Find your next insurance client by understanding what it is they truly want.
As with any industry, knowing your market is a must. Even if you don’t know the first thing about insurance, you can still make a successful insurance agency (although, knowledge sure does help). First and foremost, you need to understand your client. Insurance clients are a unique market – they know they need insurance, and most of them want to purchase full coverage policies. However, many of them don’t. To close sales, get more leads, and boost your insurance agency business, you’ll need to understand what it is they want.
The Millennial Generation
Millennials grew up with computers and want to buy through computers. In essence, they want accessible, easy to find, affordable coverage. As this generation often thinks they are invincible, they may not be willing to purchase complete coverage. Perhaps they opt for just the bare minimum auto insurance that will ensure they are legal on the roads, or they’ll skip life insurance altogether because they have no dependents. Either way, don’t be surprised if Millennials don’t jump for total coverage.
While many agencies believe that Millennials don’t value independent insurance agencies, it is only because they don’t understand the benefits. This generation, just like the Baby Boomer clients, wants a relationship. To capture and sustain these clients, your agency will have to start making the most of technology. Let’s face it, it’s not going away, and it’s going to become even more a part of everything we do.
The ability to provide an online quote is essential to competing with online direct writers. When someone, whatever age they are, shops online for insurance, they want to see the numbers – whether that’s coverage amounts or monthly expenses. An online quote provides a ballpark figure for the client so that they know if they can afford your policies or not. It allows the customer to compare prices and policies without picking up the phone or visiting an office. When buying a policy they must have by law, many people want to make this a quick and painless process, without wasting too much time or effort on it. Not only is instant online quoting incredibly valuable to save time for customers, but it is becoming more critical for insurance agencies to provide.
Bear in mind that these instances are about the average consumer. You may be lucky enough to get a life-long customer who wants the elite coverage from head to toe. But until you get a bundle of clients like that, always work towards understanding what your market wants from you!
With the right tools and guidance from Advantage Partners Network, your insurance agency can take off. A professional hand in pointing agents in the right direction allows your business to perfect procedures and manoeuvre around obstacles. Contact us today to get started.