No more arguments necessary. The insurance industry in general has been disrupted, and things will never be the same.
But that doesn’t mean game-over for the independent life insurance producer.
Your life insurance practice or agency can thrive.
If you’re feeling the squeeze from all sides and wondering if your small agency has the creativity and tenacity to withstand the test of time, there’s good news.
Here are some strategies your business should adopt to stay in the game and succeed.
1. Capitalize on your strengths
You may not be be a big agency or a big-box insurance carrier, but that’s OK.
Your best advantage is exactly what you ARE: an independent life insurance producer. So bring these strengths to the forefront of your marketing.
Get your team together and look at the kinds of services that make the most sense for you.
Is it a white-glove approach?
Should it include a high-touch rate?
Does it need to be extremely personalized?
It’s often these kinds of qualities of service that help smaller independent agents and agencies stand out in the crowd, as it’s what consumers are looking for.
Think about it. As a local provider, you know your audience the best. You have the opportunity to cultivate relationships with local prospects, something that big firms and larger agencies may not be able to do.
2. Create the ultimate customer experience
This is where you, as a life insurance producer, can excel. Providing stellar customer experience helps you shine as an insurance agent, and takes some of the spotlight off of other channels – like your competitors or a big agency.
Since technology is here to stay and it’s likely you’ll be out of the life insurance business by the time cold calling comes back around – if it EVER does – your practice needs to get with the times and meet your customers where they’re at.
So go ahead. Get comfortable with technologies like social media, blogging, and video conferencing. Build a website that provides true value for prospects, along with tools that let them seek out information on their time, such as online quotes.
But use the opportunity to gather the right data about the prospect’s needs, and then finish the approach with a phone call so you can make that personal connection.
Showcase your expertise by talking about solutions to your prospect’s problems, and earn their trust as a valued resource.
That’s how you’ll create the ultimate customer experience and set yourself apart from the competition – no matter the size of your business!
3. Showcase your local expertise
Consumers are trending toward making local purchases, and life insurance is no different. While customers are looking for handmade items and locally sourced food, they’ll also be open to stimulating the local economy with the purchase of a life insurance policy, long-term care insurance, disability insurance or annuities.
In your marketing materials, use this hook to your advantage. Speak to these consumers’ desires to put their dollars into the local economy.
Set yourself apart and boost life insurance sales
You can stand out in a crowded market, even when you’re one of the “little guys.” All you need to do is “do you,” craft a stellar customer experience, and speak to the customer’s desire to stay local – and you’ll solidify your position as a go-to resource in your region.
How to stand out as a life insurance producer
- Capitalize on your strengths.
- Create the ultimate customer experience.
- Showcase your local expertise.