5 ways to get more clients for your insurance business
Most independent insurance agents describe their early careers as a lot of long hours and lean times while they build up their portfolio. But the struggle to find clients doesn't necessarily disappear over time. In fact, 37% of agents list "finding new business" as their top challenge.
Even if you've been selling insurance for years, you need to bring in new business to increase your revenue and replace clients who drop policies. Here are five top methods to attract new clients.
1. Find your niche
Insurance agents often want to be all things to all people, but niche marketing may be the smarter strategy. Concentrating your marketing efforts on one business class can help you:
- Build deep knowledge of an industry's risks. Sometimes the perils are obvious. But as you gain experience with a specific profession, your ability to evaluate risks improves.
- Gain an advantage over competitors. Clients are more likely to choose an insurance agent who is an expert in their industry.
- Raise your standing. Getting clients the appropriate policies at a decent cost is a good way to get a reputation as the go-to agent for the industry.
- Earn referrals. As your reputation grows, more clients may send business your way.
To choose a specialty, start by researching which types of businesses are common in your area. It may help to join trade associations, read industry magazines to stay current on important issues, and focus your networking efforts on people in that industry.
2. Network in your community
You already know that networking is essential for bringing in new clients. However, going to the same events may just get you in front of the same people. Shake things up a bit by attending:
- Meetup groups
- Trade shows
- Local fairs
- School board meetings
- Charity events
You might also volunteer with a nonprofit organization in your area. It's a good way to make connections, but it can also:
- Engage employees
- Strengthen your reputation
- Attract new agents
Community connections make your business the go-to when someone mentions insurance. Plus, the activity will draw your employees together and give everyone a boost.
3. Prospect every day
As a new agent, you probably spent a significant amount of your time drumming up business. When your residual income started rolling in, your sense of urgency may have faded.
No one expects you to spend half your day looking for new business. However, prospecting is necessary to sustain your agency's growth. Set aside an hour each day for:
- Reading the local paper. Pay attention to the business section, but also look at engagement announcements. Both may hold sales opportunities.
- Generating leads. Put features on your website that request email addresses, like a newsletter signup or a "Get a Quote" button.
- Calling business owners. Cold calling is not dead, it's just unpleasant. Check out the post "4 surefire ways to boost insurance cold calling results" for tips to make it easier.
To improve your return on prospecting, make sure you listen to prospective clients and address any doubts or concerns. Be ready to explain why they need insurance and how it can save them money in the long run.
4. Partner with other professionals
Reach out to professionals who might be interested in a similar clientele. For instance, you may want to set up a lead-sharing relationship with:
- Real estate agents
- Mortgage brokers
- Financial planners
If you develop relationships with other professionals in your niche, your clients will appreciate your ability to point them to an expert who can offer what they need. And it’s a win-win when the other professional points their clients to your business, too.
5. Nurture your leads
It would be great if every pitch led to a sale, but unfortunately, the insurance world seldom works that way. More often than not prospects listen politely, say they’ll think about it, and then forget your name.
That's why it's important to nurture your leads. Set up a system that keeps your agency top-of-mind while also promoting your value to their business. To do that, you may want to:
- Write blogs that demonstrate your expertise.
- Create short educational videos explaining different policies.
- Offer webinars that show how insurance can address their concerns.
- Send regular emails with valuable risk management tips.
Don’t underestimate the power of email marketing. If you send out a newsletter filled with helpful tips and advice, sales should soon follow. That’s the key to success: become a friendly, well-known expert, and new business will come to you.
Complete Insureon’s easy online application today to compare quotes for business insurance from top-rated U.S. carriers. Once you find the right policy for your small business, you can begin coverage in less than 24 hours.