Use Technology to Grow Your Life Insurance Business

Using technology effectively can really help your life insurance business grow.

Does your office leverage technology to grow exponentially?

If you have people laboring over emailing clients, for example, you’re probably missing out on an opportunity to streamline operations, touch clients more often, and save money.

Think about it:

What if you upgraded your customer relationship management (CRM) system? How much could that save you every month? 10%? 15%? More?

Not only could it save you money, but a better system could lead to higher revenue, too.

Let’s say you get 10 new customer calls a day, making inquiries, asking for quotes, etc. If you could put them into a CRM that effectively nurtures the leads, you could easily “touch” 200 prospects every month.

But what kind of management system will meet all of these needs?

Many life insurance producers need a tool that integrates the methods of communication required.

Grow your life insurance business 

Here are some of the functions your CRM should be able to do.

1. Messaging

To deepen client relationships, provide value and drive loyalty, you need a CRM that lets you balance the job of nurturing leads and prospect.

The messages you send out should position you as the authority in the life insurance industry and as the go-to expert for your customers.

Keep in mind these messages should NOT sell or promote your services.  

Rather, they should earn customer trust in order to drive more sales, referrals, and ultimately, increase customer retention.

Consider sending these types of communications:

• Updates.
• News.
• Education.
• Holiday greetings.
• Thank yous.

2. Segmenting your list

The ability to break up your book of business into segments will help you deliver even more precise and targeted messaging.

You’ll be able to identify who has gaps in their life insurance and send just this group a series of messages that will nurture the leads into becoming customers.

Imagine how ineffective it is to send an email about having a baby and the need for life insurance to people on your list who are near retirement?

Having personalized emails tailored for each audience is a much more effective approach and will ultimately help to grow your life insurance business.

3. Moving through the customer lifecycle

With advanced technology to help you grow your life insurance business, you can effectively nurture your leads throughout their lifecycle with you.

This lifecycle should be designed to take a new lead and turn them into a customer, celebrate their birthday, move them through a policy renewal, and identify who you’ve lost as a customer – to name a few of the stages a customer goes through.

By paying close attention to each stage of the customer’s lifecycle in your business, you’ll be able to nurture them through each one, and ensure that they not only hear from you, but that you’re intentionally reaching out and meeting their needs.

Moving forward

How much does your life insurance business need to grow? Could you benefit from cutting some of the fat from your budget?

Would your support staff’s time be better spent on other activities, if they were freed up from the time-consuming task of messaging prospects and customers?

With the right technology, you’ll be able to power your life insurance business’ growth by increasing customers, sales and revenue through properly nurturing your leads.

Does your existing CRM technology maximize your business’ growth potential or harm it?