When it comes to building a successful business, insurance agencies aren’t much different than other types of businesses. They face stiff competition and need to do everything they can to stand out. Especially because of the COVID-19 pandemic, an increasing number of people began to search for optimal insurance coverage in exchange for affordable premiums.
For a while, insurance agencies, like other businesses, just tried to survive. However, now that things have started to settle down, they’ve turned their attention to growth. The good news is that for 2021, the insurance industry has incredible opportunities to reach a much higher level of success.
If you own an independent insurance agency and you’re eager to expand your client base, consider the tips provided below.
Take Advantage of Technology
A key to growing an agency is to identify the types of policies that sell the most and provide the highest margin. With that knowledge, you can either cross-sell or upsell. Today, digital technology is vital for your industry. With the right insurance agency management system, you can quickly and easily get the critical data you need to make decisions that lead to growth.
Upsell to Current Clients
Using information gathered through your insurance agency’s management system, you can identify upselling opportunities to clients you already serve. Remember, because you have an established relationship with these individuals and businesses, you’ll find it relatively easy to get them to upgrade an existing policy or buy a new one.
For this, you want to introduce new but applicable products to your clients as soon as they become available. While you need to sell them on the idea to some point, you never want to come across as pushy. Instead, rely on the trust you’ve built and only contact them about new products that would prove beneficial.
Take Calculated Risks
Usually, companies trying to increase growth don’t take risks. However, for your agency, you should as long as they’re calculated risks. What that means is to think outside of the box. Considering the market as it is today, you need to come up with innovative ideas that get attention and work. That could be something as simple as having a new website created that better aligns with your goals and the clients’ needs.
Personalize Your Services
Sadly, we live in an era where very few businesses give clients a personalized experience. As an independent insurance agent, not only do you want to get to know your clients but also better understand their needs. That way, you can personalize the products you introduce.
There are several ways to do this. For instance, add a video on your insurance agency’s website. Speak to the camera as though you were sitting in front of one of your most valued clients. Don’t hesitate to share a little bit of information about your life, interests, and family. Breaking down the wall and communicating honestly will go a long way in achieving growth.
Another option is to personalize your marketing strategies. The last thing you want is to spend precious time and money focusing on people and businesses that don’t want what you offer. So, you need to market in a way that reaches your targeted audience. Again, this is where advanced technology can help.
With such a broad range of clients, you can’t back yourself into a corner. Instead, you need to stay flexible to new ideas. Adopting innovative marketing strategies, using software designed specifically for independent agencies, and showing a willingness to do things differently than before will make a huge difference.
Following an extremely chaotic year, which included isolation periods and wearing masks, people want more flexibility in their lives. You can add to that by making your insurance agency more flexible. To identify the best way to do that, you might consider communicating with your clients online, via email or letter, or by calling them to ask what they would like to see differently in 2021.
Of course, you can’t meet the expectations of everyone, but this will give you insight that you can use to make your business overall more flexible. Rather than adding to the stress that so many people experienced, you can help eliminate it. With that alone, your current clients will gladly refer you to others, and getting your message across using technology will resonate with prospects.
Tap Into Emotions
To help grow your insurance agency, you can also tap into the emotions of both current and potential clients. A lot of successful insurers use what’s called “nostalgia marketing.” This involves a unique strategy that jogs people’s memories about experiences or even products they forgot about.
For this to work, you don’t want to do anything cheesy. Instead, subtlety will create a better connection between your agency and target market.
Embrace Technology and Enjoy the Benefits
There are so many ways to grow your insurance agency in 2021. While it might entail a little bit of trial and error, it won’t take long for you to master a plan. Of all the different options, embracing technology is the most powerful. For a cutting-edge insurance agency management system, contact the experts at Jenesis Software today.