Why Networking Is So Important to the Independent Insurance Agent

One of the greatest challenges for independent insurance agents, for both established agents and those who are just starting out, is generating leads. Agents who want to grow their business and establish a client base may first look to family, friends, classmates and acquaintances. Once you have exhausted your list of friends and family for potential leads, you will need to learn the   importance of networking.  Aunt Edna can only buy so many auto insurance policies! Aside from increased sales, here are just some of the benefits of networking.

  1. You establish yourself as part of your community.

You have chosen to start your business in the community you’re in for a reason. You must feel a pull towards it’s citizens or a potential for community improvement. Creating positive relationships with community members and fellow business owners in your community will not only establish your good reputation as a business owner, but it will create potential for organic growth, referrals and business leads.

  1. You create business to business relationships.

Creating relationships with business owners in other industries will broaden the scope of potential customers you interact with. There are some professions that naturally complement the insurance industry: mortgage brokers, bankers, real estate agents. These professionals are constantly working with a pool of people who are, or will be, actively looking for insurance. These are the types of relationships to leverage when you are building your network of business to business relationships.Tailor Your Services to Your Client’s Needs - Learn About What Clients Expect to Provide the Right Services

  1. Marketing isn’t cheap!

If you were to put the budget of an independent insurance agent up against that of a direct insurance writer, there is no competition. Direct writers have, what seems like, an endless budget to market their products and services. However, what they may lack is a person who lives in the community, knows its residents and knows what is important in the lives of its residents. If you can create and maintain genuine relationships in your community, that will out-market a 30 second commercial any day of the week.

  1. Referrals are the very best lead source.

Your network of friends, customers, colleagues, acquaintances, family members and fellow alumni represent what is likely your most lucrative lead source: referrals. Without a doubt, referrals have the highest close rate compared to any other type of lead.

Networking is not always easy. You must step outside of your comfort zone at times. You may need to attend industry functions and events that you wouldn’t ordinarily have at the top of your priority list. However, if you establish yourself in the right networks, the pay off is immeasurable. Aside from increased leads and sales, you will establish yourself as a respected member of your community for many years to come.

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Interesting Trivia and Facts About the Insurance industry

There are so many facts surrounding the insurance industry that aren’t common knowledge (both to customers and independent insurance agents). Here are interesting”did you know” trivia and facts about the insurance industry we gathered.

  • By paying your auto insurance premiums annually rather than by each month you will lower the premiums you have to pay by quite a good amount.
  • Even if your friend is driving your car and there is an accident you will be the one who must file the claim.
  • Make sure when you sell your car to someone that you transfer the names as soon as possible otherwise you are still responsible for the car even if the new driver was driving the car at the time.
  • Nearly 50 percent of premiums actually go to the administrative costs
  • There is a mandatory coverage that 21 states have that is specially for uninsured motorcycle drivers.
  • The Amish believed that insurance meant they had no trust in god and they saw it the same way with social security as well, so they would accept no social security benefits or any insurance policies.
  • Netherlands happens to be the only country that has a law of health insurance being compulsory for everyone. However, the premium costs are not charged via age groups or your health status.
  • Funny enough there isn’t an insurance company that is happy to take on Jacki Chans productions. Jackie Chan trains his stuntmen himself and takes their medical bills straight from his own wallet.
  • Sony sells electronics and has become well known for this, but the insurance division is their biggest source of their profits.
  • In 2012 a woman was billed $4800 after being in an accident.
    When the hospital realized she got an insurance claim settlement she then received a bill for over $20,000 and went against her property to get the money.
  • A life insurance isn’t adding a monetary value to a life it more so works as compensating the financial consequences that come with the loss of the breadwinner.
    The ones left behind will need to pay final expenses, any debts owing and the mortgage.
    Life insurance can help to give peace of mind to the policy holder that everything financial will be taken care of in the event of their death.
  • Life insurance is a policy like a contract. Life insurance is a contract between a person and the insurance company. Someone who has the financial livelihood of another person.
    the premiums are pooled to the policyholders and then they payout claims in the event of a death.The insurance company profits by taking the difference between the premiums and the claims they have paid out.
  • Life insurance is not to be looked at as an investment instead it is actually a risk management tool. Some insurance policies offer a feature for investment that offers tax privileges, but it is not an optimal investment.
  • The car you buy will affect the premium rates
  • Did you know your occupation plays a role in how your insurance premiums are worked out?
  • Some companies will reduce the amount you pay once you have turned 25, but this is not mandatory.
  • Your premiums will be more expensive if you end up buying a brand-new car.

We love working with the Insurance Industry and offering people opportunities to work in the industry. If you are looking for to sell insurance policies yourself as an Independent Insurance Agent, we can help! Sign Up with Advantage Partners today to start your career selling insurance your way.

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Top 5 Best Selling Types of Insurance

Insurance coverage is essential because you are protected from various types of damage. Insurance agents deal with the sale of the different insurance types. As an insurance agent, you may face stiff competition in this industry. You should stay positive and employ methods that will see you outsmart other agents. One thing you can do is make good use of the principle of demand and supply in the market. Once you meet people’s needs, you will spend less time trying to coerce them into buying because they have what they require. You should sell insurance products that are in high demand to raise your chances of getting higher commissions. Most of them are a requirement of the law, which explains the increase in their need. The following are some of the five best selling insurance products.

Auto Insurance

It is among the best selling insurance products. There is a huge number of car owners with the figures increasing each day. In most countries, it is compulsory for every car owner to purchase an insurance cover to protect other motorists from injuries when using the road. Monitor the trends in your area and find out who are the potential car buyers. It might be the college students who are almost graduating or new employees. You can also reach out to new entrepreneurs or freight companies because they are likely to add a new car to their fleet and will need car insurance coverage regularly. Car dealerships can also refer some of their clients to you.

Home Insurance

This is a type of property insurance which covers any loss or damage to someone’s house. It also provides responsible coverage for accidents that do happen in one’s home or establishment. There are other forms of coverage you can sell depending on your location. Those in areas prone to hurricanes can sell one that explicitly covers that calamity. Such disasters are one reason home insurance is one of the best-selling types.

Life Insurance

Life insurance is popular because many want to leave their family members in a good state in case they pass away. A recent study showed that 6 out of every 10 households in the US have a member signed up for life insurance with the type of occupation and level of education being a determinant. Keeping the family members protected even after one’s death is the reason many are going for life insurance.

Health Insurance

This type of insurance is meant to cater for one’s full or partial medical costs in case they fall ill. Items covered include drugs, consultation fees, surgeries, and checkups. Health insurance is a legal requirement in most states and occupations. Studies show 7 out of 10 employers in the formal and casual sector require one to have proper health coverage before working with them. The fact that one cannot be employed without it makes it one of the best-selling types of insurance.

Product Liability Insurance

Manufacturers may expose different people to injuries through their products. This type of insurance is essential to them because they are protected from bankruptcy in case they are slapped with a lawsuit. Some of the potential clients in this type of insurance include suppliers, distributors, product designers, and manufacturers.

Want to be an Independent Agent and Sell these types of policies? Sign Up with Us Here

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Why Higher Insurance Agency Ratings Can Help Increase Revenues

Improve your insurance agency online ratings to boost profits.

We’re in the digital era. It’s no surprise that today 61 percent of customers read online reviews before making a purchase decision. User reviews are proven sales drivers, and something the majority of customers will want to see before deciding to make a purchase. If your insurance agency is lacking in reviews or good ones, it’s time to solve this issue! In turn, you can increase revenues.

Ratings Matter

Believe it or not, but 50 or more reviews per product or service can mean a 4.6 percent increase in conversion rates. While we’re digital DIY insurers now, we choose to head online to purchase our next policy. When a customer sees an insurance agency with outstanding results, ratings, and reviews, they are more likely to purchase from that company than one who has few or bad reviews. It’s human nature; we want to get the best for what we’re spending. Site visitors who interact with both viewers and customer questions and answers are 105 percent more likely to purchase while visiting.

Better Revenue

Reviews produce an average 18 percent uplift sales. Companies with higher ratings may command higher premiums. There is less risk in insuring with strong companies than with insurers with less stable capital structures. In turn, revenue betters as the ratings improve.

If you’re looking to improve your ratings and revenue, get started today! Your insurance agency can thrive through a few simple improvements and commitments.

From top commissions, competitive carriers, to profit sharing, and 100 percent agent ownership, Advantage Partners Network is designed to aid your Independent Insurance Agency to achieve greater success. Are you ready to boost yourself as an insurance agent? Get started by joining Advantage Partners Network! For more information, give us a call today.

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Benefits Independent Insurance Agencies Provide

When your profession involves providing individuals and businesses with unmatched insurance solutions, it is wise to take the independent insurance route. Despite popular belief, independent insurance agents are able to provide consumers with a wide range of benefits that agents of mainstream carriers are not able to offer, making your profession much more rewarding. The benefits independent insurance agencies provide include:

  • When you work for an independent insurance agency, you can provide your customers with more choices, which inherently means happier clients. Since you do not answer to one insurance company, you can help your clients find the best policy to meet their needs by scanning available policies offered by the mainstream carriers you have established relationships with.
  • Likewise, you will be able to help your clients find policies that meet their financial needs as well. Since you can offer your clients the opportunity to save money, you have the upper hand in closing deals and making insurance dreams come true.
  • As an independent insurance agent, you have the luxury to make long term connections and relationships with your clients. This means that you can offer unparalleled customer service to your clients in combination with customized policies at an affordable rate. You will have time to guide them through the claims process and schedule annual policy reviews, enhancing the client-agent experience.
  • Most importantly, as an independent insurance agent you can give your clients unbiased advice. This is because you are not only selling the products of one insurance company. Taking the independent route allows you to have your clients’ best interests in mind at all times.

 

Contact us today if you are ready to join the Advantage Partners Network team! Representing the most competitive major insurance companies, we can help you achieve greater success as an independent agent! We work with start-up agents, former captive agents, and experienced insurance agents and are ready to help you grow your business.

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Welcome to Our New Website & Blog!

Advantage Partners Network would like to extend a warm welcome to our new website and blog! Through our newly revamped website and blog, our team will update you on the latest news within the insurance industry while also offering regular lifestyle tips.

Our blog will be your first stop for not only the latest information, but also community events in Great Neck and surrounding areas in New York. We encourage you to browse through our new innovative website to see all that we have to offer.

We are always available to guide you through the insurance shopping process for all of your New York insurance needs. We work to serve the best interests of you, your family, and your business.

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