Finding and closing new business is one of the most important, if not the most important responsibility for new agents. Unfortunately, there is no simple way to do it, and success in this area will require creativity, grit, and some good old-fashioned luck. But for those who are looking for next steps or new avenues to pursue, consider trying the following list of tips for producers looking to build new business.
Prepare Niche Appeals
Net worth and demographic categories are too broad to be useful in many situations. Instead, focus on a niche market and discover what customers in that market are looking for. What do they value and how will they prepare to work? For example, even with the same net worth the needs and values of different generations will change dramatically.
Stay Active on Social Media
While it can become a distraction, social media gives life insurance salespeople a modern way to connect with clients and be available to them and other prospects on a continual basis. Connections can be forged swiftly, information exchanged at the speed of typing, and for every question you answer on a public post there may be thousands of customers who see the interaction and use it as a reference before deciding to reach out.
Explore the Employer Market
Worksite markets are seeing significant growth as life insurance is added to voluntary benefits packages made available by employers to their workers. Employers are often willing to support these plans to incentivize and reward their employees, while employees respond to the endorsement of the product and appreciate any subsidies the employer kicks in to mitigate the cost.
During the quotation process it is important to make additional visits to the prospect’s workplace or jobsite. This will help to establish rapport with the potential buyer. You should also personally deliver all new business policies in order to deepen this connection, answer questions, and solve problems on-the-spot if any are discovered.
Connect with local Associations
Connecting with local trade associations or professional organizations can generate a huge number of useful contacts. Once you are a member, you can also offer to speak on insurance topics at association meetings.
Follow up on Successful Conversions Geographically
Once you make a sale, you should use that connection to bridge to other nearby prospects in the local area. These prospects will most likely be familiar with your new account, and you can use that familiarity to introduce yourself and lend your offer additional credibility.
Follow up on Successful Conversions via Business Relationships
Your business customers have relationships, often close ones, with their distributors and suppliers and even certain close-knit customers. Using your client as a reference, make appeals to these related organizations. Dealing with those who deal with your clients can give you much-needed access where you need it.
Use Your Own Geographic Proximity
Your office is most likely surrounded by potential accounts, each of whom may consider the geographic convenience of your office to be a major benefit. Local access can be a great selling point and often means that your prospects will already be familiar with your brand.
Fall Back on Guaranteed Products
Millennials and others throughout the market are surprisingly risk adverse, which is one reason why products like whole life, indexed universal life, and even variable life have sold exceedingly well in recent years. Use these products and their guarantees to your advantage.
Use Your IMO
Independent marketing organizations like Imeriti Financial Network have a wealth of tools available to assist salespeople like you as you continue to reach out to new markets. Tools like continuing education, marketing, sales support, and much more.
Imeriti Financial Network (“IFN”) is a Field Marketing Organization business that recruits and/or recommends insurance agents to insurance carriers. IFN does not engage in the solicitation or sale of insurance products to end clients. The information contained within this blog is for general information purposes only and should not be construed as provide tax or legal advice or a recommendation or inducement to purchase an insurance product.
Any information, statistics, and opinions reported within this blog were obtained from sources believed to be reliable. However, IFN and/or the blog author do not guarantee or claim responsibility for the truth, accuracy, and reliability of any source, fact and/or statistic cited and may not necessarily agree with any opinions expressed by such sources.