Sunday, October 28, 2012

Why Insurance Agents Should Have a Dedicated Web Site

The ever expansive attributes of the web have made it more or less mandatory for serious business professionals to host their own sites. People often tend to search on the net first to look for insurance related information. If they cannot find your site, they would invariably end up looking for information from a competing agency. Also in many cases customers decide to directly contact the agent only if they are happy with what they have just read on the site. Hence it is crucial for all agents to have their own web site so that all potential customers can be properly routed to them.

They are more professional

Even if the agent works from a condo, a good looking site will lend you an air of credibility that can do wonders for business. People often have a tendency to assume that a good looking and well informed site correlates to a big and professional insurance firm. Having your own insurance site has another added benefit as well. You can have your e-mail id extensions with your url ID rather than using regular service providers like Gmail or Yahoo. These small details go a long way towards building your credibility as a reliable insurance agent.

Increasing relevance of buying insurance online

It is way easier for users to buy insurance policies online compared to having to run up and down various agencies. There are several insurance sites on the net that cater to specific geographically marked states and cities which makes it highly convenient for users to get quotes and other information. They can then compare this with what is being offered by other competing agencies and make informed decisions based to that effect.

Your competitor has a site

All insurance companies have realized the need and the scope behind hosting a well developed site on the internet. The more you delay, the better the chances of your competitors towards acquiring a sizeable share of prospective clients.

Market expansion

A website allows the agent to expand their opportunities and reach out to a wider audience. Put in some effort to develop key word rich content and market the site online using SEM techniques. This will help you rise up the ranks in search engine queries and will bring a considerable amount traffic to your site. You can have all the necessary contact information posted on the site so that the client can get in touch if they are interested.

Web sites that are quote featured enjoy greater flexibility and are more popular with users. It's easier to make comparisons with other schemes and the visitor does not have to download multiple documents which can become tedious and annoying to sit and sift through.


Sunday, October 21, 2012

It's Insurance Renewal Season - Make Sure You Help Your Clients Get Prepared

Fall is here! That means it's time to consider all of your clients whose business insurance policies are coming up for renewal at the end of the year. It's important to reach out now and help your clients not only renew their policies, but ensure that they have the right coverage, taking into account any changes that have occurred to their business over the past year.

Rule #1: Don't take any renewals for granted

Just because you sold a policy to a business client, there's no assurance they'll automatically renew. More than ever, businesses are looking for quality and service - and this time of year, your clients are being pitched by other agents promising better quality and service than you can provide. (You know this is true, because you're probably making the same pitch to other agents' clients right now.)

The good news? You have the advantage with your clients because they already know you and trusted you enough to purchase a policy. Being proactive now will help you maintain (or expand) your business with existing clients, as well as assure them that you are looking after their changing insurance needs.

And remember: No matter how much effort it takes to reach out to your existing clients, it's always easier (and cheaper) to keep a client than to find a new one!

Rule #2: Help your business clients analyze their coverage needs

Prepare a year-end checklist to help you and your clients review any changes to their businesses and how those changes affect their insurance needs. Changes to discuss with your clients include:

    Revenue: If a client has experienced revenue growth in the last year, offer your congratulations - but remind him or her that the company's level of insurance may need to be revised to protect their revenue stream.

    Equipment and inventory: Yearly variations in the amount of equipment a business owns and uses - as well as the amount of inventory it maintains - are crucial in determining the proper level of business insurance coverage. Increases generally require more coverage to fully protect a company's assets, while decreases can allow a business to reduce coverage and redirect cash flow to other business needs.

    Employees and payroll: Changes in payroll have a significant effect not only on business and general liability coverage, but workers' compensation coverage as well.

    Government regulations: Make it a point to stay informed about regulations that affect your clients and their insurance needs.

Always keep in mind that, when appropriate, helping clients save money on insurance is a great way to build trust over the "long haul" - which can lead to many more renewals.

Rule #3: Help your clients understand new trends in business coverage

Are there areas of risk that, due to changing technology and other factors, your clients need to consider? For example, "data breaches" where confidential information is compromised are a threat to just about any company, large or small. This could happen if a laptop is stolen or confidential papers aren't properly shredded. Data breach coverage is one emerging area of business insurance that many of your clients should be considering.

Sunday, October 14, 2012

Getting the Right Level Of Critical Illness Cover For You

Fall is here! That means it's time to consider all of your clients whose business insurance policies are coming up for renewal at the end of the year. It's important to reach out now and help your clients not only renew their policies, but ensure that they have the right coverage, taking into account any changes that have occurred to their business over the past year.

Rule #1: Don't take any renewals for granted

Just because you sold a policy to a business client, there's no assurance they'll automatically renew. More than ever, businesses are looking for quality and service - and this time of year, your clients are being pitched by other agents promising better quality and service than you can provide. (You know this is true, because you're probably making the same pitch to other agents' clients right now.)

The good news? You have the advantage with your clients because they already know you and trusted you enough to purchase a policy. Being proactive now will help you maintain (or expand) your business with existing clients, as well as assure them that you are looking after their changing insurance needs.

And remember: No matter how much effort it takes to reach out to your existing clients, it's always easier (and cheaper) to keep a client than to find a new one!

Rule #2: Help your business clients analyze their coverage needs

Prepare a year-end checklist to help you and your clients review any changes to their businesses and how those changes affect their insurance needs. Changes to discuss with your clients include:

    Revenue: If a client has experienced revenue growth in the last year, offer your congratulations - but remind him or her that the company's level of insurance may need to be revised to protect their revenue stream.

    Equipment and inventory: Yearly variations in the amount of equipment a business owns and uses - as well as the amount of inventory it maintains - are crucial in determining the proper level of business insurance coverage. Increases generally require more coverage to fully protect a company's assets, while decreases can allow a business to reduce coverage and redirect cash flow to other business needs.

    Employees and payroll: Changes in payroll have a significant effect not only on business and general liability coverage, but workers' compensation coverage as well.

    Government regulations: Make it a point to stay informed about regulations that affect your clients and their insurance needs.

Always keep in mind that, when appropriate, helping clients save money on insurance is a great way to build trust over the "long haul" - which can lead to many more renewals.

Rule #3: Help your clients understand new trends in business coverage

Are there areas of risk that, due to changing technology and other factors, your clients need to consider? For example, "data breaches" where confidential information is compromised are a threat to just about any company, large or small. This could happen if a laptop is stolen or confidential papers aren't properly shredded. Data breach coverage is one emerging area of business insurance that many of your clients should be considering.




Taking up critical illness cover provides you with piece of mind. If the worst should happen, and you are diagnosed with one of the recognised serious illnesses, then your policy can pay out a monetary sum to cover both the initial expenses relating to your treatment as well as the ongoing costs incurred during your recovery.

However many people grossly underestimate the amount of critical illness cover they really need. Though you may consider that if you were ill you would only require your policy to cover any loss of income you incur, consider all the other activities that you carry out which someone may need to do on your behalf.

If you are a parent, then it may be the case that you will no longer be able to care for your children or take such an active part in their lives. If you want to ensure that your kids have as much stability and continuity as possible when you are ill, then you may need to find additional funds to cover childcare, transportation and even residential care should you need to spend some time away from the home for treatment.

For those that live alone or do not want to put the onus of nursing on a loved one, critical illness cover may also need to help with the financial cost of housekeeping, basic laundry and even personal care when you are unable to support yourself.

Once you have recovered from your illness, it may be necessary to change your lifestyle to ensure a continued and healthy future. If this means reducing your hours at work, transferring jobs or completely changing your career, the financial implications can be immense but the right critical illness cover can help.

An individual is five times more likely to rely on critical illness cover than the standard life cover taken up with the average mortgage. And though taking the first step in acquiring critical illness protection is a great way to start, ensuring that your cover is going to be sufficient when your situation changes is essential for your ongoing peace of mind and the security of your family.

Conversely there also a number of people who hold critical illness cover above the level that is strictly required. Individuals who have been oversold this type of protection will pay out higher premiums than they really need to, increasing their monthly costs unnecessarily.

Critical illness cover is a relatively cheap type of insurance and getting the cover right is essential to ensure you have everything you need if the worst should happen without surplus monthly costs that could affect your situation today.

To make sure you have the cover appropriate to you and are not either under or over insured, talk to an independent insurance broker about your needs and personal situation. They will be able to provide experienced and professional advice to ensure that you have the protection to keep prepared no matter what hurdles life may throw your way.


Sunday, October 7, 2012

How a Commercial Insurance Broker Can Help You



Insurance brokers have become increasingly more important today compared to many years back. Given the heavy loads of competition in the California insurance market, customers should be kept well-informed so that they won't be led astray into getting frivolous deals. Most especially in the aspect of commercial insurance, entrepreneurs are usually better off with brokers beside them.

What is a Commercial Insurance?

Commercial insurance is just an insurance to protect businesses in the state. It is considered as one of the most vital investments for business operators. Depending on the specific type of commercial insurance, this security protects various aspects of the business. It can provide financial security in times of theft, liability, property damage, work-related employee or customer injury and even during times of business interruption. Those who have not secured insurance for their business are at risk of sudden financial depression. It has also been observed that uninsured businesses place the personal assets of the owner at risk.

Before setting out for an insurance hunt, make sure that you are already equipped with ample knowledge of what you really need. For example, you may be better with one specific type of commercial insurance, rather than having all forms of commercial insurance in one package. If you don't have company vehicles for operating your business, you can do away with auto insurance and just go for property insurance instead. But you still need to know everything about these specific insurances because nobody is certain when your business might expand. Together with this growth is an expected change in insurance needs.

Looking For an Insurance Broker

Finding the right commercial insurance in California involves tapping the services of a trusted insurance broker who, as much as possible, is specializing in business insurance. It is important that you interview more than two brokers and check who among them makes you more at ease when it comes to dealing things. It is expected that he discusses the different options that surround commercial insurances.

As there are various classes of business insurance, your broker can guide you through the entire process. Using his expertise, he can easily recommend the most suitable plan for your immediate needs. A good place to start looking for brokers is the Internet. If not, search for them via networking organizations for local businesses. Your friends in the industry or business advisers may also refer you to seasoned brokers in the state.

Insurance brokers are in place to make it easier for business owners to get the right insurance. However, even with their ability, it may be difficult for some to get one most probably because of their company background. For example, if the business has already suffered some degree of loss in the past then it may be considered a high-risk entity. This means most insurers will back out from making any deals with you. Another reason for the increased difficulty in procuring commercial insurance is the owner's history of making frequent claims, which easily makes him a liability. In addition, new businesses will surely have a harder time getting insured because of not having a proven history of business sustainability and strength compared to more established businesses. Still, business owners have higher chances of sealing the best deals with a broker nearby.


Monday, October 1, 2012

Insurance Agency Marketing - A 7 Step Approach to Marketing Today's Insurance Agency

Marketing your insurance agency has changed so much in the past 10 years; it is difficult to know where to start. Most of the new clients that hire us, have URLs that are less than 5 years old. This shows how dramatically and quickly the industry has changed when marketing their agencies. Today, most consumers will utilize the internet to find your information through various directories, organic search results and even social media.

You may be wondering, "Where do I begin?" We've put together a short list of ways to increase your web presence and reclaim your position as a top insurance agency marketer.

Step 1: Update your website

If your website looks like it hasn't been updated since 1997, it's probably time to do so. There are many resources to easily build a website such as "WebSite Tonight" by GoDaddy or services such as Wix, which will get you a nice looking website using templates. But, be careful of websites that utilize too much flash as it will likely hamper your ability to get much traffic to your website, besides direct traffic.

Step 2: Invest in SEO

If you're unfamiliar with what SEO means (Search Engine Optimization) you probably should talk to someone about optimizing an existing website or building you a new one that is optimized from the start. SEO is all about getting organic search traffic to your website. For instance, if someone types in "Insurance Agency Seattle" you want to be the agent who Google shows first or at minimum on page one. If you're not on page one, you're missing out on almost 93% of all search traffic.

Step 3: Get Email Hosting

I can't tell you how many of our clients still use email addresses at email providers like Yahoo and Hotmail, such as: "taber@hotmail.com". Show your prospective clients that you're an established business by using domain registered email accounts. Most hosting companies will provide at least a handful of them for free with your website hosting, so take advantage. Customers are more likely to buy from an agency that shows professionalism on all fronts, including their email.

Step 4: Fix your local listings

The web is littered with directories. There are so many, it would be nearly impossible for you to go to each one and update the listings entirely. Furthermore, it would be a waste of time. Go to the big ones like Yelp, Yahoo, Google Plus Pages, etc. Complete the listings in the 20 most popular ones, ensuring that your (NAP) name, address and phone numbers are consistent on all of them. If you spell out Avenue in one, do not use AVE. in another. Many directory links are treated like SPAM now, so they aren't giving your websites any credibility.

Step 5: Be Social

Social media is the new trend. It can be time-consuming, but it allows you an opportunity to stay in touch with existing customers and also, attract new ones! Begin simply by setting up a Facebook page for your business and add content, news, links to other articles, etc., at least one time per week. Social Media isn't going anywhere soon, so don't let your agency get too far behind by not participating in this area where millions of Americans are having conversations!

Step 6: Install Analytics on your Website

Google offers a tremendous tool to track your website traffic called Google Analytics. This tool allows you to see what keywords people are using when they find your website. If you find that your website isn't getting much traffic, this tool can help you fine tune it so that you can capitalize on search traffic. Furthermore, Google has a keyword tool so you can search for terms before optimizing your website. If you hired someone for step 2, they should have taken care of this!

Step 7: Send out Electronic Agency Newsletters

The number 2 reason that customers leave their insurance agent is because they haven't heard from you! Stop attrition in its tracks by communicating with your clients about new products, new team members at your agency, local events, a local charity you're working or any other news. If you're not communicating with your existing customers, someone else is. Electronic newsletters cost about $.02 per email. Most agency management systems and some carriers can help you sort your collected email addresses. If you have a larger budget, around $1,000 per mailing, consider mailing a quarterly newsletter. A couple of email service providers to consider are: MailChimp and ConstantContact.



Sunday, September 30, 2012

Planning for Uncertainty

The traditional business plan includes short-term and long-term goals and projections. But, how do you plan when you can't guess what will happen? Some things are shifting faster than you can keep up with, while other things can drastically change based on politics. Part of the reason for our current economic challenges is due to short-term thinking. Traditional business planning is becoming obsolete.

However, if a business abandons long-term planning it has no direction and will be totally reactive and not proactive. The focus on short-term trends will cause a business to chase after opportunities, instead of creating them.

So, what is a business to do in these uncertain times? The key is to develop a plan that has both a flexible foundation and scalable systems.

Consider the typical insurance agency. It would have various lines of business; personal lines, commercial lines, group benefits, etc. Some agencies might have several niches like construction, retail, D&O, etc. These business segments are the foundation of the business.

The business segments can be considered as something closer to long-term goals. It is easier to predict that health insurance is currently uncertain, while personal lines seems stable at this point. The key to long-term planning is to accept that one or more segments might not perform in the future. The agency needs to plan for flexibility between departments.

Regarding insurance agencies', if health insurance sales drop off significantly, how can those resources be redirected to other lines? Or, what options are available to decrease overhead? It is important for a business to add or delete segments of business as trends change. In most cases, these trends would take about five years, plus or minus a couple of years.

Create a Scalable Plan
Once these segments are identified and trends established, the next steps is to create a scalable system. A plan needs to be established to grow or shrink each segment of business based on current trends. Let's assume the contractor's niche is shrinking. What can be done to increase sales in the other niches? Scalability means to plan for increasing or shrinking a segment of business based on demand.

A scalable business is able to increased revenues while the ratio of cost to revenue is less to deliver than current ratio. In other words, the cost of growing is far outweighed by the resulting profits. A scalable business is one that can take on new clients without increasing workload.

Businesses will always have operating costs, but scalable businesses try to keep low their variable costs -- or the costs incurred with each customer they gain. A business that follows a scalable model will not have its cost per customer increase, even if it gains 100 customers overnight.


Sunday, September 23, 2012

Insurance Sales and Business Building Ideas

Four Insurance Business Building Keys

1) Retain Current Customers

It takes five times as much time, money, effort and energy to get a new customer as it does to retain a current one. Current customers are your foundation and the first step to building a business is keeping that foundation firmly in place. You keep that foundation in place by regularly communicating with customers, delivering top-notch customer service, and overall making sure your customers are extremely happy with you and the service you are providing. You should be asking, and otherwise surveying customers, on a regular basis as to what they like and what they think you can improve upon. When you do speak with customers, let them know you appreciate their business. Never take customers for granted or let your service slip.

Do what you can to build a personal connection with customers. Send thank-you notes, cards on special occasions, and find other ways to add that special touch and let customers know you care. We know that people do business with people they know, like, and trust, and in fact, studies show that 97% of people list that as the number one reason for doing business with a particular company. It's simple, before a friend leaves you for a better price or perceived better service, they will at least pick up the phone and call you.

Note: I realize there may be some customers you don't want to retain and that's fine, just make sure to remain professional and above-board. You don't want to tarnish your image or give anyone any unnecessary ammunition against you.

2) Review Coverage

Not only is reviewing coverage on an annual basis the right thing to do for your customer, it can also provide the opportunity to increase coverage and add other items thus adding premium dollars. Of course you only suggest increasing coverage if it is necessary, never in an attempt to simply increase premium and make more money at the expense of your customer. In addition to opportunities for more business, reviewing coverage helps ensure that both the customer and you are covered in the case of a claim, as most complaints come from inadequate coverage and a lack of communication.

3) Inquire

Studies show that the average policy holder has 6-7 policies while each agency has only 1.5 of those policies. During your annual review and other conversations with the customer, you want to inquire about other policies the customer might have that you can get.

For over 20 years I had my auto policies with one agent, my home-owners with another, and several other policies in other locations. This was due to several reasons, but it is clear that I am more the rule than the exception. Not once in that twenty-year time frame was I asked by any of my agents about other policies I had elsewhere. Not once. If they were trying to get rid of me, I would understand however, due to the fact that I have never had a claim, pay my above-average premiums in full with the first invoice, and am otherwise a good customer, I can only assume that they are missing the boat. If someone has a home-owners policy, there is a very good chance they at least have an auto policy or two. It's as simple as saying something along the lines of, "By the way, if we bundle your auto and home-owners I may be able to save you some money. Can I simply give you a quote if for no other reason than to keep the other guy honest?" With one or two simple questions during each review, it's entirely possible to double your business.

4) Pursue New Business

This one is pretty self explanatory and should go without saying. In addition to adding new customers to your current base, you will occasionally have to replace customers that die, ones you decide to let go, or ones that leave for some other reason.


Sunday, September 16, 2012

Insurance Marketing Agency Outsourcing Versus Internal Staffing Models



For most insurance agencies, brokers and wholesalers, it's unlikely to internally staff up on all their insurance marketing initiatives. This is as true for insurance organizations as it is for most businesses, especially those between $1 Million and $50 Million in revenues. Some might refer to this as the SMB market. Businesses of this size may lack a sufficiently large marketing department to cover all the skills needed for a comprehensive marketing program. Consider that an insurance marketing plan can incorporate many and varied marketing activities. For example, in any given year, once a marketing plan is created, an organization may wish to embark upon an organic search engine optimization initiative, helping their website rise to the top of the SERPs (Search Engine Result Pages). Or they may wish to build an opt-in email list and offer an educational webinar series to their targeted prospects. In fact, any of the following elements may be needed, and many of these types of marketing activities require highly specific and sometimes highly technical skill sets:

    PPC ads, Banner Ads
    Insurance eMarketing
    Insurance Newsletter Distribution
    Blogging, Vlogging, News Releases
    Insurance Social Media Marketing
    Insurance Website Development
    Web Seminar Marketing
    Contact List Generation, eMail List Generation
    Insurance Telemarketing, Appointment Setting
    Client Testimonials and Case Study Creation
    Insurance Agency Lead Generation Programs
    Organic Insurance Search Engine Optimization
    Insurance Agency Video Creation (and YouTube video)
    Insurance Web Marketing Plans

These are just some of the marketing activities agents, brokers and wholesalers might utilize in their marketing efforts. There are also many traditional initiatives such as print advertising, association marketing, sponsorships, etc. How can an owner, manager or agent determine if they should internally staff a position or outsource the position? An easy ROI is based upon the marketing activity and frequency of the activity. For example, let's say they want to increase insurance agency leads, and opt to send out two webinar email campaigns per month and run a webinar as the Call to Action for the campaigns. Further, let's assume they want to do this every month for a year. If it costs $60,000 per year to hire an eMarketing manager to do this, versus $20,000 per year to outsource it, it's an easy decision. However, if the goal is to run six webinars a month to various target verticals, with 12 eMarketing campaigns per month, then it could become a closer call, as the outsource costs may begin to approach the internal staffing cost. Makes sure both costs are evaluated as fully burdened costs (outsource should include all infrastructure while internal staffing costs should include health benefits, expenses, and related overhead).

Take the same approach with Search Engine Optimization and insurance websites. Would a full time developer and organic Search Engine Optimization specialist be needed to create and update your insurance agency website, or do you simply need a new website with periodic updates. Today there are many good options for new insurance websites that include Content Management Systems (WordPress, Joomla, etc.) allowing businesses to use nontechnical resources to make most of their own website changes. Agents should review their goals, create a marketing plan (a possible outsource), and determine the ROI of staffing versus outsourcing for their specific marketing initiatives. This is often an iterative process, not a one time annual event.


Sunday, September 9, 2012

Techniques for Finding the Best Insurance Sales Leads

When looking for cost-effective and superior insurance sales leads, consider the fact that:
1. Selling a product to someone who is neither interested nor ready to buy is a pretty tough prospect.
2. A great deal of time is spent looking through databases, hunting down lists, and trying to figure out which prospect service is worth the money.
3. It is quite a task to find people who are ready to buy now.
4. An awful lot of time is spent looking for good prospects instead of pitching them.
Many people have spent money on lead generation services where prospective customers provide their name and contact information in order to qualify for or receive a prize or giveaway. This kind of lead collection produces many cold prospects, because people are mainly interested in receiving a prize and not in the product.
The right insurance sales leads are the surest path to bigger and faster commissions. When trying to sell insurance without decent sales leads, an inordinate amount of time is spent for very little gain. To find the best prospects, one should consider the following valuable information designed to help develop a lead system where motivated, ready-to-act clients are calling in, which will substantially reduce the need for making cold calls.
FAMILY AND FRIENDS
Start with family and friends. They may know someone needing this type of service, or can maybe suggest potential clients that would be open to listening to the information being provided.
CURRENT CLIENTS
Current clients may be the best source of leads. If selling multiple lines of insurance, talk with them about other policies that are available that they may be interested in.
At the end of scheduled appointments, ask if they have any referrals that might be able to use these services.
NETWORKING
Doing a good job of networking when out of the office can be tremendous. Never launch into a sales presentation in a social situation unless the other person has taken the lead, which will rarely happen. Contact them at a later time to keep business and social conversations separate.
JOIN ORGANIZATIONS
Joining community organizations will likely increase networking opportunities. If an abundance of insurance agents are already members, search for groups that have yet to be heavily infiltrated to avoid wasting time and money.

Sunday, September 2, 2012

What to Look for in a Good Insurance Agent?



Insurance agent - does the word ring any bells? May be a figure of a relative or a person who pesters you to meet his monthly sales target comes to your mind. Or you remember a person who you rush to do last minute investment to save on income tax.

A good insurance agent is like a good doctor or a lawyer with whom you should have good relationship with. You never know when you will face an emergency needing the help of an insurance agent. Selling you an insurance product is just a very small role that an agent has to perform. As a professional dealing with insurance product, he can perform a very key role in securing your and your family's future, to plan for important events in your life such as your child's marriage or planning your retirement. Following are some of the important attributes you should look for in an insurance agent:

1. He should be a good educator

The world of personal finance is evolving by the day. Companies are wooing customers with newer investment products and sales gimmicks. A good insurance advisor is someone who should help you cut through the clutter and determine what your exact financial goals are and recommend products which should help you achieve those. He should be well informed about the new products available in the market, what are their key features, how safe or riskier are they and what kind of instruments do they invest in, so that he can provide you with insightful advice.

2. He should be the seller of products from multiple insurance companies

This way he will be able to provide you options and help you select the best product suited for your needs. If he sells products from one insurance company, then he would be more interested in getting you to buy that rather than determining which is the best one for you

3. Level of customer service

You insurance agent should facilitate your interaction with the insurer. He should be facilitating your premium payments, send you reminders when your installments are due and keep you updated about the status of your policy. In short, he should act as a single point of contact between you and the insurance company.

4. Help you in the claim process

Insurance claim is a very important process. Generally you go for a claim when you are in a distressed state such as death of the breadwinner of the family or a health insurance claim when someone in your family is hospitalized. Similarly you would need prompt settlement of your claim if you want to finance a planned event such as your child's education. A good insurance agent should assist you with this process, help you with the paper work and promote your case among the insurance company's officials. He should be your advocate to the insurer facilitating fast and apt claims for you.

Selection of an insurance agent is more important than selecting an insurance product itself, as a good agent will automatically assist you to plan your insurance portfolio. In addition to this, you should spend quality time and effort to plan your insurance portfolio with your advisor.


Sunday, August 26, 2012

Do You Have the Best System for Making Insurance Calls?

 Expert Author Kimberly Schenk

Insurance sales agents who succeed long term have developed a system for scheduling insurance calls. Insurance sales careers are attractive because of generous commission structures and residual commissions. Many agents pay a premium for insurance leads from online lead generation websites. With experience comes the knowledge of exactly how many insurance sales calls will result in sales.

The first things a new insurance agent needs is:

1. Product knowledge and
2. The mechanics of how to conduct a successful sales call.

The sales process can be broken down into steps. Understand your client's needs first and foremost. Ask a lot of questions about their goals, concerns, and needs. Next, address those needs specifically, and close. Address objections and close again.

Identify each step of the sales process so you can correct errors if a sale does not close. If you know what parts of the sales call give you trouble you can prepare differently for the next sales call and steadily improve your closing ratio.

Agents who are new to a career in sales and insurance sales specifically are frequently alarmed to discover they have a fear of making cold calls. Not making systematic cold calls can destroy any sales career. Initially, to save money it makes sense to complete your own sales calls. There's relief available to erase call reluctance completely.

Smart Sales Managers provide training in Emotional Freedom Techniques (EFT) to dissolve discomfort associated with making insurance calls. The use of (EFT) is central to your success if you find you have a love/hate relationship with cold calling new prospects. EFT is emotional acupuncture. It's an energy therapy that combines thoughtful focus with a series of tapping sequences on multiple body points. The EFT process miraculously dissolves feelings we wish to change.

With EFT one does not need to identify the origin of their trauma or discomfort, however they do need to identify a feeling or idea upsetting their performance. EFT is emotional self-care. We grow up making conclusions that may not be true. Some people fear failure, some fear success. If you have feelings that conflict with tasks your job demands those feelings can dissolve. You've got the power to place supportive feelings and ideas where negatives once held you back.

EFT is easy to learn and produces instant results in many cases. It's been used by healing practices for twenty years. Millions of people have benefited and now it's time to use EFT to address everyday challenges.

Insurance calls are a task. Much like walking the dog or emptying the dishwasher. Insurance calling can be boring so schedule the time to make your calls and get comfortable completing those calls. The secret to cold calling once unwanted anxiety is dissolved is to make those calls quickly. Don't take all day. Don't allow more than five seconds to elapse between calls. Keep it mindless. I read a sales training book years ago that talked about a top producing insurance agent. He would sit down to make 100 or more calls until he had his week fully booked with in-person meetings.

His system seemed horrid to me as a novice sales person. Every time someone answered the phone he would say, "You don't want to buy insurance, do you?" No introduction, no small talk. His only goal was to schedule appointments and he did this consistently all the way to the bank. Invariably people would say, "Hey wait a minute, I do want to buy insurance!" Customers were surprised by his direct approach. The result? Going into each appointment, this agent knew his prospect was open to buy insurance! This man made millions.

If insurance calling is part of the routine that will make your dreams come true then figure out how many cold calls create the number of face-to-face appointments you need each week. Next, use EFT daily until you've erased all feelings of discomfort associated with sales calls. If new fears or thoughts emerge that create self-doubt or threaten to derail your success, tap them away! If rejection feels personal, EFT can change your response. If you're a shy person, EFT will help. EFT can erase any feeling or idea that sabotages your success.

Develop a script that reflects your style. Use EFT to make Insurance calling easy, and fun! Insurance sales is a great career. If you feel like you've got to motivate yourself to go our and do battle with the world something's wrong. Insurance calls are key to an agent's success. Learn the sales process, know your products, use EFT, and watch your confidence and sales numbers skyrocket!

Cold Call Therapy is designed to help anyone eliminate call resistance, permanently. EFT works miracles and is easy to learn. Results are lasting. Modify EFT to address any issue in your life blocking total satisfaction. Don't let call anxiety kill your career.

Insurance sales agents who succeed long term have developed a system for scheduling insurance calls. Insurance sales careers are attractive because of generous commission structures and residual commissions. Many agents pay a premium for insurance leads from online lead generation websites. With experience comes the knowledge of exactly how many insurance sales calls will result in sales.

The first things a new insurance agent needs is:

1. Product knowledge and
2. The mechanics of how to conduct a successful sales call.

The sales process can be broken down into steps. Understand your client's needs first and foremost. Ask a lot of questions about their goals, concerns, and needs. Next, address those needs specifically, and close. Address objections and close again.

Identify each step of the sales process so you can correct errors if a sale does not close. If you know what parts of the sales call give you trouble you can prepare differently for the next sales call and steadily improve your closing ratio.

Agents who are new to a career in sales and insurance sales specifically are frequently alarmed to discover they have a fear of making cold calls. Not making systematic cold calls can destroy any sales career. Initially, to save money it makes sense to complete your own sales calls. There's relief available to erase call reluctance completely.

Smart Sales Managers provide training in Emotional Freedom Techniques (EFT) to dissolve discomfort associated with making insurance calls. The use of (EFT) is central to your success if you find you have a love/hate relationship with cold calling new prospects. EFT is emotional acupuncture. It's an energy therapy that combines thoughtful focus with a series of tapping sequences on multiple body points. The EFT process miraculously dissolves feelings we wish to change.

With EFT one does not need to identify the origin of their trauma or discomfort, however they do need to identify a feeling or idea upsetting their performance. EFT is emotional self-care. We grow up making conclusions that may not be true. Some people fear failure, some fear success. If you have feelings that conflict with tasks your job demands those feelings can dissolve. You've got the power to place supportive feelings and ideas where negatives once held you back.

EFT is easy to learn and produces instant results in many cases. It's been used by healing practices for twenty years. Millions of people have benefited and now it's time to use EFT to address everyday challenges.

Insurance calls are a task. Much like walking the dog or emptying the dishwasher. Insurance calling can be boring so schedule the time to make your calls and get comfortable completing those calls. The secret to cold calling once unwanted anxiety is dissolved is to make those calls quickly. Don't take all day. Don't allow more than five seconds to elapse between calls. Keep it mindless. I read a sales training book years ago that talked about a top producing insurance agent. He would sit down to make 100 or more calls until he had his week fully booked with in-person meetings.

His system seemed horrid to me as a novice sales person. Every time someone answered the phone he would say, "You don't want to buy insurance, do you?" No introduction, no small talk. His only goal was to schedule appointments and he did this consistently all the way to the bank. Invariably people would say, "Hey wait a minute, I do want to buy insurance!" Customers were surprised by his direct approach. The result? Going into each appointment, this agent knew his prospect was open to buy insurance! This man made millions.

If insurance calling is part of the routine that will make your dreams come true then figure out how many cold calls create the number of face-to-face appointments you need each week. Next, use EFT daily until you've erased all feelings of discomfort associated with sales calls. If new fears or thoughts emerge that create self-doubt or threaten to derail your success, tap them away! If rejection feels personal, EFT can change your response. If you're a shy person, EFT will help. EFT can erase any feeling or idea that sabotages your success.

Develop a script that reflects your style. Use EFT to make Insurance calling easy, and fun! Insurance sales is a great career. If you feel like you've got to motivate yourself to go our and do battle with the world something's wrong. Insurance calls are key to an agent's success. Learn the sales process, know your products, use EFT, and watch your confidence and sales numbers skyrocket!

Cold Call Therapy is designed to help anyone eliminate call resistance, permanently. EFT works miracles and is easy to learn. Results are lasting. Modify EFT to address any issue in your life blocking total satisfaction. Don't let call anxiety kill your career.


Sunday, August 19, 2012

What Would Steve Jobs Do?

After reading Walter Isaacson's great book about Steve Jobs, I began to imagine what would Steve Jobs do if you were running an insurance agency. The first obstacle I thought about was that Steve Jobs could not do it because he would have to deal with the products he could not control from insurance companies. Let's just ignore that issue and his bad traits for the rest of this article.

Steve Jobs' primary focus was to create great products. All else was secondary. The product of insurance agency is the service it provides to clients. The direction he would take would be to provide a seamless integrated experience for the client. People have too many things to worry about and not enough time to be able to focus on their insurance needs and problem.

Remember the time before the iPod? What was it like to go buy a stereo system? There were dozens of preamps to select, CD players to review, cassette decks to analyze, turntables to choose, and speakers to complete the package. Who had time to figure out what was the best way to go?

The SJ Agency would create a system with few options and allows the prospect to quickly discover their insurance needs. The key step here is to develop the technique of collecting information from the prospect and analyzing their insurance needs. There are tons of questionnaires that do a good job in discovering potential risk areas. Steve Jobs would develop a way to collect information quickly and painlessly.

Once the needs were analyzed, the client would be offered a prepackaged plan with few options. The part of the plan that Jobs would emphasize is not the insurance policies, but the services that the agency is providing the customer to make their life easier. The agency would create e-mails and letters that would go out automatically over the course of the year reminding them of the need to provide updated information and to reinforce the idea that the agency is there to support them.

One belief that Steve Jobs held was that it was important to create a product that the client did not yet know that they needed. SJ insurance agency would be equally innovative. The agency would have periodic meetings with the employees and some key outside advisers to analyze what the agency is doing now and 10 new ideas to focus on in the future. He would let the employees work on ideas to improve the product.

Another key belief Steve Jobs had was to obsess about the details. He wanted everything to be perfect including the parts that the customer could not see. That might mean that Steve Jobs spend a lot of time developing streamlined procedures for the business. His agency would be very consistent in the product/service that they provide their customers.

The various departments in the SJ Agency would work together as a single team. Changes would only occur after getting feedback from everyone. Collaboration and integration are to be expected from the employees. This is important at several levels. It allows employees to have some control over what goes on. It also creates a sense of responsibility and accountability since they were part of the decision-making process.

Steve Jobs would also employ his "reality distortion field." He would push and challenge his employees to do their best, and more. This approach will work however, only if the agency has all "A" players. He would hire only the best. The employees would need to be passionate about providing excellent service for the client. These type of people are hard to find and usually demand higher compensation. The good news is that they are self-sufficient, they can manage themselves, and their productivity would be off the charts. The time and money required to find and hire these people will be worth it in the long.

Steve Jobs was that once-in-a-lifetime personality that was able to change the world. He had the perfect blend of vision, drive, and persuasion to create new things and build very successful businesses. One of his traits that help them succeed was to be able to spot a good idea and remold it into his unique version. Xerox Parc was the first to create a graphical user interface and a mouse. That great idea would have died on the vine except for Steve's use of it in the Apple II.


Sunday, August 12, 2012

Life Settlement - Retirement Peace of Mind



On January 1st, 2011, and every day since, 10,000 baby boomers have turned 65. This trend is expected to continue for the next 18 years. According to the Urban Institute, these baby boomers have lost up to 10% of their retirement savings since the crisis of 2008. Despite the financial crisis affecting the majority of people with investments in the stock market, many seniors have been unsure how to adapt their financial plan in response to recent market changes and losses. With over 30% of U.S. investors maintaining more than 80% of their 401k investments in equities, there could be devastating impacts for seniors if another crash occurred. With over 70% of baby boomers invested in the stock market prior to 2008, even if their savings weren't substantially affected, most boomers are at least thinking about their retirement more carefully. The critical opportunity here involves education, such as an in-depth analysis of how finances have been affected and how they can be repositioned to meet client financial needs.

Now more than ever, members of the public are concerned about their retirement security. In a 2011 survey by Lake Research Partners, 88% of voters expressed concern about maintaining a comfortable standard of living in retirement, and 52% of those responders were very concerned. In October of 2009, approximately one year after the beginning of the financial crisis, 58% of affluent Americans were concerned about the economy's impact on their ability to save. Since 2009, this number has shrunk to only 49%, despite recent claims about economic improvements and stock market stabilization. The number one fear of today's baby boomer generation is their loss of independence. More and more retirees are realizing this potential threat to their retirement. Many of these people purchased life insurance at some point in their working years. Most financial decisions occurred at targeted points in a person's life: marriage, home purchase, birth of a child, retirement. As more people transition into the retirement ages, it's time for another financial conversation about whether their products still meet those needs.

Life expectancies are rising alongside healthcare costs. Of recently surveyed seniors, 62% identified health care as their top concern and felt unsure about how to incorporate that into their retirement plans. Additionally, 61% of seniors are uncertain about the ability of their assets to match their income needs in retirement, leading to increased concern about whether they will be able to pursue the retirement lifestyle they had hoped for. In the early years of their retirement, more seniors are aware of the impact that rising healthcare costs have on them. Many are interested in obtaining cash to pay for that healthcare now.

Some seniors are working longer, too. Many feel unprepared to enter retirement based on their savings and now continue to work past age 65. When faced with the opportunity to reduce that retirement age through the sale of an unneeded life insurance policy, a life insurance settlement can provide peace of mind and a more comfortable retirement. That supplemental cash could significantly boost a nest egg. For example, a 71 years old planning to continue working another two years would likely welcome the opportunity to stop working now and use the life settlement proceeds to serve as retirement income.

Many seniors and retirees are considering cashing in their life insurance policies to provide increased financial security. In the golden years, there is less of a need for a beneficiary payout, since many people purchase and maintain coverage during their working years to protect spouses and children. It's likely that children have finished their education and left the nest, so there is less immediate concern about providing support. Seniors are now more likely to be concerned about their own well-being entering retirement given the recent turbulence in the stock market.

Older policies are seeing significant increases in the cost of insurance, making premium payments less affordable. More seniors are weighing the benefits of paying these higher premiums to maintain coverage they may no longer need. Some seniors simply choose to let the coverage lapse, eliminating premium payments, but losing the value of the policy. Open the conversation by meeting your client where they are at. Discuss how they are affected so far and what options they have for becoming more financially secure in the short and long-term. This is your opportunity to help clients understand the benefits of a Life Settlement.

Life settlements present a unique opportunity to dispose of unwanted policies and address current needs. If you are an adviser, position yourself to help assuage the concerns over lost independence. With an average offer from a life insurance settlement at 24.41% of the face amount, settlements are a highly viable option when compared with an average cash surrender value of 4.09%. Using this information to leverage your client's concerns about financial security, retirement, and increasing health care costs is an excellent opportunity to reevaluate their financial needs.


Sunday, August 5, 2012

3 Ways to Get Free Insurance Leads



Are you on the lookout for insurance sales leads? Here's the deal: sales leads need not cost you a fortune, since there are free ones out there today that can help your grow your company through converting sales leads into customers. By tapping new and stagnant lead sources - and spotting the best ones through lead validation - you will be able to take your business to greater heights.

Here are three simple, almost-cost-free steps to start bringing in more insurance leads to your database:

    Use free classified ads. This generation tool is a rich vat of free insurance sales leads. When writing up your ad, be sure to include your email address, phone contact, and website that links back to your insurance site. Establish that people can get more free and detailed information when they reply with their contact information. An easy and fuss-free way to automatically generate leads, right?

    Use insurance message boards to your advantage. Don't hesitate to visit these message boards that are relevant to the kind of sales leads you want to find and take hold of. Post ads with a link to your site. Capture users' interest by discussing a specific promo or discount that your business is having for a limited time only, and noting that they will need to email you their contact information in order to learn more about the said promo or discount. A chance to get a good discount on an insurance product is an attractive way for these individuals to contact you.

    Join sales leads companies. Once you sign up to these companies, you are typically given free leads as a trial. These may not be an aggressive lot, but you will get a few to start with. If they happen to convert and make money for you, you may want to consider purchasing leads from the said company. If they don't, though, check out other potential ways to obtain good, revenue-generating leads.

Your insurance leads, however, are only as good as their quality. The integration of a lead validation tool provides you the tools to automatically and immediately verify lead accuracy with point-of-entry validation. A lead verification service allows you to do "lead scrubbing" before establishing contact, therefore saving you time and money by filtering out bad leads, preventing fraudulent transaction, and improving customer conversion rates.

Lead verification also maximizes lead currency by streamlining validation, improves marketing statistics by incorporating lead quality, and converts more leads with correct and enhanced data.

Wednesday, August 1, 2012

Tips for Online Insurance Agents to Improve Conversion Rates



When it comes to purchasing or selling insurance, there will always be lot of competition. Most of the leads check with numerous agents in order to find the best rate. Here are some tips to help your leads and promote your policy.

Making First Contact

The agent that contacts the lead first, certainly has the distinct advantage. In order to increase the chance of getting the first contact with new leads, try to reach them immediately after you receive an inquiry; even if that means you need to skip your lunch or travel an extra mile. Call your lead right away; if he/she is not answering the call, make sure that you leave a voice message delivering the company details. Send a follow-up e-mail after the message. Try to be more helpful and professional, instead of being a hound!

Selling Your Services the Right Way

If you have already contacted the lead, you just need to put on the market yourself. This is the way that you can separate yourself from others in the competition. Here are some of the exceptional tips to transform the lead to a potential client.

Keeping the Conversation Not-So-Commercial!

Most of the agents start speaking regarding the sales right away. It is not the right manner and leads to a disappointing result. Instead, start with more open-ended questions. These questions will sound less commercial and adequately help you in assessing the client's needs.

Try to understand the goals, purchasing habits, and motivations that match a product that you can promote, and then make a suggestion.

Understand Each Prospect

Study the info that comes from a lead carefully and make a note of the conversation you've had with the lead. It also allows you to understand the client desires in a better manner. Review your notes before you meet the client. It is a key approach to build the rapport.

Know Your Products

Make sure that you are aware of all your product and services. You should know the drawbacks and highlights of each policy so that you can may fluently all the queries of your potential customers.

Be Enthusiastic

The energy that you put in explaining the services will add value to your efforts. Combination of knowledge and enthusiasm will go long way and usually convert into long-term relationship with the client.

Guarantees and Deals

Everyone likes decent and good deal with insurance policy. Make sure that you offer special incentives to your client. This will certainly make them feel compelled to take up your service easily in comparison to what the others have got to offer.