Consumers are demanding more from businesses, and the insurance industry isn’t immune to this trend. In fact, today’s consumer thrives on knowledge and trust, and they look to their insurance agent to provide the education they need to make informed decisions about their insurance coverage.
While the insurance industry is a highly competitive market, many insurance agents are still stuck in the ‘sales mindset’, leaving the door open for those that do provide educational resources to gain a serious edge. According to a study conducting by Nationwide Insurance, only one in five consumers believe they completely understand the details of the insurance policy they purchased. That’s where you come in! Follow these tips for educating and engaging your insurance clients, and you will be well on your way to growing your insurance business…
#1: BEEF UP YOUR WEBSITE
Most people don’t understand how insurance works, and today’s consumers conduct most of their research online prior to their insurance purchase. Whether you provide a glossary of insurance terms, an article that compares the various types of life insurance, or a blog on how to reduce the risks that drive up homeowners insurance premiums, your website should act as a valuable educational resource. Simply put, you want prospective and current clients to be able to access the information they need on your site, without having to browse elsewhere.
#2: PUT YOUR PHONE SYSTEM TO WORK FOR YOU
While nearly half of customers obtain a quote via insurer websites, only 25% actually purchase their policy online. The majority of consumers call an insurance agent when they are ready to buy. On-hold messages are an excellent way to provide education on insurance products and cross-promote your services. While you are pulling information for their insurance quote, they can be listening to custom messages that cover an array of informative topics like: available insurance discounts, information on the claims process, or the importance of cyber liability for their business.
#3: SCHEDULE YEARLY INSURANCE REVIEWS
Taking time to sit down with your clients reinforces the relationship you are building as their insurance agent. It is also an excellent time to address their questions and determine if there have been any changes that will effect their insurance risk and rates. Not only does this keep them actively engaged with your agency, but it allows you to understand their future insurance needs, so you can provide appropriate resources. Do they have a high school student who will be driving in the next year? Talk to them about how their child’s GPA and other factors could affect their rates. The goal here isn’t to sell, it’s simply to listen and educate. Do this effectively and the sale will follow.
#4: HELP CLIENTS TAKE ADVANTAGE OF DISCOUNTS
While this sounds like a no-brainer, the key is not to share all the discounts for which they are eligible, but rather to help them become eligible for the discounts that don’t currently apply to them. Will a home security system lower their homeowners insurance? Provide them with a referral to an affordable, local home security provider. Whether a defensive driving course will help them secure a lower auto insurance rate or quitting smoking allows them to save on life insurance, offering these types of resources shows that you care about what they care about…saving money.
#5: VALUE THE RELATIONSHIP
Don’t underestimate the value of relationships in keeping clients engaged. If your sole focus in on low rates, you will fail to create customer loyalty because there will always be another agency offering more savings. That is why the intangible value of building trust and rapport is essential to keeping clients happy for the long haul. One of the ways you can show that you value your clients is to ask how they prefer to communicate: via phone, email or face-to-face. This offers the added benefit of allowing you to better target your client education and marketing efforts: via custom on-hold messages, email blasts, or with print materials displayed in your office.
ADDITIONAL TIPS:
• Avoid using industry jargon• Ask questions - don't lecture
• Play to your strengths
• Use real stories and client testimonials for maximum impact
Creating value for your clients through insurance education is an important part of gaining their trust and keeping them engaged, and you can use your existing phone system technology to make it happen…
