That means there’s no viable way to budget for this or consider it a reliable revenue stream.

Even so, along with some more challenging years, your agency will likely have some excellent ones. Overall, the revenue gained from profit-sharing should end up in your favor.

Technology

You might think this sounds like an odd revenue stream, but with the right insurance agency management software, your agency can reach more prospects. Now, these aren’t just any prospects, but those targeted specifically for the type of insurance you sell.

Amazingly, many independent insurance agencies still use outdated systems that provide little to no benefits. However, if you rely on the right software, you can accomplish several things. First, this will help your agency run more efficiently. Second, it gives you access to more potential clients. Third, it opens the door to better communication.

A great software program can automate some of your tasks, saving both time and money. It also personalizes your approach to potential clients. The broader your agency’s reach, the greater the chance of growing your business. So, don’t overlook the possibilities that come from technology.

There’s yet another advantage to using insurance software as a revenue stream. Along with making connections with prospects, you can stay in touch with the clients you already have. So, as a new product becomes available, you can quickly and seamlessly introduce them to it.

Something else to consider is that the right software will make it easier for you to network with other insurance professionals. Building solid business relationships can increase your agency’s sales. For example, if an agent within the network can’t provide the coverage their client needs but you can, they can refer the interested individual or business to your insurance agency.

Reaching Beyond Standard Sales

Yes, the traditional methods your agency uses for marketing and sales are important. However, to maximize profits, you have many other opportunities. Especially when it comes to insurance, you need to get creative. While Jenesis can’t help with everything, we can provide you with superior insurance agency management software. Help your agency streamline its processes and make more money today.

 

For the past 10 years, teleconferencing has gained in popularity. Then, the COVID-19 pandemic hit. That’s when insurance agents started to use teleconferencing even more than they did before.

With so many businesses unable to have in-person meetings, this was the next best thing. However, recognizing how easy and convenient it is, a lot of insurance agencies recognized its true value. For that reason, many independent insurance agents feel that using teleconferencing should become normal practice.

While that sounds like an excellent idea, agents need to learn how to make teleconferencing successful. A few good decisions will go a long way toward securing new clients, selling products to existing policyholders, and networking with other industry professionals.

Helpful Tips

Below are some helpful tips that insurance agents can use to improve every teleconference, whether they’re meeting with clients, prospects, or colleagues.

Create and Distribute an Agenda

When having a more formal teleconference with agents in-house, an outside agency, or an insurance carrier, it’s essential to create and distribute an agenda. Not only does that inform everyone invited on the call about the topics ahead of time, but it’ll also keep the conversation moving along in an orderly fashion.

Now, if you plan to hold a teleconference with an existing client or prospect, you don’t need an agenda per se. However, you still want to have a list of specific things that you want to cover during the call. That’ll give you references to stay on topic so that you better manage the time you have.

Use The Right Software

While preparing for and during a teleconference, cutting-edge insurance agency management software will provide incredible value. With this, you’ll have immediate access to an abundance of information about the client or prospect that you’re meeting with. At the same time, you can store additional information gained during your conversation. For growing an independent insurance agency, you want to utilize the right software program. In addition to utilizing the right management system, you’ll need to select the right meeting platform for your agency. Zoom and Teams are two popular options.

Be Punctual

Especially as the host or hostess of a teleconference, you need to be on the call at least five minutes before the scheduled start time.

For instance, say you spent months trying to set up a time to talk to an important company about the products your insurance agency offers. Finally, they agreed to a teleconference. Getting on the call even a minute after the potential client could prove disastrous. After all, if you can’t be on time for an initial conversation, how will that company trust your agency to handle their insurance needs?

This could easily ruin your chance of securing them as a new client. Even worse, if that company shares what happened, it could affect your future business with other prospects.

Eliminate Distractions

One of the worst offenses in teleconferencing is to have some kind of distraction going on in the background. While some agents now work in the office again, many still conduct business at home. Regardless of your physical location, make sure you go to a quiet and isolated area to conduct business.

Sure, some people on the call might think your cat is adorable as it sticks its head in front of the camera. Some might also giggle when hearing your young child in the background telling you they need a snack. Unfortunately, not everyone involved in the teleconference would find either scenario amusing.

Wear Proper Attire

Again, with so many independent insurance agents working from home, it’s easy to get too relaxed. Regardless of who’s on the call, always dress to impress. That doesn’t mean you have to wear a suit and tie or a dress, but choose attire that represents you and your agency in a positive light.

Stay Flexible

While some teleconferences run seamlessly and end as scheduled, others don’t. Allow some extra time to answer questions or deal with issues. As an insurance agent, your clients don’t want to feel rushed. To cater to their needs, you want to stay somewhat flexible. The same goes for prospects. Showing that you’re willing to give them the time needed speaks volumes as to what they can expect from you as their agent.

Avoid Putting People to Sleep

Seriously, some business teleconferences are so boring that within minutes, the involved parties don’t hear a word being said. Now, that doesn’t mean you have to be a comedian; just try to keep things interesting! The best thing to do is be yourself. Talk to people on the call as though you’re sitting in front of them. Even when discussing an important topic, keep the conversation relatively light and avoid using insurance jargon.

Pay Attention to Visuals

Before starting a teleconference, look around and specifically behind you. Remove or hide anything that might come across as insensitive or offensive.

Making Every Teleconference Successful

It takes a lot of practice to become good at hosting teleconferences. However, using the provided tips will help you avoid potentially costly mistakes. For the clients you have, as well as those you’re targeting, it’s worth investing in an outstanding insurance software program.

Jenesis is a reputable and trusted source. Along with providing industry agency management software, we can design a professional website for your insurance agency and back up all your information to the cloud. Schedule a free demo, today.