Highly Recommended Strategies for Insurance Brokers to Double their Returns

November 16, 2021 in Insurance Broking



Highly Recommended Strategies for Insurance Brokers to Double their Returns

Insurer brokers are always concerned about selling. They create their revenue by selling policies to their potential group of customers. But the process is not as simple as it speaks. In order to sell policies in this competitive business arena, you have to be sharp and efficient in your own ways. 

If you have a bunch of prospective leads and you have that marketing tune, then business conversions are always on the cards. So, being an insurance broker, there are some priorities you need to take care of in order to be successful in what you do.

This article will walk you through the most important and promising tips and strategies that you can practice to win new brokerage businesses, sell more insurance policies and thus earn your commission lot.

#1: Do your proper groundwork

This is pure basics. Whoever the client is, never approach them with a blind eye. You have to make sure that you know enough about your prospects before your first meeting itself. Do a self-analysis about the prospects even before meeting him/her. This will help you to prioritize your product catalog and explanations accordingly.

#2: Setting practical goals

“Practical” in the sense, priorities that can help you in achieving both your personal as well as professional goals. The reason is, if you are not aware of your target objective, you might be distracted from the success pathway and may end up with something different. For that, first, you have to differentiate your short-term and long-term goals. If possible take a few minutes to write down your aims and review them on a periodic basis.

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#3: Sharpening your niche

Customers always look for insurance specialists to help them in making their choices. They prioritize the brokers based on the added values an expert can offer. So the point is, if you are someone who is acting as a generalist, consider diversifying into exact market needs, acquire more practical knowledge about the products and services that you offer, practice the selling knack, make your customers convinced by your professional approach, and then start winning customers.

#4: Invest in yourself

Never stop learning. One of the big mistakes that even successful professionals make is that they rest on their glory after a short-term achievement. You have to understand that customers and their mindset will always be on the changing side, so being an insurance professional you have to stay ahead of the curve. Consider which part you would like to focus on improving, start reading some blogs, search for more detailed information, and make yourself understand. When you devote yourself, you empower the future of your business and in every person who works with you.

#5: Make yourself different from others

You might have heard this so many times before. But what does this exactly mean?

It is nothing but marketing yourself. Make them understand that you are different from the existing players through your approach and product presentation. Let them have the idea of getting served by one of the top quality insurance professionals available in the industry right now.

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#6: Building connections

If you are successful in all the above actionable items, then building connections will become as simple as that. People will start approaching you without having a second thought. The connections will not only bring you more and more businesses but also new prospective clients that you can make you of them in future. Also, you have to make sure you partner with the best quality insurers and make your target audience reliable.

#7: Create the right cuisine for your targeted audience

Finding your target audience and serving them with quality products and services is the key to success. Doing the proper groundwork will definitely improve the likelihood of creating more business prospects and converting those leads to potential businesses. 

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#8: Set up a contact and follow-up strategy

Shaking hands and signing deals within the initial conversation is the dream of every insurance broker. But in a practical sense, every successful broker knew that seldom happens. That’s why the idea of a structured contact and follow-up strategy comes in demand. This helps the broker to deal with their prospects in a professional as well as a timely manner.

#9: Practice taking notes

This is something very important. You may feel that you have everything in your mind even after the meeting. But on a given day, if you have to visit multiple clients who follow the same response pattern, sometimes you may feel confused about their requirements and comments. This will make your follow-up plan difficult. So always try to take notes on what he/she wants. It will also help you to pick up on your conversation easily where you left off.

#10: Instant Follow Up and Reply

Make them feel that you always give enough priority in taking care of your prospects queries and solving them as soon as you can. Even though if you need something to escalate, make sure you have the rope and your prospects get what he wants. So always try to be an instantaneous professional.

#11: Prioritize, Do it today

Time is the key. It doesn’t wait for anybody. You may lose a prospective customer just because of a fraction of a second. The sooner you approach; the chances of business conversions are high. So you have to prioritize your appointments, discussions, claims, policy renewals, and everything in such a way that things are processed smoothly in an orderly manner.

#12: Compact emails for better readability

The most ideal length of a readable email is between 50 to 125 words. When you exceed that limit, the chances of reading that email by your prospects become less and less. Always try to point out the features and focus on what they need exactly. Highlight them so that they catch them in a single view. They will definitely come for you.

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#13: Own a professional website

The website reflects who you are and what you do. Considering the modern business scenario, the website acts as the shop front for your business. Owning a professional website will definitely boost your value and trust in the eyes of customers. Possibly the most vital question is, “does your website make it easy for guests to find your contact info and reach you?” If this isn’t easily found on your website, you’re likely losing possible leads to your competitors. So invest in your website, the results will be self-driven and astonishing.

If you aren’t giving considerable importance to your shop front, then you are missing the big picture. As smartphones are evolving as the priority search tool, you need to make sure that your website is looking good in the mobile view also. You have to offer them quite a professional mobile experience while using your website.

#14: Automating your business process

People tend to attract to business processes that are automated instead of being manual. If they are having a gut feeling that the one they are approaching is doing the business with the help of one of the top-rated insurance management software, the chances of winning insurance businesses are on the high.

Before choosing a software, make sure you have done a self-analysis on what exactly you need.

Forget about the initial investment because it going to return to you in terms of prospective business outputs.

Make sure the insurance broker software you choose must possess features such as the ability to track uninvoiced businesses and follow up your insurers, create Invoices and send to Insurance companies, track invoice payment statuses, perform auto reconciling business statements, and expose mistakes in commission statements, TDS Reconciliation, etc. Then it is considered a guaranteed option.

Automating the business process with the help of a top-rated insurance management software not only helps you in managing the entire business process but also helps you to create a futuristic and trustful image in the eyes of your customers.

When this becomes a practice and you follow a consistent and credible business pattern, you will see an increase in the flow of prospects and more business conversions.

#15: Consistent social media presence

Taking care of your social media profiles is as important as managing your website. Considering the latest business model, a LinkedIn profile is a must if you are having a B2B business. Facebook is another unavoidable platform where you will have an ocean of customers provided if you have that consistency and professionalism in managing your social media accounts and posts. Try creating quality content that matches your industry/business as well as interests the potential customers. You might be surprised by the results these options can bring you.

#16: Always ask for references

Never leave your seat without asking for references. Sometimes one small random reference will end you in a prospective business conversion. Be optimistic whenever you ask for references. Never judge people based on their appearances. References is such an important tool in having a consistent client base. Make sure you have enough of them before shaking your handing with your clients.

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