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How to Sell More Insurance Despite Growing Competition in the Market


Insurance Marketing   Internet Insurance Leads   Buying Insurance Leads   Insurance Sales  

How Insurance Brokers Can Stand Out in a Competitive Industry

 

If you have been an insurance broker for many years, you probably look back longingly for the old days when insurance coverage wasn’t commoditized, insurtechs weren’t disrupting the supply chain and competition wasn’t driving down pricing. These changes over the past few years have put pressure on retail insurance brokers.

 

In just a few weeks, the Leadership Exchange Summit will bring together insurance leaders from across the country to discuss the evolving marketplace

 

One of the themes of the summit will be maintaining value in an ever-changing industry. Insurance brokers will learn strategies that will solidify them as an invaluable part of the insurance transaction.

 

“Some of the things that [insurance agents] can do is implement innovative technology, whether that’s a way to deliver the product to their client, whether that’s automating applications, or figuring out a way to [improve] the ease of doing business,” said Tracy Bernard, SVP of strategy and program development at Tangram Insurance Services. Bernard will be speaking at the summit on June 6th.

 

Here are some other ways insurance brokers can stand out and close more deals in today’s competitive marketplace.

 

Build Specialty Expertise

Find a niche where specialty expertise is needed then build that knowledge. Agents can build that expertise by studying coverages your target industry needs. For example, a winery has different insurance needs than a private medical practice. There are very specific coverages that these businesses need. Understanding what types of insurance coverage niche businesses need and why they need them will help you compare carrier offers and secure the best coverage and the best price for your client.

 

Become More Than a POC

Are you just a point of contact for your clients once a year when they’re looking to purchase insurance or renew coverage? That could be the reason for your low retention. You could also be missing out on upsell or cross-sell opportunities. Don’t leave money on the table. Look for ways to have more touchpoints with your clients, whether it’s in-person or via email. Establish yourself as their go-to resource and building a personal relationship doesn’t hurt either.

 

Sell Yourself Not Just the Agency

Not literally of course. When pitching to insurance prospects it’s important to remember that you aren’t selling an insurance carrier or insurance product, you’re selling yourself as a partner and resource for a client’s insurance needs through the life of their policy, and hopefully beyond. When speaking to prospects discuss what makes you different as a broker versus your competition.

 

Work the Right Insurance Leads

Working low-quality or unqualified insurance leads is a waste of your time, can affect your close rates and commission. It’s important to work the right insurance leads, that have a higher likelihood of becoming customers. How do you get more qualified leads? Buy them! You can buy exclusive insurance leads, and even set lead filters so you have an even better chance of closing. Parasol Leads generates and sells exclusive insurance leads to brokers across the country. Buy as many or as few insurance leads as you need.

 

Summary

As a broker, you’re working at an extremely competitive time. That doesn’t mean you can’t kill it and be successful. Look for ways to break out from the crowd, be a resource and confident to your clients, work the right insurance leads and sell more insurance than ever before.

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